Storm Lake, IA

Very Low · 57

Iowa · Population 11,275 · Updated March 2026

$830
Median Rent / Month
$58,341
Median Income
$163,600
Median Home Value
$866
Owner Costs / Month

Affordability

How far your income goes in Storm Lake

17.1%
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

$9,960
Annual Rent
$3,325
State Income Tax
$2,569
Property Tax (est.)

Cost of Living Overview

Storm Lake 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), Storm Lake residents can expect to pay median rent of $830/month while earning a median household income of $58,341/year.

The median home value in Storm Lake, IA is $163,600, with typical monthly owner costs around $866 including mortgage, insurance, and taxes. The median rent-to-income ratio of 17.1% 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 Storm Lake.

Frequently Asked Questions

Common questions about living costs in Storm Lake

What is the cost of living in Storm Lake, IA?
The cost of living index in Storm Lake, IA is 57 (US average = 100). Median monthly rent is $830, median household income is $58,341/year, and the median home value is $163,600.
Is Storm Lake, IA affordable?
Yes, Storm Lake is more affordable than the national average with a cost index of 57. The rent-to-income ratio is 17.1%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Storm Lake, IA?
The median gross rent in Storm Lake, IA is $830 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $9,960.
What is the median household income in Storm Lake?
The median household income in Storm Lake, IA is $58,341 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%.