Where is it cheapest to live in Indiana?

The Circle City is No. 12 nationally for most affordable housing costs, according to SmartAsset.com. Indy also ranks among the best for its closing costs and property taxes in the new survey of more than 150 U.S. cities.

According to SmartAsset, Indy's high ranking is based on a number of factors, including its No. 4 ranking for closing costs ($2,036); No. 9 ranking for annual property taxes ($1,292); and No. 19 ranking for average annual mortgage payment ($5,620). It also factors in residents' median annual income of $41,987.

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As remarkable as Indianapolis' numbers are, it's actually second for overall affordability in Indiana.

SmartAsset says Fort Wayne is not only the most affordable city in Indiana, it's also No. 1 nationwide in its recent survey. By comparison, these are Fort Wayne's numbers: closing costs ($1,992); property taxes ($991); annual mortgage payment ($4,784); and median annual income ($43,774).

One of the major advantages of living in Indianapolis: low taxes. Taxes are 12.47 percent lower than the national average, SmartAsset says.

The city also has comparatively low rates of violent crime (0.54 per 1,000 people, as reported in 2014, which is 0.15 times the national average) and property crime (6.60 property crimes per 1,000 people in 2014 — 0.29 times the national average).

More bang for the buck

SmartAsset, a tech company which does financial modeling to help inform consumers on major decisions regarding 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 most purchasing power — in other words, where would your buck would stretch the furthest?

So it compared median income levels to cost of living data to come up with this list. Hint: Hamilton and Boone counties ranked the highest.

Three metro areas in Indiana have made a list of the 20 cheapest American cities to live in this year.

That's right, 15 percent of the cheapest places to live in the U.S. are right here in the Hoosier state, according to new rankings on financial website 24/7 Wall Street. The site used the Bureau of Economic Analysis cost of living index to determine the rankings.

Want to stretch your paycheck? Here's where you should move:

Terre Haute

Terre Haute made the list in 14th place. The cost of goods and services in the "high land" is roughly 16 percent lower than the U.S. average. Median home values there are also among the lowest 10 percent in the nation, averaging $94,500. A median household income of just under $47,000 can go pretty far there.

Lafayette - West Lafayette

Cheap goods and services and a college town to boot! The Lafayette area equals Terre Haute in "cost of goods and services" category at roughly 16 percent lower than the national average. You will likely pay more for a house if you want to live in Boiler country, but the median household income is slightly higher than Terre Haute's at $51,410. Let's all go buy some cheap burgers at Triple XXX!

Elkhart - Goshen

The Elkhart - Goshen area actually came in No. 1 on the list. You will pay 20.3 percent less for goods and services in the northern Indiana metro area. Median home values and rent are in the bottom 25 percent, with an average home value around $129,000. You'll also earn the most out of the three Indiana cities to make the list. Median household income in the area is $54,216.

If you're willing to move just a short drive away from a big city, you're more likely to find an affordable area to live in. If you haven't done your research, you don't have to. HomeSnacks, a digital hub showcasing what it is like to live in different areas, released a list of the most affordable places in each state.

INDIANAPOLIS — People across the country are feeling the sting of inflation. If you are looking for somewhere to move in order to lessen the impact, two Indiana cities are among the cheapest U.S. cities to live in.

Business and personal finance site Kiplinger used calculations of living expenses in 267 urban areas from the Council for Community and Economic Research to compile a list of the least costly 25 U.S. cities. The cities have at least 50,000 residents in their metro area.

The council’s cost of living index measures prices for housing, groceries, utilities, transportation, healthcare, and miscellaneous goods and services like going to the movies. Here are the Indiana cities which are considered the cheapest to live in.

Fort Wayne

The second largest city in Indiana landed at No. 25 on Kiplinger’s list of cheapest American cities to live in. According to the cost of living calculations, the average cost of living in Fort Wayne is 13.7% below the U.S. average, headlined by low housing costs which are 36% below the U.S. average.

The typical Fort Wayne home price is more than $91,000 below the national average.

“Not only does this northeastern Indiana city host a collection of pleasant and quiet neighborhoods, but it also boasts a thriving arts scene with year-round festivals and events. The annual Three Rivers Festival is just one such family-friendly summertime favorite,” Kiplinger said.

The median household income in Fort Wayne is $57,693 with the median home value listed at $138,200.

The Fort Wayne metro area’s unemployment rate has dropped sharply from a pandemic-caused spike and is now well below the national level. Parkview Health, General Motors, and Lincoln Financial Group are among the metro area’s major employers.

Kokomo

Kokomo, Indiana ranked number 10 on Kiplinger’s list thanks to a cost of living more than 16% below the national average. Housing costs, including mortgages, rents and insurance, are a third lower than the U.S. average.

The typical Kokomo home price is half the national average.

The longtime manufacturing hub for the global automotive industry, Kokomo’s major employers include Chrystler Indiana Transmission, General Motors, Aptiv, and Haynes International.

One disadvantage of this dependence on the auto sector, Kiplinger said, is it makes the local economy especially sensitive to downturns. The area’s unemployment peaked at 30% during the 2020 pandemic-caused recession. Unemployment has since plummeted to 6.9%.

Kiplinger said the low cost of living helps cushion the blow when Kokomo hits hard times. The area’s poverty rate is lower than both the state and national levels.

“If you’re just passing through, the Old Silk Stocking Neighborhood, the Seiberling Mansion and the Elwood Haynes Museum are just a few architectural and historical gems that are not to be missed,” Kiplinger said.

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