Iowa Wages Exceed Living Costs but Nearby States Even More Affordable
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Iowa's average wage of $53,520 exceeds the estimated living wage of $48,518, meaning it covers 110% of basic living expenses.
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Iowa's housing costs are very affordable compared to other states, with a median home value of $147,800 and 11% mortgage-to-income ratio.
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Nearby states like Illinois, Minnesota, Missouri and Nebraska have even better wage-to-living cost ratios than Iowa.
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Inflation has increased living wages needed across the U.S., with big gaps in high cost states like Hawaii.
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Mississippi has the lowest average wage at $45,180, below its estimated living wage of $45,905.