There are many highlights to living in Indiana, from the picturesque countryside showcasing the state’s heartland heritage to bustling cities like Indianapolis with its growing arts and culinary scene. If you’re currently living in or are considering moving to Indiana, then chances are you have a budget you’d like to stay under when it comes to renting or buying a home. As of July, the median home sale price in Indiana is $309,000.
If that number is out of your budget, don’t worry, we’ve got options to help you find a home. Redfin has collected 15 of the most affordable places to live in Indiana. And the best part is that they all have a median home sale price under the state’s average. So read on to learn what cities made the top 15.
#1: Gary
Median home price: $70,000
Average sale price per square foot: $50
Average rent for a 1-bedroom apartment: $700
Median household income: $31,315
Nearest major metro: Chicago, IL (30 miles)
Gary, IN homes for sale
Gary, IN apartments for rent
With a median home sale price of $70,000, Gary is the most affordable place to live in Indiana. About 69,100 people live in this city and is roughly 30 miles from the nearest major metropolitan city, Chicago, IL. If you’re considering moving to this area make sure to spend a beach day at Lake Street Beach along the shores of Lake Michigan, stop by the Michael Jackson Family Home historic landmark, and explore IDNP Miller Woods.
#2: Muncie
Median home price: $108,000
Average sale price per square foot: $97
Average rent for a 1-bedroom apartment: $675
Median household income: $34,602
Nearest major metro: Indianapolis (62 miles)
Muncie, IN homes for sale
Muncie, IN apartments for rent
Coming in as the second most affordable city to live in Indiana is Muncie. When living in this city of 65,200 people, you can stroll along the trail by the White River, check out museums like Minnetrista Museum & Gardens and The Bob Ross Experience, or explore the downtown Muncie area.
#3: Terre Haute
Median home price: $139,000
Average sale price per square foot: $89
Average rent for a 1-bedroom apartment: $692
Median household income: $37,299
Nearest major metro: Indianapolis (77 miles)
Terre Haute, IN homes for sale
Terre Haute, IN apartments for rent
Third is Terre Haute where about 58,400 residents currently live. The median home sale price is $139,000 which is about $170K less than the median home sale price in Indiana. If you find yourself moving here, make sure to check out Fairbanks Park located along the Wabash River, visit the local pubs and restaurants, and explore the downtown area.
#4: South Bend
Median home price: $140,500
Average sale price per square foot: $119
Average rent for a 1-bedroom apartment: $960
Median household income: $34,602
Nearest major metro: Fort Wayne (90 miles)
South Bend, IN homes for sale
South Bend, IN apartments for rent
A little more expensive than Terre Haute is South Bend, the next city on our list. With roughly 103,500 residents in South Bend, make sure to discover museums and historic sites like Studebaker National Museum, The History Museum, and the Oliver Mansion. You can also check out the parks along the St Joseph River, explore the Notre Dame campus or watch a football game during the fall.
#5: Kokomo
Median home price: $142,000
Average sale price per square foot: $102
Average rent for a 1-bedroom apartment: $800
Median household income: $34,602
Nearest major metro: Indianapolis (62 miles)
Kokomo, IN homes for sale
Kokomo, IN apartments for rent
Consider adding Kokomo to your list of cities to consider living in if you’re looking for an affordable place to move to in Indiana. Home to 59,600 residents, this affordable town can be a great option to add to your list. In Kokomo, you can visit Foster Park where you’ll find the Willie the Whale statue, explore downtown Kokomo, and watch a race at Kokomo Speedway.
#6: Anderson
Median home price: $150,000
Average sale price per square foot: $92
Average rent for a 1-bedroom apartment: $707
Median household income: $37,110
Nearest major metro: Indianapolis (42 miles)
Anderson, IN homes for sale
Anderson, IN apartments for rent
Sixth on the list is another well-known city, Anderson, where you’ll find the home prices are about $160K less than the state’s average. With just about 54,800 people living in Anderson, it’s a great place to consider renting or buying a house this year. There are lots of activities to do in this city, like checking out outdoor spaces like Killbuck Wetlands, Shadyside Lake, and the Rangeline Nature Preserve. You can also explore the charming downtown area, or visit museums and sites like Anderson Museum of Art and the Uranus Indiana sign, among many other local favorites.
#7: Hammond
Median home price: $170,000
Average sale price per square foot: $124
Average rent for a 1-bedroom apartment: $876
Median household income: $46,974
Nearest major metro: Chicago (29 miles)
Hammond, IN homes for sale
Hammond, IN apartments for rent
Coming in seventh place on our list of affordable places to live in Indiana is Hammond. With a population of nearly 77,900, Hammond is a great area to live in that’s not nearly as big as the major metropolitan cities in Indiana. If you’re going to call Hammond home, plan time to explore Gibson Woods Nature Preserve where you’ll find birds, an environmental center, and hiking trails, check out Wolf Lake, and spend a beach day at Whihala Beach.
#8: Elkhart
Median home price: $174,999
Average sale price per square foot: $113
Average rent for a 1-bedroom apartment: $1,166
Median household income: $40,101
Nearest major metro: Fort Wayne (39 miles)
Elkhart, IN homes for sale
Elkhart, IN apartments for rent
If you’ve lived in Indiana for a while, it’s likely you know of Elkhart. Just about 53,900 residents call this affordable city home. Once moving to Elkhart you’ll want to check out the Wellfield Botanic Gardens, Studebaker Park, and Island Park, visit museums like Ruthmere Campus or National New York Central Railroad Museum, and explore the riverfront and downtown areas of Elkhart.
#9: Mishawaka
Median home price: $186,000
Average sale price per square foot: $127
Average rent for a 1-bedroom apartment: $1,033
Median household income: $44,792
Nearest major metro: Fort Wayne (84 miles)
Mishawaka, IN homes for sale
Mishawaka, IN apartments for rent
With a population of about 51,100, Mishawaka is a great place to consider living in Indiana. Fun activities to do in Mishawaka include exploring the Mishawaka Riverwalk located in Robert C. Beutter Riverfront Park, checking out the local shops and restaurants, and visiting Battell Park.
#10: Fort Wayne
Median home price: $209,900
Average sale price per square foot: $127
Average rent for a 1-bedroom apartment: $1,300
Median household income: $51,454
Nearest major metro: Indianapolis (125 miles)
Fort Wayne, IN homes for sale
Fort Wayne, IN apartments for rent
Claiming the 10th spot on our list of affordable places to live in Indiana is Fort Wayne. This city has a population of 263,900 and you can explore the 110-acre Lindenwood Nature Preserve, tour museums like Fort Wayne Museum of Art and The History Center, or check out the parks located along St Marys River like Headwaters Park. You’ll have plenty of activities to explore during your free time living in Fort Wayne.
#11: Lafayette
Median home price: $280,500
Average sale price per square foot: $148
Average rent for a 1-bedroom apartment: $959
Median household income: $46,925
Nearest major metro: Indianapolis (64 miles)
Lafayette, IN homes for sale
Lafayette, IN apartments for rent
The median home sale price in Lafayette is $280,500, making it another great city to consider moving to this year. There are about 70,800 people living in this city, giving Lafayette a city-like feel without the hustle and bustle. If Lafayette is the city for you, be sure to stroll along Main Street where you’ll find lots of local shops and restaurants, check out Armstrong Park, and walk over the John T. Myers Pedestrian Bridge to West Lafayette.
#12: Indianapolis
Median home price: $254,000
Average sale price per square foot: $141
Average rent for a 1-bedroom apartment: $1,182
Median household income: $50,813
Indianapolis, IN homes for sale
Indianapolis, IN apartments for rent
The city of Indianapolis takes the 12th spot on our list. For those looking to buy a home, the median sale price is $254,000. There is plenty to do in Indianapolis like discovering the exhibits at museums like Children’s Museum of Indianapolis, the Indiana State Museum, and Eiteljorg Museum. You can also watch the famed Indianapolis 500 at the Indianapolis Motor Speedway, explore White River State Park, or experience a Colts game at Lucas Oil Stadium.
#13: Columbus
Median home price: $280,500
Average sale price per square foot: $125
Average rent for a 1-bedroom apartment: $1,248
Median household income: $67,387
Nearest major metro: Indianapolis (46 miles)
Columbus, IN homes for sale
Columbus, IN apartments for rent
The city of Columbus is another awesome affordable city to consider residing in. With a median home sale price of $280,500 and a population of 50,500 there are plenty of reasons that might convince you to move to Columbus. You’ll find lots of activities as well, such as checking out parks like Mill Race Park and Noblitt Park, seeing the view from Mill Race Park Observation Tower, and exploring the downtown area where you’ll find museums and shops.
#14: Greenwood
Median home price: $288,000
Average sale price per square foot: $148
Average rent for a 1-bedroom apartment: $1,271
Median household income: $66,103
Nearest major metro: Indianapolis (12 miles)
Greenwood, IN homes for sale
Greenwood, IN apartments for rent
In the 14th spot on our list is Greenwood, where the home prices are about $20K under the state’s average. The city’s population is around 63,800, but there is plenty to do on a sunny afternoon or weekend. For example, you can check out the parks in town or grab a meal at a local restaurant.
#15: Bloomington
Median home price: $294,450
Average sale price per square foot: $174
Average rent for a 1-bedroom apartment: $1,189
Median household income: $41,354
Nearest major metro: Indianapolis (50 miles)
Bloomington, IN homes for sale
Bloomington, IN apartments for rent
Taking the 15th and final spot on our list of most affordable places to live in Indiana is Bloomington. The median home sale price in Bloomington is $294,450, and there are about 79,200 residents in the area. If you’re looking for something to do while living in Bloomington, make sure to rent a boat on Griffy Lake, golf at one of the courses, or explore the green spaces, museums, and sites at the Indiana University campus.
Methodology: All cities must have over 50,000 residents per the US Census and have a median home sale price under the average median home sale price in Indiana. Median home sale price and median sale price per square foot from the Redfin Data Center during July 2023. Average rental data from Rent.com July 2023. Population and median household income data sourced from the United States Census Bureau.
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