Norway, IA
Population 490 · Iowa
About Norway, IA
Norway is a small community located in Iowa with a population of 490 residents according to the latest US Census Bureau American Community Survey data. The median household income is $91,250 per year, which is 21% above the national median of $75,149. The median age of 47.2 years is notably older the US median age of 38.9 years, suggesting a more established community with a higher proportion of long-term residents.
Housing Market Overview
The housing market in Norway features a median home value of $155,400, which is 37% below the national median of $244,900. This positions Norway in a moderately priced market relative to the rest of the country. Median monthly rent is $1,063, 9% below the national average of $1,163/month. Of the 226 total housing units, 96% are owner-occupied (197 units) and 4% are renter-occupied (8 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Norway shows an unemployment rate of 1.0%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 1.6%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Norway have an average one-way commute time of 21.2 minutes.
Education & Demographics
17.9% of Norway residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The lower educational attainment rate may reflect the area's industry mix, with more employment in trades, manufacturing, or agricultural sectors. The community's demographic composition includes 0.0% White, 0.0% Hispanic or Latino, 0.0% Black or African American, and 0.0% Asian residents, with 0.0% of the population being foreign-born.
Cost of Living in Norway, IA
Compared to national averages, Norway has a median household income of $91,250 (21% above the national median of $75,149). Home values average $155,400, which is 37% below the national median. Monthly rent at $1,063 is 9% below the US average of $1,163. Within Iowa, Norway's income is 34% above the state average of $67,947, and home values are 18% above the state median of $132,237.
Why Live in Norway, IA?
Norway offers a strong local economy with a median household income of $91,250, well above the national average, and affordable housing with a median home value of $155,400, below the US average of $244,900, and rent that’s lower than the national average at $1,063/month. Additionally, the city features a strong job market with an unemployment rate of just 1.0%, and a low poverty rate of 1.6%, better than the national average, and short commute times averaging just 21.2 minutes.
Norway has a population of 490 with a median age of 47.2 years. Compare Norway with other cities to see how it stacks up, or explore all cities in Iowa.
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Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
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Frequently Asked Questions about Norway
What is the population of Norway, IA?
The population of Norway, IA is 490 according to the latest US Census Bureau American Community Survey estimates. This makes it a small community in Iowa.
What is the median household income in Norway?
The median household income in Norway, IA is $91,250 per year, which is 21% above the national median of $75,149.
What is the median home value in Norway?
The median home value in Norway, IA is $155,400, which is 37% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Norway?
The median monthly rent in Norway, IA is $1,063, which is 9% below the national average of $1,163/month.
What is the unemployment rate in Norway?
The unemployment rate in Norway, IA is 1.0%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Norway, IA a good place to live?
Norway offers above-average incomes, affordable housing, and a strong job market. With a population of 490 and a median age of 47.2, the city appeals to established professionals and retirees.
How educated is Norway, IA?
17.9% of residents in Norway aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Norway?
Key cost-of-living indicators for Norway, IA: median home value is $155,400 (37% below national), median rent is $1,063/month, and median household income is $91,250. The home-value-to-income ratio is 1.7x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Norway?
The poverty rate in Norway, IA is 1.6%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Norway, IA?
Norway's population is 0.0% White, 0.0% Hispanic or Latino, 0.0% Black or African American, 0.0% Asian, and 0.0% two or more races. 0.0% of residents are foreign-born.