Quick facts: Colo, IA

Quick Facts

96.6
Cost of Living
below US average
846
Population
5.91
Crime Rate per 1000
below US average
$77,188
Median Income
below US average
$339,900
Median House Price
above US average
$1132
Average Rent
below US average
Poverty rate Data is updating, will be available soon
3.5%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $77,188.

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Income Needed to Buy

βœ— Stretch
$107k/year
Based on $339,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $107k vs median $77,188
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Income Needed to Rent

βœ“ Affordable
$49k/year
Based on $1132/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($77,188) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Colo, IA

Colo is a small, charming town located in Story County, Iowa. With a population of approximately 500 residents, it embodies a close-knit community atmosphere. Situated about 12 miles northeast of Ames, Colo offers a peaceful rural lifestyle while remaining in proximity to the amenities of larger cities. The town features a variety of local businesses, parks, and community events that foster a strong sense of camaraderie among residents. A noteworthy site is the Colo Community Park, which provides recreational opportunities and a venue for community gatherings. Colo's location allows for easy access to outdoor activities, including hiking and fishing, with several nearby natural areas. The town is also in the heart of Iowa's fertile farmland, making it ideal for agriculture enthusiasts. Additionally, residents enjoy a slower pace of life, with friendly neighbors and a safe environment for families. Whether you’re seeking a quaint place to call home or a peaceful retreat, Colo offers the charm of traditional Midwestern living.

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