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These days, finding an affordable place to live in the Indianapolis area can be challenging. Home prices in Indianapolis are now at a median cost of $284,242, higher than the Indiana average of $232,932.
The average cost of rent is $1,368/mo in Indianapolis, primarily driven by the current value of real estate in the Indianapolis area. In Indianapolis, 33.18% of households rent, and 31.63% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Indianapolis is $7,741 per month. Households that rent pay about 17.68% of their income on rent here. Indianapolis’s most expensive areas are in the northwestern regions, while the cheapest areas are in the eastern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Rocky Ripple, IN: less expensive homes
- Warren Park, IN: less expensive homes
- Beech Grove, IN: less expensive homes
- Speedway, IN: less expensive homes
- Meridian Hills, IN: higher priced homes
- Williams Creek, IN: higher priced homes
- Homecroft, IN: less expensive homes
- Southport, IN: less expensive homes
- Clermont, IN: equally priced homes
- Lawrence, IN: less expensive homes
Cities with Similar Populations
- Summerville, SC: higher priced homes
- Tacoma, WA: higher priced homes
- Stockton, CA: higher priced homes
- Tempe, AZ: higher priced homes
- Tampa, FL: higher priced homes
- Tallahassee, FL: equally priced homes
- Sunrise Manor, NV: equally priced homes
- Stone Mountain, GA: equally priced homes
- The Woodlands, TX: higher priced homes
- Sylmar, CA: higher priced homes
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