Key Economic Benchmarks
Median Household Income
$71,365$5,947 per month · U.S. Census Bureau ACS 5-YearFair market rent & 30% rule in Mitchell County, IA
Official HUD Fair Market Rents evaluated against local household income benchmarks.
2026 HUD Fair Market Rent Schedule: Mitchell County, IA
Official FY2026 HUD Fair Market Rents for Mitchell County, IA. Under the federal 30% housing affordability standard, housing costs are sustainable when they consume 30% or less of gross household income.
| Unit Size | Monthly Rent | Annual Rent | 30% Rule Min. Income | % of Median Income |
|---|---|---|---|---|
| Studio / Efficiency | $682 | $8,184 | $27,280 | 11.5% |
| 1-Bedroom Apartment | $774 | $9,288 | $30,960 | 13% |
| 2-Bedroom ApartmentBenchmark | $919 | $11,028 | $36,760 | 15.5% |
| 3-Bedroom Home | $1,156 | $13,872 | $46,240 | 19.4% |
| 4-Bedroom Home | $1,227 | $14,724 | $49,080 | 20.6% |
50/30/20 Living Budget in Mitchell County, IA
Based on the local median household income of $71,365/year ($5,947/month), here is how a balanced budget allocates expenses:
Take-Home Pay & Tax Explorer in Iowa
Explore net income after federal income tax, FICA, and Iowa state income tax based on the local median baseline.
Related Regional & Financial Profiles
Compare earnings and living costs across Iowa with official federal datasets:
Frequently Asked Questions About Living in Mitchell County, IA
What is the median household income in Mitchell County, IA?
According to the latest U.S. Census Bureau ACS 5-Year survey, the median household income in Mitchell County, IA is $71,365 per year (approximately $5,947 per month).
What is the average rent in Mitchell County, IA?
According to HUD Fair Market Rent (FMR) benchmarks for 2026, standard monthly rents in Mitchell County, IA are $682 for a studio, $774 for 1 bedroom, $919 for 2 bedrooms, $1,156 for 3 bedrooms, and $1,227 for 4 bedrooms.
How does the cost of living in Mitchell County, IA compare to the national average?
Based on the Bureau of Economic Analysis (BEA) Regional Price Parity index, the general price level in Mitchell County, IA is 87.8 (12.2% lower than the U.S. national baseline of 100.0).
How much do you need to earn to comfortably afford rent in Mitchell County, IA?
Under the standard 30% housing affordability standard, renting a median 2-bedroom home ($919/month) in Mitchell County, IA requires a minimum gross household income of $36,760 per year ($3,063 per month).
What is a balanced 50/30/20 monthly budget in Mitchell County, IA?
For a typical household earning the median income of $71,365/year ($5,947/month) in Mitchell County, IA, a balanced 50/30/20 budget allocates $2,974/month to essential needs (rent, utilities, groceries), $1,784/month to discretionary spending, and $1,189/month to savings and debt repayment.
What are typical electricity and utility costs in Mitchell County, IA?
Residential electricity rates in Iowa average 15.9¢ per kWh according to the U.S. Energy Information Administration (EIA). For an average home using 900 kWh per month, the estimated electric bill is approximately $143 per month.