Norwalk, IA

Below Avg · 80

Iowa · Population 13,610 · Updated March 2026

$869
Median Rent / Month
$94,583
Median Income
$275,700
Median Home Value
$1,416
Owner Costs / Month

Affordability

How far your income goes in Norwalk

11.0%
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

$10,428
Annual Rent
$5,391
State Income Tax
$4,328
Property Tax (est.)

Cost of Living Overview

Norwalk is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 80 (where 100 equals the national median), Norwalk residents can expect to pay median rent of $869/month while earning a median household income of $94,583/year.

The median home value in Norwalk, IA is $275,700, with typical monthly owner costs around $1,416 including mortgage, insurance, and taxes. The median rent-to-income ratio of 11.0% 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 Norwalk.

Frequently Asked Questions

Common questions about living costs in Norwalk

What is the cost of living in Norwalk, IA?
The cost of living index in Norwalk, IA is 80 (US average = 100). Median monthly rent is $869, median household income is $94,583/year, and the median home value is $275,700.
Is Norwalk, IA affordable?
Yes, Norwalk is more affordable than the national average with a cost index of 80. The rent-to-income ratio is 11.0%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Norwalk, IA?
The median gross rent in Norwalk, IA is $869 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $10,428.
What is the median household income in Norwalk?
The median household income in Norwalk, IA is $94,583 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%.