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Affordable
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These days, finding an affordable place to live in the Norway area can be challenging. Home prices in Norway are now at a median cost of $264,622, higher than the Iowa average of $226,062.
The average cost of rent is $1,060/mo in Norway, primarily driven by the current value of real estate in the Norway area. In Norway, 13.01% of households rent, and 41.51% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Norway is $7,079 per month. Households that rent pay about 14.98% of their income on rent here. Norway’s most expensive areas are in the northern regions, while the cheapest areas are in the southwestern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
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