The median home price in Indiana is $228,552, which has increased by 4.6% since the last year. The Indiana housing market has witnessed a 0.4% year-over-year decline in the number of homes listed. With only a 2-month supply left, the tight inventory is expected to drive an increase in the median sale price.
Near the coastal areas, the home prices are relatively higher in the Bay State but as you move in the inland areas, you can find cheaper options to live in.
4 Reasons to live in Indiana 🌆
- Cheaper Houses: The median home sale price in Indiana is ~$228K but you can get houses between $228K and $356K in cities like North Adams, Chicopee, and Fitchburg.
- Tax Benefits: The cap on the rent deduction has increased to 4,000, offering additional relief for renters.
- Affordable Transportation: Transportation in cities that are listed below is up to 27.4% lower than the national average.
- Cheaper Rentals: The rent prices of these cities are lower than the state average and national average. You can save up to $300 per month in rent.
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View 17,397 Homes For Sale in Indiana
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Cheapest Places to Live in Indiana in 2024
This list provides insights into the average household income, median listing price, population, unemployment rate, and poverty rate of the cities.
| City | Median Household Income | Median Home Value | Population | Unemployment Rate | Poverty Rate |
|---|---|---|---|---|---|
| Gary | $34,085 | $72,249 | 69,739 | 13% | 32% |
| Marion | $37,835 | $115,619 | 27,757 | 5.5% | 28.5% |
| Anderson | $40,632 | $118,837 | 54,459 | 6.8% | 22.1% |
| Peru | $42,668 | $123,024 | 11,123 | 5.2% | 22.9% |
| Logansport | $41,905 | $290,423 | 18,471 | 4.4% | 17.3% |
| Muncie | $36,661 | $330,829 | 65,571 | 5.5% | 30.4% |
| Richmond | $41,569 | $356,820 | 35,854 | 5.5% | 22.7% |
7 Cheapest Places to Live in IN
The cost of living in Indiana is 9% lower than the national average. The 38th-largest state is the home to some of the nation’s most expensive cities. However, amidst this disparity, the Hoosier state has several affordable living options.
1. Gary
| 🟢 Cost of Living Compared to National Average | 12.7%⬇️ |
| 🏡 Median Home Price | $72,249 |
| 💲 Median Rent | $1,062 |
| 🌅 Known For | Tourist Hotspot |
Gary is an affordable place to live in Indiana. Its median house rent ranges from $150 – $3,000. It also offers affordable grocery which is 9.3% lower than the national average.
Gary stands out as a budget-friendly city. The city is renowned for its vibrant arts and culture scene. It attracts visitors with its rich cultural offerings.
» Homes for Sale in Gary, IN: Find your dream home in this city.
2. Marion
| 🟢 Cost of Living Compared to National Average | 31.7%⬇️ |
| 🏡 Median Home Price | $115,619 |
| 💲 Median Rent | $950 |
| 🏞️ Known For | Basketball Hall of Fame |
Marion is one of the most budget-friendly rental destinations in Indiana with an average home rent of $900. It also offers affordable transportation which is 28% lower than the national average.
Springfield is a great place for people looking to buy a home. The city is situated on the eastern bank of the Connecticut River and offers a desirable living environment.
» Homes for Sale in Marion, IN: Browse thousands of property listings in Marion.
3. Anderson
| 🟢 Cost of Living Compared to National Average | 21.1%⬇️ |
| 🏡 Median Home Price | $118,837 |
| 💲 Median Rent | $895 |
| 🏖️ Known For | Festival Celebration |
With rental costs below the national average, Anderson stands as one of the most affordable cities to live in Indiana. The house rent price is between $500 – $1,650.
Anderson is a cultural hub with world-class theaters, live music, art shows, and museums. This makes it an appealing destination for residents.
» Homes for Sale in Anderson, IN: View all the properties for sale in this city.
4. Peru
| 🟢 Cost of Living Compared to National Average | 27.6%⬇️ |
| 🏡 Median Home Price | $123,024 |
| 💲 Median Rent | $749 |
| 🏖️ Known For | Westover Air Reserve Base |
Peru offers budget-friendly living with a median rent of $749, which is $1,250 lower than the national median. With healthcare costs being 4.7% lower than the national average, the city stands out as one of Indiana’s most inexpensive places to live.
Peru is known for its industrial history and scenic location. The city is home to Westover Air Reserve Base, contributing to the city’s economic and cultural identity.
» Homes for Sale in Peru, IN: Browse through thousands of affordable properties.
5. Logansport
| 🟢 Cost of Living Compared to National Average | 3.8%⬇️ |
| 🏡 Median Home Price | $290,423 |
| 💲 Median Rent | $1,300 |
| 🎨 Known For | Industrial City |
Logansport’s cost of living is 29.7% lower than the national average. The average transportation expenses are 32.8% lower than the national average.
Loganspoet’s affordable food, health, housing, and transportation facilities make the city one of the cheapest places to live in Indiana.
» Homes for Sale in Logansport, IN: Browse through thousands of properties in Logansport.
6. Muncie
| 🟢 Cost of Living Compared to National Average | 11.5%⬆️ |
| 🏡 Median Home Price | $330,829 |
| 💲 Median Rent | $1,500 |
| 🏫 Known For | Furniture Manufacturing |
The house rent in Gardner is between $410 – $2,800. You can comfortably live in this city with an average household income of $40,309.
Muncie is a compelling real estate choice for outdoor enthusiasts seeking affordable living in Indiana. This city is known for being affordable. Houses don’t cost a lot, and the everyday expenses are low.
» Homes for Sale in Muncie, IN: Find a home in one of the cheapest places to live in Indiana.
7. Richmond
| 🟢 Cost of Living Compared to National Average | 11.5%⬆️ |
| 🏡 Median Home Price | $356,820 |
| 💲 Median Rent | $1,700 |
| 🖼️ Known For | Opportunity Zone |
Richmond is indeed one of the best places to live in Indiana, with a median home price of $131,718. The monthly expenditure on food for an individual amounts to $551. This makes it one of the most budget-friendly options across the country.
Richmond is renowned for its stunning natural beauty. The city provides a great place to live, work, and play, emphasizing its attractive and diverse geographical features.
» Homes for Sale in Richmond, IN: Get yourself a home in Richmond.
- 🏡 Do You Need Professional Assistance While Buying a Home?
Look no further! With Houzeo, you can access a network of top real estate professionals through Houzeo Pros. They will cater to all your needs and requirements.
The Bottom Line
Despite expensive home prices, you can find affordable housing in Indiana. Apart from housing, some cities also offer affordable living. It would help if you researched the city’s home prices and living costs before relocating.
Find Homes for Sale in IN Under Your Specific Budget
Find An Affordable House With Houzeo
With thousands of property listings, Houzeo.com is one of the biggest property listing sites in the US. Find condos, townhouses, co-ops, and other types of homes for sale in Indiana on Houzeo.
Find Your Dream Home 🏡
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Find Your Dream Home 🏡
View 17,397 Homes For Sale in Indiana
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» Need More Clarity? Read these exclusive Houzeo reviews and learn why the platform is the best in America’s competitive housing market.
Research Methodology
We’ve created this list by considering the cost of living, median home price, and rental price range. We have also accounted for the population, median household income, poverty rate, and unemployment rate in these cities.
To compile this list of the cheapest areas to live in Indiana, we have drawn data from the Economic Research Institute, World Population Review, Rent Cafe, and Zillow, Best Places.
FAQs
Where is the cheapest place to live in Indiana?
The cheapest place to live in Indiana is Gary. It offers one of the most affordable utilities in the state, which is 12.7% lower than the national average.
» 7 Cheapest Places to Live in Indiana: Find out the other cheapest places to live in Indiana!
Is Indiana the cheapest place to live in?
No, it is not. The median home value is $228,552. If you're looking for cities with affordable housing and a low cost of living, you can try your luck in some of these cheapest places in America.
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