The 50501 zip code in Fort Dodge tops our ranking of the most affordable places to live in Iowa.
We looked at 75 zip codes in the state, evaluating home values, rental costs, energy rates, property taxes, and five other affordability indicators. We used the data we gathered to calculate our proprietary Affordability Score for each zip code.
Top 10 most affordable places to live in Iowa
| Rank | City | Affordability Score | Median home value | Rental costs |
|---|---|---|---|---|
| 1 | Fort Dodge 🥇 | 100.0 | $121,548 | $779 |
| 2 | Waterloo 🥈 | 97.1 | $88,327 | $853 |
| 3 | Davenport 🥉 | 96.5 | $153,218 | $995 |
| 4 | Fort Madison | 95.1 | $101,723 | $1,174 |
| 5 | Keokuk | 94.8 | $79,376 | $1,174 |
| 6 | Clinton | 94.0 | $120,860 | $1,174 |
| 7 | Burlington | 93.7 | $116,440 | $1,174 |
| 8 | Sioux City | 93.2 | $140,002 | $1,174 |
| 9 | Marshalltown | 91.3 | $153,717 | $1,153 |
| 10 | Knoxville | 90.7 | $194,119 | $1,174 |
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1. Fort Dodge
Here's why the 50501 zip code in Fort Dodge is Iowa's most affordable place to live.
🔎 Key data about Fort Dodge
| Data point | Value | Rank (out of 75 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 100.0 | No. 1 | N/A |
| Median home value | $121,548[1] | No. 7 | -$109,616.38 |
| Home affordability ratio | 1.9 | No. 3 | -1.3 |
| Home value five-year change | 21.4%[2] | No. 3 | -11.7% |
| Home value one-year forecast | -0.4%[3] | No. 20 | 0.0% |
| Rental costs | $779[4] | No. 2 | -$394 |
| Rent affordability ratio | 1.22% | No. 6 | -0.4% |
| Median household income | $64,013[5] | No. 43 | -$9,003 |
| Property taxes | $2,233[6] | No. 13 | -$1,298 |
| Energy costs | $0.11 kWh[7] | No. 1 | -$0.02 |
Fort Dodge's 50501 zip code is the cheapest place to live in Iowa, leading the 75 markets we evaluated.
The median home value is $121,548, making it the 7th-cheapest housing market in the state. Forecasts project a -0.4% change in home values in the next year. Rent in the zip code averages $779 per month, which is the 6th cheapest amount in Iowa.
The median property tax for homeowners in Fort Dodge is $2,233 per household, the No. 13 ranked market in Iowa.
Residents pay $0.11 per kWh of electricity, which ranks No. 1 among Iowa markets.
2. Waterloo
The 50703 zip code is the 2nd-cheapest place to live in Iowa.
🔎 Key data about Waterloo
| Data point | Value | Rank (out of 75 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 97.1 | No. 2 | N/A |
| Median home value | $88,327[8] | No. 2 | -$142,837.24 |
| Home affordability ratio | 1.970088239 | No. 4 | -1.2 |
| Home value five-year change | 0.3519856867[9] | No. 45 | 2.1% |
| Home value one-year forecast | -0.3%[10] | No. 35 | 0.1% |
| Rental costs | $853[11] | No. 7 | -$321 |
| Rent affordability ratio | 1.90% | No. 63 | 0.3% |
| Median household income | 44834[12] | No. 74 | -$28,182 |
| Property taxes | $1,481[13] | No. 1 | -$2,050 |
| Energy costs | 0.1100503888 kWh[14] | No. 1 | -$0.02 |
Waterloo's 50703 zip code has a median home value of $88,327, which is the 35th-cheapest housing market in Iowa. You can rent for an average of $853 per month. That's the 7th-cheapest price in the state.
The average household income in the zip code is 44834, which ranks 74th-highest in the state.
Homeowners in Waterloo pay a median property tax of $1,481 per year, making it the 1st-most affordable market in Iowa.
Waterloo ranks No. 1 among Iowa energy markets. You'll pay 0.1100503888 per kWh of electricity.
3. Davenport
The 3rd-cheapest place to live in Iowa is Davenport's 52803 zip code.
🔎 Key data about Davenport
| Data point | Value | Rank (out of 75 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 96.5 | No. 3 | N/A |
| Median home value | $153,218[15] | No. 12 | -$77,946.15 |
| Home affordability ratio | 2.535882572 | No. 13 | -0.6 |
| Home value five-year change | 0.24385794[16] | No. 6 | -8.7% |
| Home value one-year forecast | -1.7%[17] | No. 4 | -1.3% |
| Rental costs | $995[18] | No. 13 | -$179 |
| Rent affordability ratio | 1.65% | No. 52 | 0.0% |
| Median household income | 60420[19] | No. 53 | -$12,596 |
| Property taxes | $2,632[20] | No. 28 | -$899 |
| Energy costs | 0.1100503888 kWh[21] | No. 1 | -$0.02 |
The No. 12 cheapest housing market in Iowa is Davenport's 52803 zip code, with a median home value of $153,218. Rents in the market average $995 per month, making it the 13th-most affordable rental market in the state.
The median property tax for households in Davenport is $2,632, which makes it the 28th-cheapest place in Iowa. Davenport ranks No. 1 among Iowa markets by energy costs. Residents pay 0.1100503888 per kWh of electricity.
4. Fort Madison
The 52627 zip code in Fort Madison comes in at No. 4 on our list of the cheapest places to live in Iowa.
🔎 Key data about Fort Madison
| Data point | Value | Rank (out of 75 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 95.1 | No. 4 | N/A |
| Median home value | $101,723[22] | No. 3 | -$129,441.16 |
| Home affordability ratio | 1.799356439 | No. 2 | -1.4 |
| Home value five-year change | 0.2454665783[23] | No. 8 | -8.6% |
| Home value one-year forecast | -2.1%[24] | No. 3 | -1.7% |
| Rental costs | $1,174[25] | No. 27 | $0 |
| Rent affordability ratio | 1.61% | No. 22 | 0.0% |
| Median household income | 56533[26] | No. 62 | -$16,483 |
| Property taxes | $1,664[27] | No. 2 | -$1,867 |
| Energy costs | 0.1775177494 kWh[28] | No. 56 | $0.04 |
The No. 3 cheapest housing market in Iowa is Fort Madison's 52627 zip code, where the median home value is $101,723. Renters here pay an average of $1,174 per month.
When it comes to energy costs, Fort Madison ranks 56th among Iowa markets. Residents pay 0.1775177494 per kWh of electricity.
The median property tax for households in the zip code is $1,664, which makes it the 2nd-cheapest market in Iowa.
5. Keokuk
The 52632 zip code in Keokuk ranks No. 5 among Iowa's most affordable places to live.
🔎 Key data about Keokuk
| Data point | Value | Rank (out of 75 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 94.8 | No. 5 | N/A |
| Median home value | $79,376[29] | No. 1 | -$151,787.68 |
| Home affordability ratio | 1.599075277 | No. 1 | -1.6 |
| Home value five-year change | 0.2243946989[30] | No. 4 | -10.7% |
| Home value one-year forecast | -2.4%[31] | No. 2 | -2.0% |
| Rental costs | $1,174[32] | No. 27 | $0 |
| Rent affordability ratio | 1.61% | No. 22 | 0.0% |
| Median household income | 49639[33] | No. 73 | -$23,377 |
| Property taxes | $1,851[34] | No. 3 | -$1,680 |
| Energy costs | 0.1775177494 kWh[35] | No. 56 | $0.04 |
Keokuk's 52632 zip code has a median home value of $79,376, the 1st-cheapest market in the state. Forecasts project a -2.4% change in home values in the next year.
The median property tax per household in Keokuk is $1,851. It's the 3rd-cheapest market by tax rate in Iowa.
6. Clinton
The No. 6 most affordable place to live in Iowa is the 52732 zip code.
🔎 Key data about Clinton
| Data point | Value | Rank (out of 75 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 94.0 | No. 6 | N/A |
| Median home value | $120,860[36] | No. 6 | -$110,304.52 |
| Home affordability ratio | 2.169287002 | No. 7 | -1.0 |
| Home value five-year change | 0.2812463206[37] | No. 15 | -5.0% |
| Home value one-year forecast | -0.8%[38] | No. 15 | -0.4% |
| Rental costs | $1,174[39] | No. 27 | $0 |
| Rent affordability ratio | 1.61% | No. 22 | 0.0% |
| Median household income | 55714[40] | No. 65 | -$17,302 |
| Property taxes | $2,219[41] | No. 12 | -$1,312 |
| Energy costs | 0.1437840691 kWh[42] | No. 45 | $0.01 |
The back half of our top 10 kicks off with Clinton's 52732 zip code, which has the 6th-cheapest home values in Iowa. The median home value is $120,860. Rents average $1,174 per month, making it the 27th-most affordable rental market in the state.
Residents pay 0.1437840691 per kWh of electricity. It's the 45th-cheapest energy market.
7. Burlington
Burlington's 52601 zip code is the 7th-cheapest place to live in Iowa.
🔎 Key data about Burlington
| Data point | Value | Rank (out of 75 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 93.7 | No. 7 | N/A |
| Median home value | $116,440[43] | No. 5 | -$114,723.96 |
| Home affordability ratio | 2.16323063 | No. 6 | -1.0 |
| Home value five-year change | 0.1946123575[44] | No. 1 | -13.6% |
| Home value one-year forecast | -2.5%[45] | No. 1 | -2.1% |
| Rental costs | $1,174[46] | No. 27 | $0 |
| Rent affordability ratio | 1.61% | No. 22 | 0.0% |
| Median household income | 53827[47] | No. 68 | -$19,189 |
| Property taxes | $2,079[48] | No. 7 | -$1,452 |
| Energy costs | 0.1775177494 kWh[49] | No. 56 | $0.04 |
You'll find the 5th-cheapest home values in Iowa in Burlington's 52601 zip code. The median value: $116,440. Renters in Burlington pay an average of $1,174 per month.
Homeowners in Burlington pay a median property tax of $2,079 per year, which is Iowa's 7th-most affordable market.
The average household income is 53827, which ranks 68th-highest in the state.
8. Sioux City
The 8th-cheapest place to live in Iowa is Sioux City's 51103 zip code.
🔎 Key data about Sioux City
| Data point | Value | Rank (out of 75 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 93.2 | No. 8 | N/A |
| Median home value | $140,002[50] | No. 8 | -$91,162.48 |
| Home affordability ratio | 2.53240902 | No. 12 | -0.6 |
| Home value five-year change | 0.4603141935[51] | No. 71 | 12.9% |
| Home value one-year forecast | 0.3%[52] | No. 64 | 0.7% |
| Rental costs | $1,174[53] | No. 27 | $0 |
| Rent affordability ratio | 1.61% | No. 22 | 0.0% |
| Median household income | 55284[54] | No. 66 | -$17,732 |
| Property taxes | $2,006[55] | No. 5 | -$1,525 |
| Energy costs | 0.1100503888 kWh[56] | No. 1 | -$0.02 |
The 8th-cheapest housing market in Iowa is Sioux City's 51103 zip code, with a median home value of $140,002. Renters pay an average of $1,174 per month, the No. 27 rental market in the state.
The median property tax for households in Sioux City is $2,006, which makes it the 5th-cheapest place in Iowa. The average household income of 55284 ranks 66th.
9. Marshalltown
Marshalltown's 50158 zip code sneaks into the top ten of Iowa's most affordable places to live.
🔎 Key data about Marshalltown
| Data point | Value | Rank (out of 75 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 91.3 | No. 9 | N/A |
| Median home value | $153,717[57] | No. 13 | -$77,446.80 |
| Home affordability ratio | 2.249895775 | No. 8 | -0.9 |
| Home value five-year change | 0.3603737036[58] | No. 48 | 2.9% |
| Home value one-year forecast | -0.5%[59] | No. 17 | -0.1% |
| Rental costs | $1,153[60] | No. 23 | -$21 |
| Rent affordability ratio | 1.69% | No. 53 | 0.1% |
| Median household income | 68322[61] | No. 35 | -$4,694 |
| Property taxes | $2,167[62] | No. 10 | -$1,364 |
| Energy costs | 0.1775177494 kWh[63] | No. 56 | $0.04 |
The 13th-cheapest housing market in Iowa is Marshalltown's 50158 zip code, where the median home value is $153,717. Renters pay an average of $1,153 per month. It's the state's 23rd-cheapest rental market.
The median property tax for households within the zip code is $2,167, which makes it the 10th-cheapest property tax rate in Iowa.
10. Knoxville
The final spot on our list of the most affordable places to live in Iowa goes to the 50138 zip code in Knoxville.
🔎 Key data about Knoxville
| Data point | Value | Rank (out of 75 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 90.7 | No. 10 | N/A |
| Median home value | $194,119[64] | No. 33 | -$37,044.83 |
| Home affordability ratio | 2.970865879 | No. 29 | -0.2 |
| Home value five-year change | 0.4119221875[65] | No. 62 | 8.1% |
| Home value one-year forecast | -0.4064886173%[66] | No. 20 | 0.0% |
| Rental costs | $1,174[67] | No. 27 | $0 |
| Rent affordability ratio | 1.61% | No. 22 | 0.0% |
| Median household income | 65341[68] | No. 39 | -$7,675 |
| Property taxes | $2,422[69] | No. 17 | -$1,109 |
| Energy costs | 0.1100503888 kWh[70] | No. 1 | -$0.02 |
The 33rd-most affordable market in Iowa is Knoxville's 50138 zip code. The median home value is $194,119. Rent in the market costs $1,174 per month on average, making it the 27th-most affordable rental market in Iowa.
The median property tax for households in Knoxville is $2,422, which is the 17th-cheapest property tax rate in the state.
Knoxville ranks No. 1 among Iowa markets by energy costs, with households paying 0.1100503888 per kWh of electricity.
How we ranked the most affordable places in Iowa
We evaluated 75 zip codes in Iowa with a population over 10,000 on nine metrics. We then assigned each market an Affordability Score based on its weighted and combined rankings.
Our proprietary Affordability Score is a score on a scale of 0 (worst in state) to 100 (best in state) that estimates the affordability of a particular zip code. It takes into account these key data points for each zip code.
- Median home value: The median home value for each zip code comes from the Zillow Home Value Index. The lower the median home value relative to the median value in Iowa, the higher our score on this component. We assign a weight of 23.8% to median home value.
- Home affordability ratio. The home affordability ratio is the typical median home value divided by the median household income in the zip code, which reveals the number of years of household income needed to afford a home in that zip code. A lower ratio is better because it means more households can afford a home. The data comes from the Zillow Observed Rent Index and the U.S. Census American Community Survey. We assign a weight of 23.8% to the home affordability ratio.
- Home value five-year change: The home value five-year change is the amount that the median home value in the zip code has risen or fallen during the last five years. Our data comes from the Zillow Home Value Index. We assign a weight of 4.8% to the home value five-year change.
- Home value one-year forecast: The home value one-year forecast comes from Zillow Forecast data. It projects how much home values in the zip code are forecasted to change in the next year. We assign a weight of 4.8% to the home value one-year forecast.
- Rental costs. The rental costs are the observed rents in the zip code, sourced from the Zillow Observed Rent Index. The index includes "listed rents that fall into the 40th to 60th percentile range for all homes and apartments in a given region." We assign a weight of 11.9% to rental costs.
- Median household income: The inflation-adjusted median household income figures for the zip code comes from the U.S. Census American Community Survey. We assign a weight of 4.8% to median household income.
- Rent affordability ratio. The rent affordability ratio is the ratio of rental costs divided by median household income, which provides the percentage of household income needed to pay a typical month’s rent in the zip code. The data comes from the Zillow Observed Rent Index and the U.S. Census American Community Survey. We assign a weight of 11.9% to the rent affordability ratio.
- Property taxes: The property tax figures are the median real estate taxes paid in the zip code, sourced from the U.S. Census American Community Survey. The lower the property tax rate relative to the Iowa average, the higher our score on this component. We assign a weight of 7.1% to property taxes.
- Energy costs: The energy costs are the costs of a kilowatt hour (kWh) of residential electricity in the zip code, sourced from the U.S. Department of Energy. The lower the cost of electricity relative to the Iowa average, the higher our score on this component. We assign a weight of 7.1% to energy costs.
✍️ Editor’s note: Our Affordability Score identifies the most affordable places in a state by zip code. Often the zip code we identify will represent an entire city or portion of a city.
Occasionally the zip code we identify will encompass an area that includes one or more small towns. In these cases, the data we’ve gathered applies to the entire zip code, not just the single town we’re using to help identify the zip code's location.
If you’re looking to move to one of these affordable places, we recommend doing additional research to make sure the costs in the area — and the quality of life it offers — meet your specific needs.
