Iowa Lands In Middle Of Pack For College Education Costs
A recent report from personal finance company WalletHub found Iowa in the middle of the pack for post-secondary education costs nationwide. Analysts collected the cost of attendance for full-time, in-state college students living on campus and compared those figures to median annual household incomes in 48 states. They found Iowa ranked 30th for education costs as a percentage of income at 45.45 percent. According to the U.S. Census Bureau, Iowa’s median household income is about $75,500, meaning students generally spend about $34,000 per year on average to attend a four-year university. Rhode Island ranked as the most expensive state for a college education, with households spending nearly $88,000 per year or 90.2 percent of their median household income. Maine was the second most expensive, costing just under $60,000 per year, or 80.2 percent, followed by Pennsylvania at 73.7 percent, or about $57,500 per year. Utah was the most cost-effective, spending approximately $26,700 per year, or 27.58 percent of median household income. Hawaii was second cheapest, costing 35.87 percent of income, followed by Nevada at 35.88 percent. Alaska and Wyoming were excluded due to data limitations. With inflation adjustments, the cost to attend a public four-year university has doubled since 1963, rising from 13 percent of median U.S. household income to 26 percent, according to data from the National Center for Education Statistics. Find WalletHub’s complete report on our website.
