Boone, IA

Very Low · 57

Iowa · Population 12,445 · Updated March 2026

$791
Median Rent / Month
$67,269
Median Income
$156,400
Median Home Value
$958
Owner Costs / Month

Affordability

How far your income goes in Boone

14.1%
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

$9,492
Annual Rent
$3,834
State Income Tax
$2,455
Property Tax (est.)

Cost of Living Overview

Boone is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 57 (where 100 equals the national median), Boone residents can expect to pay median rent of $791/month while earning a median household income of $67,269/year.

The median home value in Boone, IA is $156,400, with typical monthly owner costs around $958 including mortgage, insurance, and taxes. The median rent-to-income ratio of 14.1% 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 Boone.

Frequently Asked Questions

Common questions about living costs in Boone

What is the cost of living in Boone, IA?
The cost of living index in Boone, IA is 57 (US average = 100). Median monthly rent is $791, median household income is $67,269/year, and the median home value is $156,400.
Is Boone, IA affordable?
Yes, Boone is more affordable than the national average with a cost index of 57. The rent-to-income ratio is 14.1%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Boone, IA?
The median gross rent in Boone, IA is $791 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $9,492.
What is the median household income in Boone?
The median household income in Boone, IA is $67,269 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%.