(Spencer)—Latest numbers show the cost of living in the area served by the Iowa Lakes Corridor Development Corporation is lower than the national average of other small cities who also compiled data. The Iowa Lakes Corridor Development Corporation has been gathering the cost of living index for the four county seats in its service area including Estherville, Spencer, Spirit Lake and Storm Lake. The findings show all four county seats separately have a cost of living index under the national average, a composite score of 100 for metropolitan and nonmetropolitan areas. The composite scores for the county seats in the Corridor service area included Estherville at 99.6; Spencer at 99.3; Spirit Lake at 97 and Storm Lake at 98.9. The index is measured in five areas, including food, housing, transportation, healthcare and miscellaneous goods and services.
Kathy Evert, President and CEO of the Iowa Lakes Corridor Development Corporation, tells KUOO news the findings will serve as a valuable tool in promoting the area to both prospective employers, and those in the workforce looking to relocate here…(click here for comment.) “It is. And this is a number that we’re often asked by existing employers across the Corridor region so we know that the survey is tried and tested and it’s been around a long, long time…I think about 40 years…so we’re grateful for everybody that works with us to compile these surveys each quarter and want to continue to make this information available to area employers.”
Evert believes the index for the Corridor region would be even lower if it wasn’t for a shortage of affordable housing…(click here for comment.) “Specifically, rental housing. Spirit Lake is the only community that’s had any new rental complexes that aren’t subsidized built in the last 10 years. The other communities have not. So when it comes to entering prices, costs for rental housing in the other communities, you have to leave it blank. That means the only options are home ownership, which is more expensive. So we believe that’s another indicator we need additional rental options available across the Corridor region.”
Evert urges prospective employers and those looking to relocate to the Corridor region to check out a cost of living calculator available on the Corridor’s website at www.lakescorridor.com.
