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Cost of Living in Boone County

Is it better to rent or buy in Boone County? Explore median costs, utility estimates, and run the numbers on your own budget to see how far your income goes.

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Rent vs. Buy Affordability Calculator

Adjust the sliders to match your scenario. We recommend keeping total housing costs under 40% of your gross income.

$122,815
$1,413/mo

Median in area: $1,413

$393,704

Median in area: $393,704

$78,741

If you Rent

🔑
$1,660 /mo
Base Rent$1,413
Est. Utilities$247
% of Income16.2%
Pre-tax Residual$8,575

If you Buy

🏠
$2,698 /mo
P&I (6.985%)$2,092
Taxes & Ins$359
Est. Utilities$247
% of Income26.4%
Pre-tax Residual$7,536

Compare Nearby Areas

See how Boone County stacks up against neighboring areas.

countyMarion County, IN
$1,259/mo
countyHamilton County, IN
$1,706/mo
countyMontgomery County, IN
$858/mo
countyHendricks County, IN
$1,441/mo
countyClinton County, IN
$950/mo

Cost of Living FAQs

Is it cheaper to rent or buy in Boone County?›

Based on median housing data, renting is currently more affordable on a monthly basis in Boone County. The estimated all-in monthly cost for renting is $1,660, while owning a median-priced home with a 20% down payment is roughly $2,698 per month (a difference of $1,038).

How much do utilities cost in Boone County?›

The average monthly utility cost (electricity and natural gas) for a typical home in Boone County is approximately $247. This estimate uses local utility rate schedules combined with median energy consumption profiles.

What is a good salary to live comfortably in Boone County?›

To comfortably afford the median rent and utilities in Boone County without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $66,400 per year.