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City Report · IA

Boone

Pop. 12,424·33rd most expensive in Iowa·Rents have been falling, good time to negotiate
Median rent (all units)
$770/mo
Year-over-Year
-2.0%
Month-over-Month
-18.7%
vs US Median
-$1,192
Falling (Monthly)
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Most AffordableMost Expensive
Boone · $770
More affordable than 100% of US cities · National median $1,962/mo
Affordability
13% of income
VERY AFFORDABLE
0%30% benchmark60%+

At $770/mo, rent takes about 13% of the local median household income, comfortably within the 30% benchmark.

Income to afford
$31,000/yr
Local median income
$69,222/yr
Based on the 30%-of-income rule using Boone's median rent and household income. See the full affordability breakdown →
Medians by bedroom

Rent by unit size

Studio
$720
1 BR
$730
2 BR
$940
3 BR
$1,320
4 BR+
$1,330
Fair Market Rent (HUD)
$940/mo

These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $770 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.

Source: HUD Small Area Fair Market Rents. Read the methodology →

Rent trends

12-month history

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Last updated: August 17, 2026

Annual cost
$9,240/yr
At $770/mo median
Rent Market Meter
Strong Renter's Market
Renter's MarketBalancedLandlord's Market
Rents are down 2.0% year-over-year. Push hard on price, concessions, and lease terms.
Based on rent-price momentum (-2.0% YoY, -18.7% MoM), not inventory.
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Demographics

Who lives here

Boone, IA is majority owner-occupied, 24% of residents hold a bachelor's degree or higher.

Population
12,424
Median income
$69,222
Median age
41.3
Renters
28.4%
Age distribution
19.7%
22.1%
25.8%
14.1%
18.3%
Under 1819.7%
18–3422.1%
35–5425.8%
55–6414.1%
65+18.3%
Gender
51%
49%
Male51%
Female49%
Race & ethnicity
93.1%
White93.1%
Black1.3%
Hispanic3.8%
Other1.8%
Education (25+)
34.2%
35.9%
24%
No HS diploma5.9%
HS diploma34.2%
Some college35.9%
Bachelor's+24%
Housing tenure
71.6%
28.4%
Owner71.6%
Renter28.4%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How Boone, IA has changed in 5 years

Income
$61,997 → $69,222
up 11.7%
Population
12,509 → 12,424
down 0.7%
Renter share
24.6% → 28.4%
+3.8 pts
Bachelor's+
22% → 24%
+2.0 pts
Median age
39.5 → 41.3
+1.8 yrs

On the earnings side, the typical household in Boone, IA now reports about $69,222, up from $61,997 in 2021. Renters now make up 28.4% of households, compared with 24.6% five years ago. College-educated residents now make up 24% of adults here, versus 22% in 2021.

Community

Discussions about Boone

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View Boone rent history (2015–2026) →
Salary vs rent

Can you afford rent in Boone on your salary?

At $770/mo, how Boone rent compares to typical pay (30% rule).

By apartment size

Boone rent by bedroom count

Median rent for each apartment size in Boone. Click any size for full breakdown.

Local insights

Tips for renters in Boone

About renting in Boone, IA

Last updated: August 17, 2026

The median rent in Boone is $770/mo as of August 2026. A studio apartment averages $720/mo while a 2-bedroom runs $940/mo. One-bedroom apartments average $730/mo and 3-bedroom units go for $1,320/mo.

At 13% of local median household income ($69,222/yr), Boone ranks as affordable compared to the national benchmark of 30%. Rents have decreased 2.0% over the past year.

FAQ

Frequently asked questions

Is Boone an affordable city for renters?

Boone is considered very affordable for renters. At $770/mo, rent takes approximately 13% of the local median household income ($69,222/yr). The standard benchmark is 30%. Boone falls comfortably within that range.

How much income do you need to rent in Boone?

To keep rent at or below 30% of gross income, you would need to earn at least $31,000/year (~$15/hour full-time) to afford the median rent of $770/mo in Boone. The local median household income is $69,222/yr, meaning the typical Boone household meets that threshold.

Is rent going up or down in Boone?

Rent in Boone has decreased 2.0% over the past year as of August 2026, offering some relief compared to 12 months ago.

How does Boone rent compare to other cities in Iowa?

Boone is one of the more affordable cities in Iowa for rent, ranking #33 out of 33 tracked cities at $770/mo.

What percentage of Boone residents rent vs. own?

According to Census data, approximately 28.4% of Boone households are renters, while 71.6% are owner-occupied. Boone leans toward homeownership, which can mean a smaller rental inventory.

How does Boone rent compare to the national average?

Boone's median rent of $770/mo is $1,192 (61%) below the US national median of $1,962/mo. Within Iowa, it ranks #33 out of 33 tracked cities.
Income Affordability
13%
VERY AFFORDABLE

At $770/mo, rent takes ~13% of Boone's median household income ($69,222/yr). The standard benchmark is 30%.

Boone 13%Benchmark 30%
State income tax3.8%
Run the Boone affordability calculator →
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Boone, IA

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