The 10 Cheapest Places To Live In Indiana For 2022


We used data and science to determine which places in Indiana go easy on your wallet.

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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:

The 10 Cheapest Places To Live In Indiana For 2022

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.

Overall SnackAbility

6
/10

Population: 6,194
Rank Last Year: 3 (Up 2)
Home Price To Income Ratio: 1.7x (5th most affordable)
Income To Rent Ratio: 74.1x (110th cheapest)
More On Rushville: Real Estate | Crime Rate | Cost Of Living

Rushville, IN

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.

Overall SnackAbility

5
/10

Population: 6,512
Rank Last Year: 23 (Up 21)
Home Price To Income Ratio: 1.9x (16th most affordable)
Income To Rent Ratio: 84.1x (13th cheapest)
More On Boonville: Real Estate | Crime Rate | Cost Of Living

Boonville, IN

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.

Overall SnackAbility

6
/10

Population: 5,612
Rank Last Year: 7 (Up 4)
Home Price To Income Ratio: 1.7x (6th most affordable)
Income To Rent Ratio: 76.6x (70th cheapest)
More On North Manchester: Real Estate | Cost Of Living

North Manchester, IN

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.

Overall SnackAbility

6
/10

Population: 9,365
Rank Last Year: 47 (Up 43)
Home Price To Income Ratio: 2.0x (20th most affordable)
Income To Rent Ratio: 77.5x (90th cheapest)
More On Kendallville: Real Estate | Crime Rate | Cost Of Living

Kendallville, IN

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.

Overall SnackAbility

4
/10

Population: 8,435
Rank Last Year: 5 (No Change)
Home Price To Income Ratio: 1.5x (most affordable)
Income To Rent Ratio: 61.9x (66th cheapest)
More On Elwood: Real Estate | Crime Rate | Cost Of Living

Elwood, IN

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.

Overall SnackAbility

5
/10

Population: 10,017
Rank Last Year: 2 (Down 4)
Home Price To Income Ratio: 1.9x (13th most affordable)
Income To Rent Ratio: 66.9x (63rd cheapest)
More On Wabash: Real Estate | Cost Of Living

Wabash, IN

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?

Overall SnackAbility

8.5
/10

Population: 6,178
Rank Last Year: 1 (Down 6)
Home Price To Income Ratio: 1.5x (2nd most affordable)
Income To Rent Ratio: 71.6x (4th cheapest)
More On New Whiteland: Real Estate | Crime Rate | Cost Of Living

New Whiteland, IN

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.

Overall SnackAbility

5
/10

Population: 7,167
Rank Last Year: 4 (Down 4)
Home Price To Income Ratio: 1.7x (4th most affordable)
Income To Rent Ratio: 66.0x (30th cheapest)
More On North Vernon: Real Estate | Crime Rate | Cost Of Living

North Vernon, IN

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.

Overall SnackAbility

5
/10

Population: 17,234
Rank Last Year: 22 (Up 13)
Home Price To Income Ratio: 1.8x (8th most affordable)
Income To Rent Ratio: 62.0x (68th cheapest)
More On New Castle: Real Estate | Cost Of Living

New Castle, IN

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.

Overall SnackAbility

5
/10

Population: 10,298
Rank Last Year: 13 (Up 3)
Home Price To Income Ratio: 2.2x (37th most affordable)
Income To Rent Ratio: 79.9x (5cheapest)
More On Bluffton: Real Estate | Crime Rate | Cost Of Living

Bluffton, IN

Cheapest Places To Live In Indiana FAQs

What 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 2022

Map Of The Cheapest Places To Live In Indiana
The two most important things to think about when it comes to being able to afford if you can live comes down to:

  1. How much do money do I make?
  2. 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 2016-2020 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 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 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 2022.

Here’s a look at the most expensive cities in Indiana according to the data:

  1. West Lafayette
  2. Bloomington
  3. Lawrenceburg

For more Indiana reading, check out:

The Most Affordable Places To Live In Indiana

Rank City CheapScore Population Home/Income Ratio Income/Rent Ratio
1 Rushville 19.33 6,194 1.7x 74.1x
2 Boonville 23.0 6,512 1.9x 84.1x
3 North Manchester 24.0 5,612 1.7x 76.6x
4 Kendallville 24.33 9,365 2.0x 77.5x
5 Elwood 25.33 8,435 1.5x 61.9x
6 Wabash 27.0 10,017 1.9x 66.9x
7 New Whiteland 27.33 6,178 1.5x 71.6x
8 North Vernon 27.67 7,167 1.7x 66.0x
9 New Castle 28.67 17,234 1.8x 62.0x
10 Bluffton 30.67 10,298 2.2x 79.9x
11 Huntington 31.67 17,083 1.9x 62.5x
12 Princeton 31.67 8,716 2.1x 69.7x
13 Kokomo 32.0 58,066 1.9x 65.9x
14 Hartford City 32.67 5,781 1.8x 58.0x
15 Logansport 34.0 17,968 1.8x 57.8x
16 Gas City 34.5 5,756 1.8x 65.7x
17 Garrett 35.0 6,507 2.1x 71.6x
18 Peru 36.33 11,369 1.6x 53.2x
19 Brazil 37.33 8,225 1.9x 59.6x
20 Rochester 38.33 6,026 2.1x 70.1x
21 Tell City 39.0 7,243 2.4x 85.3x
22 Portland 39.0 5,972 1.9x 58.0x
23 Yor 40.0 11,128 2.1x 88.6x
24 Vincennes 40.33 17,091 1.9x 58.0x
25 Connersville 40.67 13,096 1.9x 56.9x
26 Decatur 40.67 9,700 2.2x 74.1x
27 Linton 41.0 5,293 2.0x 56.1x
28 Greensburg 44.33 11,221 2.2x 72.6x
29 Huntingburg 44.33 6,301 2.3x 69.1x
30 Frankfort 44.33 15,569 2.1x 58.1x
31 East Chicago 44.67 28,044 2.1x 53.8x
32 Lake Station 45.33 11,952 1.8x 51.6x
33 Marion 45.67 27,730 2.0x 51.5x
34 Richmond 46.0 35,467 2.1x 58.1x
35 Martinsville 46.17 11,807 2.2x 67.7x
36 Shelbyville 46.33 18,918 2.1x 62.4x
37 Hunte 48.0 7,224 2.1x 79.0x
38 New Haven 48.67 15,934 2.1x 64.1x
39 Michigan City 48.67 31,191 2.1x 58.8x
40 Danville 49.0 10,380 2.2x 90.7x
41 Griffith 50.33 16,198 2.2x 75.6x
42 Auburn 51.67 13,209 2.4x 73.7x
43 South Bend 52.0 102,686 2.1x 52.4x
44 Rensselaer 52.67 6,151 2.3x 66.0x
45 Mount Vernon 53.33 6,535 2.5x 77.4x
46 Washington 53.33 12,514 2.2x 57.8x
47 Gary 53.33 75,486 2.2x 39.5x
48 Anderson 53.67 54,476 2.1x 47.5x
49 Crawfordsville 54.33 16,088 2.4x 67.3x
50 Monticello 54.33 5,255 2.3x 59.3x
51 Fort Wayne 55.33 268,378 2.4x 66.2x
52 Muncie 55.33 67,739 2.2x 48.5x
53 Hammond 56.5 76,141 2.1x 53.2x
54 Salem 56.67 6,193 2.5x 60.6x
55 Terre Haute 57.33 60,690 2.2x 49.5x
56 Ellettsville 57.33 6,650 2.6x 89.0x
57 Nappanee 57.67 7,138 2.5x 75.6x
58 Cumberland 58.33 5,840 2.5x 80.2x
59 Mooresville 58.5 9,727 2.4x 70.1x
60 Avon 59.33 18,056 2.3x 75.6x
61 Brownsburg 59.67 26,560 2.4x 78.1x
62 Plymouth 61.67 10,029 2.4x 53.3x
63 Lebanon 62.0 16,317 2.5x 69.3x
64 Evansville 62.33 118,414 2.3x 53.5x
65 Franklin 62.5 25,276 2.4x 66.9x
66 Charlestown 63.0 8,290 2.5x 68.4x
67 Bedford 64.67 13,246 2.5x 60.9x
68 Westville 64.67 5,822 2.8x 77.3x
69 Merrillville 66.0 34,871 2.2x 59.0x
70 Jasper 66.33 15,681 2.8x 89.9x
71 Batesville 66.33 6,945 2.8x 119.1x
72 Mccordsville 66.33 7,237 2.6x 117.8x
73 Mishawaka 66.67 49,675 2.4x 54.4x
74 Elkhart 67.33 52,657 2.4x 51.0x
75 Columbia City 68.33 9,115 2.7x 67.7x
76 Chesterton 69.0 13,884 2.6x 78.5x
77 Whitestown 69.0 8,842 2.4x 71.4x
78 Crown Point 69.33 30,372 2.5x 73.5x
79 Hobart 70.33 28,120 2.5x 64.7x
80 Beech Grove 70.5 15,148 2.4x 54.4x
81 St. John 70.67 18,382 2.7x 108.7x
82 Munster 71.0 22,604 2.6x 85.3x
83 Sellersburg 71.33 9,320 2.5x 63.8x
84 Columbus 71.67 48,820 2.6x 70.5x
85 La Porte 72.33 21,328 2.6x 58.9x
86 Noblesville 72.33 64,430 2.7x 82.0x
87 New Albany 72.67 36,730 2.6x 62.5x
88 Greencastle 73.33 10,312 2.6x 59.6x
89 Jeffersonville 73.33 47,932 2.6x 65.0x
90 Lawrence 74.67 49,020 2.6x 65.9x
91 Bargersville 74.67 7,417 2.7x 80.4x
92 Warsaw 74.67 15,757 2.6x 64.0x
93 Goshen 75.67 34,586 2.6x 61.6x
94 Greenfield 76.33 22,561 2.6x 64.7x
95 Zionsville 77.33 28,035 3.0x 97.5x
96 Dyer 77.33 15,933 2.6x 72.3x
97 Carmel 77.67 99,130 3.1x 92.3x
98 Lafayette 77.67 72,556 2.5x 55.0x
99 Westfield 78.0 41,652 2.8x 83.2x
100 Greenwood 78.0 58,784 2.5x 63.5x

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.

About Chris Kolmar

Chris Kolmar has been in the real estate business for almost ten years now. He originally worked for Movoto Real Estate as the director of marketing before founding HomeSnacks.

He believes the key to finding the right place to live comes down to looking at the data, reading about things to do, and, most importantly, checking it out yourself before you move.

If you've been looking for a place to live in the past several years, you've probably stumbled upon his writing already.

You can find out more about him on LinkedIn or his website.