Fairmont, MN vs Storm Lake, IA: Cost of Living

Which city costs less?

Storm Lake, IA has a modeled overall cost index 10.3% lower than Fairmont, MN.

Fairmont, MN · modeled 2BR rent
$970 / month
Storm Lake, IA · modeled 2BR rent
$1,010 / month

These are saved estimates, not current rental listings. Some cities use adjusted regional data. Your household budget can differ from the overall index. Sources and assumptions

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Cost of Living Comparison 2026

Compare Fairmont, MN and Storm Lake, IA using saved regional data and explicit budgeting assumptions. Rent estimates are not live listings. Change the salary below, then check the source notes before applying a result to your household.

Saved regional estimates · Sources and assumptions

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Estimated savings: $687/month in Storm Lake, IA

$150,000 in your current city has a modeled equivalent of $141,755 in Storm Lake, IA

Regional cost estimates: Fairmont, MN uses Minneapolis, MN. Storm Lake, IA uses Omaha, NE. Available city ZIP rent estimates are shown separately.
Overall Cost
↓ 10.3%
Less expensive
Monthly Impact
$687
Savings
Annual Impact
$8.2K
Per year

Assumes 60% of current gross income goes to living costs. The headline uses the category budget below; taxes, moving costs and savings goals are excluded.

Fairmont, MN

Population:10K
Cost Index:
87.3
100 = national average
Typical Home:$187K

Storm Lake, IA

Population:11K
Cost Index:
78.3
100 = national average
Typical Home:$189K

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Fairmont, MN

The North Star State

10K
Population
State Tax
Yes

Located in Minnesota, this city has a population of 10K residents.

Storm Lake, IA

The Hawkeye State

11K
Population
State Tax
Yes

Located in Iowa, this city has a population of 11K residents.

Cost Breakdown by Category

Estimated monthly spending: Fairmont, MN vs Storm Lake, IA

Assumes 60% of your current gross income is spent on these categories. The headline and totals use this same budget. Rent estimates below are separate reference data. Rounded amounts may differ by $1.

Housing
↓ 20.2%
Fairmont, MN
$2,302
Storm Lake, IA
$1,837
Difference
$465
less
Healthcare
↓ 7.0%
Fairmont, MN
$766
Storm Lake, IA
$712
Difference
$53.56
less
Transportation
↓ 4.1%
Fairmont, MN
$1,257
Storm Lake, IA
$1,205
Difference
$51.88
less
Groceries
↓ 4.9%
Fairmont, MN
$1,043
Storm Lake, IA
$992
Difference
$50.67
less
Other
↓ 2.6%
Fairmont, MN
$1,617
Storm Lake, IA
$1,574
Difference
$42.45
less
All Utilities
↓ 4.6%
Fairmont, MN
$515
Storm Lake, IA
$491
Difference
$23.74
less

🏠Rent Comparison

Studio
From$670
To$770
↑ $100
1 Bed
From$800
To$770
↓ $30.00
2 Bed
From$970
To$1,010
↑ $40.00
3 Bed
From$1,280
To$1,240
↓ $40.00
Fairmont, MNZIP-level data

1BR range: $800–$800/mo

Storm Lake, IAZIP-level data

1BR range: $770–$770/mo

💡 Note: HUD Fair Market Rents estimate 40th-percentile gross rents, including most tenant-paid utilities. City ZIP summaries are medians of those estimates, not market median rents. Actual prices vary by neighborhood, amenities, and condition. Source: HUD Small Area Fair Market Rents FY2026.

$7,500
Monthly in Fairmont, MN
$6,813
Monthly in Storm Lake, IA
$687
Difference

Home Values

Fairmont
Storm Lake
$187K
Median Value
$189K
↑ +4.5%
YoY Change
↑ +2%
↑ +36%
5-Year Change
↑ +32%

Homes in Storm Lake are 1% more expensive than Fairmont

Calculate payment - FairmontCalculate payment - Storm Lake

Source: Zillow Home Value Index (ZHVI), January 2026

Tax Comparison

Annual tax burden comparison at $150.0K salary

Tax Savings
↓ $272
More taxes
Monthly Difference
$22.70
Less take-home
Effective Rate Diff
0.2%
Rate difference

Fairmont, MN

Federal Income Tax
Effective: 18.9%
$25.5K
Minnesota State Tax
Effective: 7.0%
$10.4K
FICA Taxes
Social Security + Medicare
$11.5K
Total Taxes
Effective: 31.6%
$47.4K
Take-Home Pay
$8,546/month
$102.6K

Storm Lake, IA

Federal Income Tax
Effective: 18.9%
$25.5K
Iowa State Tax
Effective: 7.1%
$10.7K
FICA Taxes
Social Security + Medicare
$11.5K
Total Taxes
Effective: 31.8%
$47.7K
Take-Home Pay
$8,524/month
$102.3K

Additional Tax Information

Fairmont, MN Tax Rates

Sales Tax:8.0%
Property Tax:1.1%

Storm Lake, IA Tax Rates

Sales Tax:7.4%
Property Tax:1.5%

💡 Note: Tax calculations are estimates based on 2024/2025 tax brackets for single filers with standard deduction. Actual taxes may vary based on filing status, deductions, credits, and local variations.

Environment

Fairmont
Storm Lake
42 Good
Air Quality
45 Good
66.4%
Good Air Days
63.7%
98 High
Climate Risk
96 High
🌊🌡🌪
Top Hazards
🌊🌡🌪
▲+3.6°F
2050 Outlook
▲+3.4°F
14 days
Heat Days >95°F
35 days
▲+3.6°F
2050 Outlook
▲+3.4°F
14 days
Heat Days >95°F
35 days

Before moving from Fairmont, MN to Storm Lake, IA

Use this comparison to shortlist a move, then check the costs that depend on your household.

  1. Compare actual homes. Get current quotes in Storm Lake, IA for the same bedroom count and included utilities as your home in Fairmont, MN. Add parking, deposits, insurance and any overlapping leases. The rent estimates above are a starting point, not available listings.
  2. Confirm your income. Check your expected pay with your employer, including any location adjustment. Use “Different salary at destination?” above to compare two incomes. The budget model excludes taxes and one-time moving costs; it is not a take-home-pay calculation.
  3. Price your daily routine. Check the commute from a specific address to work, school or childcare. Add household expenses missing from this model, such as childcare, debt payments and medical needs. Verify local services before signing a lease.
  4. Plan the transition. Get moving quotes and budget for travel, setup costs and time off. Open your Fairmont to Storm Lake moving checklist to organize the tasks and timing.

Still choosing a destination? Explore cities similar to Storm Lake, IA by cost, housing, population and region.

Frequently Asked Questions: Fairmont, MN vs Storm Lake, IA

How do the cost estimates for Fairmont, MN and Storm Lake, IA compare?

Storm Lake, IA has a modeled overall cost index 10.3% lower than Fairmont, MN. This is a broad model comparison, not a survey of today's prices or a forecast of your household spending. Some cities use adjusted regional fallback data.

What does the equivalent salary mean?

At a $150,000 salary in Fairmont, MN, the model estimates $141,755 in Storm Lake, IA. It allocates 60% of gross income to the origin city’s category budget and applies each destination category’s relative cost. The equivalent salary adds the total category difference to your income. The monthly difference is the same category difference divided by 12; it is not take-home pay or guaranteed savings. Household size, childcare and your actual lease are not inputs to this calculation.

What rent estimates are available for Fairmont, MN and Storm Lake, IA?

The modeled two-bedroom rents are $970/month in Fairmont, MN and $1,010/month in Storm Lake, IA. Where available, the source is a city median of HUD FY2026 ZIP-level estimates; otherwise a saved metro table is used. City adjustments may also apply. These are not asking rents or available listings. Compare actual properties with the same bedroom count and included utilities.

How should I use this comparison before moving?

Use it to shortlist locations, then replace modeled costs with a current housing quote, employer-confirmed income, commute costs, insurance and your household's other expenses. Add one-time moving costs separately. Source years differ and the saved datasets are not a live price feed. Read the methodology for the formulas and fallback rules.

💰 See how taxes change too — compare take-home pay between Minnesota and Iowa on TaxTakeHome.com

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