Indiana is home to the Indianapolis Colts, some pretty nice people, and a bunch of super great, super affordable places to live.
How did we determine the most affordable places to live in Indiana for 2019? We consulted the latest Census data on cost of living.
Most Hoosiers have never really experienced unemployment. The Crossroads of America has managed to stay ahead of the national unemployment rate holding strong at 3.9%. We think it has something to do with the surge in companies that have set up shop in this MIdwest region over the last ten years. We can thank Indiana for Subaru, Angie’s List, and Vera Bradley. And we can thank Indiana’s higher education institutions like Purdue and the University of Indiana for producing smart, hard-working individuals who want to make Indiana available and affordable for all.
If you know anything about economics, good jobs increase median incomes which translates to most people being able to live in our top most affordable Indiana places. That’s a good thing because Indiana has a lot to offer. They have hip millennial cities like Indianapolis, cool college cities like West Lafayette, and cities like Hillsboro where you can escape life.
So, crank a little Jack and Diane, grab a fried tenderloin the size of your head, and read on as we uncover Indiana’s most affordable places to live for 2019.
It’s simple economics, people. The less you have to spend on bills, the more you will have to spend on things that matter: like your home, good food, and just overall good fun.
What’s the cheapest place to live in indiana? Kudos to the good people of our number one most affordable place to live in Indiana, Wabash. They definitely have it figured out.
If you care about home values, cost of living, and great jobs, take a look at the list below to find the most affordable places in Indiana.
And if you already knew these places were cheap, check out some more reading about Indiana and the cheapest places in the country:
The 10 Cheapest Places To Live In Indiana For 2019
Wabash is a city in Noble Township, Wabash County, in the U.S. state of Indiana. The population was 10,666 at the 2010 census. The city is the county seat of Wabash County.
The median income in Wabash comes in at $44,094 and the median home value is $77,300 for 2019.
Alexandria is a city in Monroe Township, Madison County, Indiana, United States. It is about 46 miles northeast of Indianapolis. According to the 2010 census, its population was 5,145, a decrease of 17.8% from 6,260 in 2000.
The median income in Alexandria comes in at $50,375 and the median home value is $75,600 for 2019.
Mount Vernon is a city in and the county seat of Posey County, Indiana, United States. Located in the state’s far southwestern corner, within 15 miles of either the southernmost or westernmost points it is the westernmost city in the state, but not the southernmost, that being Rockport, about 40 miles to the southeast. The population was 6,687 at the 2010 census. It is located in Black Township and is part of the Evansville, Indiana, metropolitan area, which had a 2010 population of 358,676.
The median income in Mount Vernon comes in at $53,750 and the median home value is $97,500 for 2019.
Hartford City is a city in the U.S. state of Indiana, and the county seat of Blackford County. Located in the northeast central portion of the state, the small farming community experienced a 15-year boom beginning in the late 1880s. The Indiana Gas Boom was caused by the discovery of natural gas in the area, and it caused the community to transition from an agricultural economy to one that also included manufacturing. The boom brought residents, retail establishments, and craftspeople. The increased population meant construction of new roads, schools, and churches. After the boom came a long period of growth and stability. Agriculture remained as the fundamental industry.
The median income in Hartford City comes in at $36,136 and the median home value is $55,900 for 2019.
Linton is a city in Stockton Township, Greene County, Indiana, United States. The population was 5,413 at the 2010 census. A coal mining city, it is located southeast of Terre Haute. The current mayor is Scott Anthony Smithhart.
The median income in Linton comes in at $39,317 and the median home value is $65,700 for 2019.
Huntington, known as the “Lime City”, is the largest city in and the county seat of Huntington County, Indiana, United States. It is in Huntington and Union townships. The population was 17,391 at the 2010 census.
The median income in Huntington comes in at $42,302 and the median home value is $78,400 for 2019.
Portland is a city in and the county seat of Jay County, Indiana, United States. The population was 6,186 at the 2015 census.
The median income in Portland comes in at $35,919 and the median home value is $70,900 for 2019.
Princeton is a city in Patoka Township, Gibson County, Indiana, United States. The population was 8,644 at the 2010 census, and it is part of the greater Evansville, Indiana, Metropolitan Area. The city is the county seat of and the largest city in Gibson County.
The median income in Princeton comes in at $41,340 and the median home value is $81,000 for 2019.
Tipton is a city in and the county seat of Tipton County, Indiana, United States. The population was 5,106 at the 2010 census. It is part of the Kokomo, Indiana, Metropolitan Statistical Area. It was named after John Tipton, a politician.
The median income in Tipton comes in at $46,310 and the median home value is $86,600 for 2019.
Frankfort is a city in Clinton County, Indiana, United States. The population was 16,422 at the 2010 census. The city is the county seat of Clinton County.
The median income in Frankfort comes in at $41,982 and the median home value is $79,000 for 2019.
How We Determined The Most Affordable Places To Live In The Hoosier State For 2019
The two most important things to think about when it comes to being able to afford if you can live comes down to:
- How much do money do I make?
- How much do I have spend to live there?
You need to understand your costs in the context of how much money you make.
For example, if the median household earns $100,000 and spends $40,000 on housing it’s actually cheaper to live there than a place with a median income of $50,000 and housing costs of $21,000. You might spend more on housing, but you have more money overall to play with.
With that example in mind, we derived several statistics from the latest Census American Community Survey 2013-2017 around incomes and costs. They are:
- Median Home Price / Median Income (lower is better)
- Median Income / Median Rent (Higher is better)
- Median Home Price
We added simply median home price because high home prices generally correlate with higher expenses for all costs related to homes (heating, electricity, etc).
You can then compare these metrics in each of the places in Indiana to figure out which is the least expensive.
What you are left with is a “Cost of Living Index” by taking the average rank of each of these metrics for each city.
So we used that cost of living index in order to rank all of the 120 places in Indiana that have more than 5,000 people.
The place with the lowest cost of living in Indiana according to the data is Wabash.
There You Have It Mr. Or Mrs. Indiana Cheapskate
If you’re looking at the cost of living numbers in Indiana, this is an accurate list of the most affordable places to live in indiana for 2019.
Here’s a look at the most expensive cities in Indiana according to the data:
- West Lafayette
For more Indiana reading, check out: