You are right in concept about Iowa as a lower-educated state, although the numbers I found were not 47th or 48th. According to a Wall St Journal analysis of recent census data, Iowa is 37th in educational attainment. Iowa is the only state the reported a drop in educational attainment since the previous census. If you are interested in neighboring states: MN 10th, IL 11th, NE 21st, WI 29th, MO 31st. (
link)
There is more to choosing a place to live than the educational status of your neighbors. According to US News & World Reports, Iowa ranks 9th nationally on their quality of life index (
link).
Of the 125 largest major metros, Des Moines ranked #4 as best place to live considering affordability, job prospects, and quality of life (again USNWR,
link).