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Cost of Living in Indiana

Is it better to rent or buy in Indiana? 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.

$78,128
$1,116/mo

Median in area: $1,116

$226,642

Median in area: $226,642

$45,328

If you Rent

🔑
$1,324 /mo
Base Rent$1,116
Est. Utilities$208
% of Income20.3%
Pre-tax Residual$5,187

If you Buy

🏠
$1,634 /mo
P&I (6.96%)$1,201
Taxes & Ins$225
Est. Utilities$208
% of Income25.1%
Pre-tax Residual$4,876

Cost of Living FAQs

Is it cheaper to rent or buy in Indiana?›

Based on median housing data, renting is currently more affordable on a monthly basis in Indiana. The estimated all-in monthly cost for renting is $1,324, while owning a median-priced home with a 20% down payment is roughly $1,634 per month (a difference of $310).

How much do utilities cost in Indiana?›

The average monthly utility cost (electricity and natural gas) for a typical home in Indiana is approximately $208. This estimate uses local utility rate schedules combined with median energy consumption profiles.

What is a good salary to live comfortably in Indiana?›

To comfortably afford the median rent and utilities in Indiana without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $52,960 per year.