20.1% of the population for whom poverty status is determined in Iona, MN (40 out of 199 people) live below the poverty line, a number that is higher than the national average of 12.5%. The largest demographic living in poverty are Males < 5, followed by Females 18 - 24 and then Females 15.

The most common racial or ethnic group living below the poverty line in Iona, MN is White, followed by Black and Native American.

The Census Bureau uses a set of money income thresholds that vary by family size and composition to determine who classifies as impoverished. If a family's total income is less than the family's threshold than that family and every individual in it is considered to be living in poverty.