Summary
- • Indiana's overall cost of living index is 90.4, making it 9.6% lower than the national average
- • The median home cost in Indiana is $185,700
- • Indiana's housing index is 76.5, significantly lower than the national average of 100
- • The average rent for a studio apartment in Indiana is $662 per month
- • A one-bedroom apartment in Indiana costs an average of $745 per month
- • The average rent for a two-bedroom apartment in Indiana is $931 per month
- • Indiana's utility index is 93.4, slightly lower than the national average
- • The average monthly energy bill in Indiana is $115.66
- • Indiana residents pay an average of $48 per month for water
- • The average internet bill in Indiana is $60 per month
- • Indiana's grocery index is 93.3, lower than the national average
- • A gallon of milk costs an average of $1.89 in Indiana
- • A loaf of bread in Indiana costs an average of $2.29
- • A dozen eggs cost an average of $1.83 in Indiana
- • The average cost of a meal at an inexpensive restaurant in Indiana is $13
Indiana: Where Living Well Costs Less! With a cost of living index lower than the national average at 90.4, Hoosiers enjoy affordable housing prices, with the median home cost at $185,700 and rents averaging $662 for a studio apartment. From the price of groceries to healthcare and transportation, this blog post dives into the nitty-gritty details of living the good life in the Hoosier state, where even a Big Mac wont break the bank!
Food and Groceries
- Indiana's grocery index is 93.3, lower than the national average
- A gallon of milk costs an average of $1.89 in Indiana
- A loaf of bread in Indiana costs an average of $2.29
- A dozen eggs cost an average of $1.83 in Indiana
- The average cost of a meal at an inexpensive restaurant in Indiana is $13
- The average cost of a McDonald's Big Mac in Indiana is $3.99
- A pound of boneless chicken breast costs an average of $3.29 in Indiana
- The average cost of a bottle of mid-range wine in Indiana is $12
- A pound of local cheese in Indiana costs an average of $5.17
- The average cost of a meal for two at a mid-range restaurant in Indiana is $50
Interpretation
Indiana's cost of living statistics paint a picture of affordability with a dash of Midwestern charm. With grocery prices lower than the national average, residents can enjoy a gallon of milk for $1.89, a loaf of bread for $2.29, and a dozen eggs for $1.83—all while savoring a Big Mac for $3.99. Whether indulging in a mid-range bottle of wine for $12 or feasting on a pound of chicken breast for $3.29, the Hoosier State offers a culinary experience that won't break the bank. So, next time you're in Indiana, treat yourself to a meal for two at a mid-range restaurant for a budget-friendly $50 and raise a toast to saving some dough in the heartland.
Healthcare
- Indiana's health index is 94.1, lower than the national average
- The average health insurance premium in Indiana is $456 per month
- A doctor's visit in Indiana costs an average of $108
- The average cost of a dental check-up in Indiana is $95
- Prescription drugs in Indiana cost about 10% less than the national average
- The average cost of a routine doctor's visit in Indiana is $108
- The average cost of a dental crown in Indiana is $1,093
- The average cost of an emergency room visit in Indiana is $1,414
- The average cost of a chiropractic visit in Indiana is $65
- The average cost of eyeglasses in Indiana is $196
Interpretation
In Indiana, it seems your health might come at a slightly lower price compared to the national average, but don't celebrate just yet. While the state boasts lower costs for health insurance premiums, doctor visits, dental check-ups, and prescription drugs, watch out for the potential financial pitfalls. An emergency room visit or a dental crown could quickly leave your wallet feeling a lot lighter, reminding us that staying healthy in Indiana might be a balancing act between cost-effective care and unexpected expenses. So, keep an eye on those eyeglass prices and your health index, because in the Hoosier state, it seems the cost of living well might just be a mixed bag of bargains and surprises.
Housing Costs
- The median home cost in Indiana is $185,700
- Indiana's housing index is 76.5, significantly lower than the national average of 100
- The average rent for a studio apartment in Indiana is $662 per month
- A one-bedroom apartment in Indiana costs an average of $745 per month
- The average rent for a two-bedroom apartment in Indiana is $931 per month
- The average cost of homeowners insurance in Indiana is $1,150 per year
- The median monthly mortgage payment in Indiana is $1,109
- The average property tax bill in Indiana is $1,350 per year
- The average cost of renters insurance in Indiana is $159 per year
Interpretation
In the land of basketball and racing, Indiana offers more than just Hoosier hospitality; it also provides a welcome respite for those seeking affordable living. With a housing index that's lower than a limbo stick at a retirement party, Indiana boasts a median home cost that won't break the bank. For those not quite ready to settle down, renting a studio apartment for the price of a couple of fancy coffees is a tempting offer. And let's not forget about the perks of being a homeowner in the heartland – where property taxes are about as surprising as a sunset over the cornfields. So whether you prefer a Pacers game or a day at the Indy 500, Indiana's cost of living statistics make living in the Midwest a slam dunk.
Income and Taxes
- The median household income in Indiana is $57,603
- Indiana's state income tax rate ranges from 3.23% to 3.23% (flat rate)
- The average property tax rate in Indiana is 0.85%
- Indiana's sales tax rate is 7%
- The average annual salary in Indiana is $49,000
- The average annual property tax in Indiana is $1,350
- The average effective property tax rate in Indiana is 0.85%
- Indiana's corporate income tax rate is 4.9%
- The average local sales tax rate in Indiana is 0.94%
Interpretation
In a state where the median household income outstrips the average annual salary, one might wonder if Hoosiers are trading dollars for doughnuts. With Indiana's flat state income tax rate, low property tax burden, and reasonable sales tax rate, it seems that residents are balancing the books quite nicely. However, with the corporate income tax rate lurking just under 5% and local sales tax adding a sprinkle of additional cost, one might say that living in Indiana is akin to a well-crafted recipe - a dash of affordability, a pinch of taxation, and a dollop of Midwestern charm.
Overall Cost of Living
- Indiana's overall cost of living index is 90.4, making it 9.6% lower than the national average
- The cost of living in Indianapolis is 8% lower than the national average
- Fort Wayne's cost of living is 12% lower than the national average
- Evansville's cost of living is 11% lower than the national average
- The average annual cost of full-time childcare in Indiana is $8,918
- The average cost of a wedding in Indiana is $22,090
- The average cost of in-state tuition at public universities in Indiana is $9,542 per year
- The poverty rate in Indiana is 11.9%
Interpretation
In the heartland of Indiana, where the cornfields hum with whispers of frugality, the cost of living is a symphony of affordability. From the bustling streets of Indianapolis to the cozy corners of Fort Wayne and the winding rivers of Evansville, Hoosiers revel in prices lower than a bargain hunter's dream. With annual childcare costs lower than a Maserati tune-up and wedding budgets that won't break the bank, it seems Indiana knows how to stretch a dollar further than a marathon runner on a budget. Yet, behind the veil of economical bliss, the looming shadow of a 11.9% poverty rate reminds us that not all that glitters in the land of the Hoosiers is gold.
Transportation
- Indiana's transportation index is 94.4, slightly lower than the national average
- The average gas price in Indiana is $2.81 per gallon
- A monthly public transit pass in Indianapolis costs around $60
- The average cost of car insurance in Indiana is $1,254 per year
- A one-way ticket on local transport in Indiana costs an average of $1.75
- The average cost of a new car in Indiana is $37,590
- The average cost of an oil change in Indiana is $46
- The average cost of a taxi start (normal tariff) in Indiana is $3.50
- The average cost of parking in downtown Indianapolis is $2 per hour
- The average cost of a driver's license renewal in Indiana is $17.50
Interpretation
Navigating the economic highways and byways of Indiana reveals a mixed bag of costs for Hoosiers. From the invitingly affordable gas prices to the slightly bumpy average car insurance rates, it's clear that maintaining a smooth ride in the Crossroads of America comes with its share of tolls. Whether opting for the budget-friendly monthly public transit pass or splurging on a shiny new car, Indiana residents are faced with decisions that can either drain their wallets or keep them cruising comfortably. So buckle up, avoid the potholes of pricey parking, and enjoy the ride while keeping an eye on your rearview mirror for unexpected expenses around every corner. After all, in the land of cornfields and car culture, managing your cost of living is a journey worth taking.
Utilities
- Indiana's utility index is 93.4, slightly lower than the national average
- The average monthly energy bill in Indiana is $115.66
- Indiana residents pay an average of $48 per month for water
- The average internet bill in Indiana is $60 per month
- The average monthly energy consumption in Indiana is 964 kWh
- Indiana's average electricity rate is 12.02 cents per kWh
- The average water bill in Indianapolis is $43.65 per month
- The average cost of a home security system in Indiana is $30 per month
Interpretation
Indiana residents seem to have found the sweet spot when it comes to managing their cost of living. With utility prices slightly below the national average, Hoosiers enjoy reasonable monthly expenses for essentials like energy, water, and internet. From affordable energy bills to modest water expenses, it appears that living in Indiana strikes a balance between comfort and savings. The numbers speak for themselves, showing that Hoosiers have mastered the art of keeping their pockets happy while still living well.
