The cost of living in Indianapolis, Indiana, is 8% lower than the national average. Your housing money certainly goes a long way in Indianapolis. But it goes even further in another Hoosier city. As notable as the numbers for Indianapolis are, it actually ranks second in terms of overall affordability in Indiana.
SmartAsset, a technology company that makes financial models to help inform consumers about key decisions related to refinancing, student loans, retirement and the like, created its affordability index to locate the most affordable housing markets. Smart Asset also wanted to find out which counties in each state had the highest purchasing power, in other words, where would their money stretch the most? Indiana's top ten counties for purchasing power. The cost of living in Indianapolis, IN is 1% higher than the state average and 8% lower than the national average. Housing in Indianapolis, IN is 20% cheaper than the U.S.
Utilities are about 2% more expensive. When it comes to basic necessities, such as food and clothing, food is about 3% less in Indianapolis, IN than in the rest of the country, while clothing costs about 3% less. When you use the 30% rule, you can get a rough estimate of the salary needed to rent an apartment in Indianapolis comfortably. Unlike the federal income tax system, Indianapolis's tax rate is the same whether you're rich or working on a living wage.
Indianapolis is experiencing significant growth due to its incredible cost of living and work opportunities, although it is still much less expensive than Chicago or New York City. Future employment growth in Indianapolis is projected to increase by 37.5 per cent over the next decade, which is significantly higher than the 33.5 per cent growth rate in the United States. At the same time, unnecessary expenses such as entertainment and grooming services are 3% cheaper in Indianapolis, IN. DeutschlebenshaltungSkosten in Indianapolis PortuguêsCost of Living in Indianapolis ItalianCost of Life in Indianapolis FrançaIsCoût de la Vie à Indianapolis SpanishCost of Living in Indianapolis.
Now that you have a wealth of information about the cost of living in Indianapolis, you can begin your apartment search. Housing costs and rent are probably the most important expenses when it comes to the cost of living in Indianapolis. Before you start looking for apartments in Indianapolis and looking for a good deal, you need to figure out how much you can afford rent. We've put together a cost-of-living guide to help you determine if moving to Indianapolis is the right choice for you and your finances.
Indianapolis residents rely on cars to get around, although you can get rid of them and save a lot of money by choosing a neighborhood with public transportation. As the state capital and the most populous city, Indianapolis has a lively and walkable center, the largest children's museum in the world, numerous sports teams and recreational trails.
