Cost of Living

Indianapolis Skyline

Indianapolis ranked third in Forbes 2008 list of “America’s Best Bang for the Buck Cities.”

Indianapolis consistently ranks high on the list of most affordable cities in the U.S. In fact, the city ranked third in Forbes 2008 list of "America's Best Bang for the Buck Cities."

In 2009, Apartments.com, working in conjunction with CBcampus.com-CareerBuilder's, ranked Indianapolis as the most affordable city for recent college graduates. Research was based on the ranking of the top U.S. cities with the highest concentration of young adults (age 20 to 24) in 2006, inventory of jobs requiring less than one year of experience, and the average cost of rent for a one bedroom apartment.

Cost of Living Q3 2008

Quarterly composite cost of living index scores for the Indianapolis MSA are just 90.8% of the national average.

Google Chart

Source: C2ER(ACCRA), Q3 2008. Data is a weighted average of Indianapolis and Bloomington.

Jobs & Income

  • Jobs increase (1996 to 2006): 13.5%
  • Average income (2006): $42,601
  • Total per capital income change (1986 to 2006): 165.8%
  • Median household income (2007): $53,101
  • Highest-paying industries: management of companies and enterprises, utilities, and manufacturing

Sources: STATS Indiana; US Census Bureau & Bureau of Labor Statistics

Average Weekly Wage by Industry (2007 Q4)

  • Manufacturing: $1,338
  • Wholesale Trade: $1,150
  • Retail Trade: $505
  • Transportation & Warehousing: $801
  • Information: $1,058
  • Finance & Insurance: $1,286
  • Real Estate & Rental & Leasing: $817
  • Professional & Technical Services: $1,315
  • Management of Companies: $1,362
  • Administrative & Waste Services: $498
  • Educational Services: $644
  • Health Care & Social Assistance: $957
  • Arts, Entertainment & Recreation: $1,342
  • Accommodation and Food Service: $302
  • Other Services: $667
  • Public Administration: $987
Source: STATS Indiana, Covered Employment and Wages (CEW) ES202 data

Housing Prices (Avg. Sale Price or Rent)

  • New Homes: $196,582
  • Existing Single-family Homes: $109,252
  • Condominiums: $102,000
  • Apartments: $643
Sources: MIBOR, Builders Association of Greater Indianapolis, Bloomington Bd. of Realtors, CBRE).

Personal Property Tax

    (2006 payable 2007, per $100 of fair market value in use)
  • Median Tax Rate: $3.03
  • Range by Taxing Districts: $2.36 - $4.10
Source: Indiana Department of Revenue; Indiana Tax Commission ;Katz, Sapper & Miller

Personal Income Tax

  • Rate: 3.40%
  • Local Option Tax: Resident 1.65%; Non-Resident 0.225%
Source: Indiana Department of Revenue; Indiana Tax Commission ;Katz, Sapper & Miller