Cost of living in Rensselaer research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Rensselaer is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Indiana, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Rensselaer is 89, with 100 being the average.
The cost of living index in Rensselaer is 0.9x lower than the national average.
Rensselaer ranks as the #68 cheapest in Indiana out of 124.
Rensselaer ranks as the #1,460 cheapest out of 6,412 in the US.
The median home value in Rensselaer is $114,300.
The median income in Rensselaer is $51,372.
According to the most recent data on the cost of living, Rensselaer has an overall cost of living index of 89, which is 0.9x lower than the national index of 100.
Compared to Indiana, Rensselaer has a cost of living index that's 1.0x lower than Indiana's index of 91.
The standard of living in Rensselaer ranks as #68 most affordable out of the 124 places we measured in Indiana. By definition, that implies Rensselaer ranks as the #56 most expensive place in the Hoosier State.
For more reading on life in Rensselaer, check out:
Six factors go into calculating the cost of living index in Rensselaer. Here is how it fairs on each of the criteria:
The Services index in Rensselaer is 97.
The Groceries index in Rensselaer is 99.
The Health index in Rensselaer is 99.
The Housing index in Rensselaer is 65.
The Transportation index in Rensselaer is 112.
The Utilities index in Rensselaer is 90.
|Living Expense||Rensselaer||Indiana||National Average|
Housing swings affordability the most between places in Indiana, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2017-2021. The key points are:
The Median Home Value in Rensselaer is $114,300.
The Median Rent in Rensselaer is $812.
The Median Income in Rensselaer is $51,372.
The Home Value To Income in Rensselaer is 2.2x.
The Rent To Monthly Income in Rensselaer is 0.19x.
|Median Home Value||$114,300||$158,500||$244,900|
|Home Value To Income||2.2x||2.6x||3.5x|
|Rent To Monthly Income||0.19x||0.17x||0.2x|
The cost of living varies in the cities and towns around Rensselaer. Here's a quick look at the cost of living in the most populous nearby places:
Lansing, IL has a cost of living index of 98, 1.1x Rensselaer.
Homewood, IL has a cost of living index of 98, 1.1x Rensselaer.
Matteson, IL has a cost of living index of 99, 1.1x Rensselaer.
|City||Population||Cost Of Living||Vs. Rensselaer|
|Richton Park, IL||12,867||95||1.1x|