Cost of living in Spirit Lake research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Spirit Lake is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Iowa, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Spirit Lake is 93, with 100 being the average.
The cost of living index in Spirit Lake is 0.9x lower than the national average.
Spirit Lake ranks as the #57 cheapest in Iowa out of 80.
Spirit Lake ranks as the #2,137 cheapest out of 6,412 in the US.
The median home value in Spirit Lake is $169,600.
The median income in Spirit Lake is $56,490.
According to the most recent data on the cost of living, Spirit Lake has an overall cost of living index of 93, which is 0.9x lower than the national index of 100.
Compared to Iowa, Spirit Lake has a cost of living index that's 1.0x higher than Iowa's index of 89.
The standard of living in Spirit Lake ranks as #57 most affordable out of the 80 places we measured in Iowa. By definition, that implies Spirit Lake ranks as the #23 most expensive place in the Hawkeye State.
For more reading on life in Spirit Lake, check out:
Six factors go into calculating the cost of living index in Spirit Lake. Here is how it fairs on each of the criteria:
The Services index in Spirit Lake is 96.
The Groceries index in Spirit Lake is 102.
The Health index in Spirit Lake is 118.
The Housing index in Spirit Lake is 72.
The Transportation index in Spirit Lake is 98.
The Utilities index in Spirit Lake is 94.
|Living Expense||Spirit Lake||Iowa||National Average|
Housing swings affordability the most between places in Iowa, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2017-2021. The key points are:
The Median Home Value in Spirit Lake is $169,600.
The Median Rent in Spirit Lake is $898.
The Median Income in Spirit Lake is $56,490.
The Home Value To Income in Spirit Lake is 3.0x.
The Rent To Monthly Income in Spirit Lake is 0.19x.
|Statistic||Spirit Lake||Iowa||United States|
|Median Home Value||$169,600||$160,700||$244,900|
|Home Value To Income||3.0x||2.5x||3.5x|
|Rent To Monthly Income||0.19x||0.15x||0.2x|
The cost of living varies in the cities and towns around Spirit Lake. Here's a quick look at the cost of living in the most populous nearby places:
Worthington, MN has a cost of living index of 90, 1.0x Spirit Lake.
Spencer, IA has a cost of living index of 87, 0.9x Spirit Lake.
Fairmont, MN has a cost of living index of 89, 1.0x Spirit Lake.