Altoona, IA

Below Avg · 88

Iowa · Population 20,592 · Updated March 2026

$1,203
Median Rent / Month
$87,123
Median Income
$257,300
Median Home Value
$1,437
Owner Costs / Month

Affordability

How far your income goes in Altoona

16.6%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Iowa

State-level tax rates that affect your costs

5.7%
Income Tax (Top Rate)
6.0%
Sales Tax
1.57%
Property Tax Rate

Estimated Annual Costs

$14,436
Annual Rent
$4,966
State Income Tax
$4,040
Property Tax (est.)

Cost of Living Overview

Altoona offers a below-average cost of living, giving residents more purchasing power compared to many US cities. With a cost index of 88 (where 100 equals the national median), Altoona residents can expect to pay median rent of $1,203/month while earning a median household income of $87,123/year.

The median home value in Altoona, IA is $257,300, with typical monthly owner costs around $1,437 including mortgage, insurance, and taxes. The median rent-to-income ratio of 16.6% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Iowa has a moderate income tax rate of 5.7%. Combined with a 6.0% sales tax rate and 1.57% effective property tax rate, the overall tax environment is a factor in the total cost of living in Altoona.

Frequently Asked Questions

Common questions about living costs in Altoona

What is the cost of living in Altoona, IA?
The cost of living index in Altoona, IA is 88 (US average = 100). Median monthly rent is $1,203, median household income is $87,123/year, and the median home value is $257,300.
Is Altoona, IA affordable?
Yes, Altoona is more affordable than the national average with a cost index of 88. The rent-to-income ratio is 16.6%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Altoona, IA?
The median gross rent in Altoona, IA is $1,203 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $14,436.
What is the median household income in Altoona?
The median household income in Altoona, IA is $87,123 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Iowa?
Iowa has a top income tax rate of 5.7%, a sales tax of 6.0%, and an effective property tax rate of 1.57%.