 Three metro areas in Indiana have made a list of the 20 cheapest American cities to live in this year. Show
That's right, 15 percent of the cheapest places to live in the U.S. are right here in the Hoosier state, according to new rankings on financial website 24/7 Wall Street. The site used the Bureau of Economic Analysis cost of living index to determine the rankings. Want to stretch your paycheck? Here's where you should move: Terre HauteTerre Haute made the list in 14th place. The cost of goods and services in the "high land" is roughly 16 percent lower than the U.S. average. Median home values there are also among the lowest 10 percent in the nation, averaging $94,500. A median household income of just under $47,000 can go pretty far there. Lafayette - West LafayetteCheap goods and services and a college town to boot! The Lafayette area equals Terre Haute in "cost of goods and services" category at roughly 16 percent lower than the national average. You will likely pay more for a house if you want to live in Boiler country, but the median household income is slightly higher than Terre Haute's at $51,410. Let's all go buy some cheap burgers at Triple XXX! Elkhart - GoshenThe Elkhart - Goshen area actually came in No. 1 on the list. You will pay 20.3 percent less for goods and services in the northern Indiana metro area. Median home values and rent are in the bottom 25 percent, with an average home value around $129,000. You'll also earn the most out of the three Indiana cities to make the list. Median household income in the area is $54,216. Carmel:Ranked as one of the best places to live in America Report:Indiana among states with highest divorce rates But we are employed:Indiana among least educated states Follow IndyStar Social Media Platforms Editor Joe Tamborello on Twitter and Instagram. 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 2022? 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 2022. 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, Rushville. 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:
Situated between Indianapolis and Cincinnati, Rushville ranks as the cheapest place to live in Indiana for 2022. For starters, Rushville has an incredibly low overall cost of living; about 15% below Indiana and 25% below the national average. A lot of that is down to the cheap housing options Rushville has. The median home price in Rushville is $90,900. The unemployment rate is low, and Rushville’s median household income of $53,789 has been steadily growing recently. If that trend continues, it’ll only become more affordable to live in Rushville. If you just want to try Rushville out, rent won’t set you back too much either — the median price here is $726. For fun and cheap things to do, check out the Riverside Park Amphitheater, where shows are constantly going on. Population: 6,194 Source: Public domain Boonville is a city in Boon Township, Warrick County, Indiana, United States. The population was 6,246 at the 2010 census. The city is the county seat of Warrick County. Population: 6,512 Source: Public domain Located about 35 miles west of Fort Wayne, North Manchester is the third most affordable city in Indiana. At a median price of $103,400, homes in North Manchester are some of the most expensive you’ll see on this list. But because residents earn a median income of $59,189, the town has one of the lowest home price to income ratios in the state. North Manchester is home to Manchester University, a private liberal arts school with a fairly low tuition. Population:
5,612 Source: Public domain Kendallville is a city in Wayne Township, Noble County, in the U.S. state of Indiana. The population was 9,862 at the 2010 census. Population: 9,365 Source: Public domain We’re heading an hour north of Indianapolis to reach Indiana’s fifth cheapest place to live. Elwood has safe streets and good employment numbers, but it really shines in terms of affordability. Homes in Elwood have a median price of $68,300, the fourth cheapest in Indiana. And the median income in Elwood jumped by 10% from last year to $44,752, so you’d better believe things are looking up here. Having fun on a budget is pretty easy in Elwood, too. There are plenty of great parks to choose from, no matter if you’re going for a picnic or playing softball. The city also hosts the annual Elwood Glass Festival, complete with crafts, local food stands, and carnival rides. If you’re not sold, don’t worry — you can try out Elwood without much commitment or cash on hand, considering that the median price of rent is a measly $723. Population: 8,435 Source: Public domain Located just 20 miles west of Huntington, Wabash comes in as the sixth cheapest city in Indiana. The median income in Wabash is $45,267 and the median home price is $85,600, so paying of the mortgage here takes no time at all. Once the renovations are complete on Eagles Theatre, a 114-year old historic theatre complete with two balconies and a ball room, you’ll be able to have a seriously lavish night out on the town in Wabash. You’ll have the money for it after the bills are paid anyway. Population: 10,017 Source: Public domain New Whiteland already featured on our list of the best places to live in Indiana, so finding out it’s also the seventh most affordable place is like winning the lottery. This Indianapolis suburb has a lot going for it: its crime rate is 70% below the national average and it’s one of the richest places in Indiana. Residents earn a median household income of $67,840, contributing to its “cheap score.” After all, when you make that much, a median home price of $103,800 is a crazy good deal. If you just want to give New Whiteland a try, the median price of rent is $948. It’s also nice having Indy down the road — in just a half-hour, you could be watching a Colts game or some other event at Lucas Oil Stadium or strolling down the Indianapolis Canal Walk. But you don’t need to travel far for a good time; the local Proctor Park is a relaxing spot for families and anglers. New Whiteland offers a low cost of living with a high quality of life: what more could you want? Population: 6,178 Up next on our review of Indiana’s most affordable cities is North Vernon, located in the southeastern part of the state. While most elements of North Vernon’s cost of living are on par with the rest of the state, housing is about 28% cheaper here. Homes in North Vernon go for a median price of $92,300, while a typical rental will only cost you about $837. Another thing to note about North Vernon is its rock-solid economy — the unemployment rate here sits at an extremely low 3.48%, and the median household income is $55,205. If you’re looking for a way to pass the time without spending a dime, then Muscatatuck Park might just be the answer. There are campgrounds, hiking trails, and even a playground with a splash pad. If you’re looking for something a bit more exciting, you can catch a show at the local Park Theatre Civic Center. Population: 7,167 Source: Public domain New Castle is a city in Henry County, Indiana, 44 miles east-northeast of Indianapolis, on the Big Blue River. The city is the county seat of Henry County. New Castle is home to New Castle Fieldhouse, the largest high school gymnasium in the world. The city is surrounded by agricultural land. In the past, it was a manufacturing center for the production of sheet iron and steel, automobiles, caskets, clothing, scales, bridges, pianos, furniture, handles, shovels, lathes, bricks, and flour. Population: 17,234 Source: Public domain Bluffton is a city in Harrison and Lancaster townships, Wells County, in the U.S. state of Indiana. The population was 9,897 at the 2010 census. The city is the county seat of Wells County. Population: 10,298 Cheapest Places To Live In Indiana FAQsWhat county in Indiana has the lowest cost of living?The county in Indiana with the lowest cost of living is Randolph County. The average living wage in Randolph County is $75,145 according to MIT data. Randolph County has the lowest cost of living because it has relatively less expensive childcare and housing costs compared to Indiana as a whole. Childcare costs $8,340 a year in Randolph County for two children compared to the Indiana average of $12,286. Housing costs, defined as a blend of the average rent and average mortgage payment, are $8,784 per year in Randolph County compared to $10,258 on average in Indiana. What is the cost of living in Indiana?The cost of living in Indiana is 9.4% lower than the US average. According to MIT, the required living wage for a family of four with two working parents in Indiana is $81,321 vs the national average for a family of four with two working parents of $89,744. The median income of a Indiana household is $58,235. What is the cheapest housing market in Indiana?The cheapest housing market in Indiana is Hartford City. The average home value in Hartford City is $61,500, the lowest in the state. The average home value in Indiana is $148,900, almost 2.4 times higher than Hartford City. Methodology: How We Determined The Most Affordable Places To Live In The Hoosier State For 2022The two most important things to think about when it comes to being able to afford if you can live comes down to:
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 2016-2020 around incomes and costs. They are:
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 118 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 Rushville. You can download the data here. Summary: There You Have It Mr. Or Mrs. Indiana CheapskateIf 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 2022. Here’s a look at the most expensive cities in Indiana according to the data:
For more Indiana reading, check out:
The Most Affordable Places To Live In Indiana
How Is The Area In ?Editor’s Note: We updated this article for 2022. This is our ninth time ranking the cheapest places to live in Indiana. What city in Indiana has the lowest cost of living?Muncie. The city of Muncie takes the top spot on our list of most affordable Indiana cities.
What city is the cheapest to rent?Overall, the city with the cheapest average rent in the U.S. was listed as Wichita, Kansas, with a population of nearly 400,000.
Is Indiana affordable to live?Indiana is the tenth-cheapest state to live in the United States. Average costs are 10% lower than the national average, and costs in all categories are below the national average.
Where is it cheapest to rent a house?1: Springfield, MO, has the cheapest average rent in the U.S.
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What city in Indiana has the cheapest rent?
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