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Norway

Learn about the people, housing, costs and businesses in Norway, Iowa

Median Home$278,100
Median Rent$742/month
Population476
Leading IndustriesHealthcare · Public Administration · Arts, Food & Hospitality13% healthcare
Home Value Growth+10.3% over 2 years
Young Adults32% of residentsabove average nationally
Homeowners89% of occupied units
NotableHigh Incomes$104k/year · top 15% nationally
Norway
IA

Frequently Asked Questions

What are today's mortgage rates in Norway?

As of today, the 30-year fixed mortgage rate for Norway is approximately 7.041% (7.082% APR). Rates vary based on your credit score, loan type, down payment, and other factors. Safe Rate updates rates daily using live investor pricing.

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What is the median home price in Norway?

The median home value in Norway is $278k. The median monthly rent is $742. Annual property taxes average $3k. Home values are based on U.S. Census Bureau American Community Survey estimates.

Are home values rising in Norway?

Home values in Norway have increased 10.3% over the past two years. This indicates a strong appreciation trend. This data is sourced from the Federal Housing Finance Agency (FHFA) House Price Index.

How much income do you need to buy a home in Norway?

Based on a typical all-in ownership cost of $1,184/month (mortgage, taxes, insurance), you'd generally need a household income of approximately $51k/year to keep housing costs at or below 28% of gross income — a common lender guideline. The median household income in Norway is $104k/year.

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What industries drive the economy in Norway?

The largest employment sectors in Norway are public administration (26%) and healthcare (13%) of the local workforce. Industry data is sourced from the U.S. Census Bureau American Community Survey.