This is the Most Expensive Place to Live in Indiana
Do you think you can guess the most expensive place to live in Indiana?
The cost of living in Indiana is much lower than other states. However, that doesn't mean that it's not hard to get by day to day. A lot of us have felt the struggle of living paycheck to paycheck. It's not a secret that the cost of living is high, and going up. Inflation has caused so much to be more expensive than it has ever been in the past. It makes it hard to pay your bills, buy groceries, and fill up your gas tank when everything is getting more pricey, but your paycheck remains the same.
A while back, we reported on the cheapest and safest places to live in Indiana, now we are going in the opposite direction. What is the most expensive place to live in the state?
Most Expensive Place to Live in Indiana
Recently, list was compiled by 24/7 Wall St to determine the most epensive place to live in each state. Before we dive into Indiana, we must first understand how they came to their results.
"To determine the most expensive city in every state, 24/7 Wall St. reviewed cost of living from the Bureau of Economic Analysis. Metropolitan areas were ranked based on the regional price parity for all goods and services in 2019. Supplemental data on median household income and poverty rate came from the U.S. Census Bureau’s 2020 American Community Survey based on five-year averages. Housing costs play into this calculus and reflect the income levels of the population living there to a degree. Costs tend to be more expensive in wealthier communities."
Okay, now that we got that out of the way, let's find out the most expensive place to live in Indiana. Honestly, it might not come as a surpise to you that the Indianapolis-Carmel-Anderson area is the most expensive place to live in the state.
Here's what 24/7 Wall St says:
>Cost of living in Indianapolis-Carmel-Anderson: 5.3% less expensive than U.S. avg.
>Cost of living in Indiana: 7.5% less expensive than U.S. avg.
>Poverty rate: 11.5% (state:12.9%)
>Median household income: $63,545 (state: $58,235)
The good news about these findings are that the cost of living in that area is still lower than the U.S. average, even though it's the highest in the state. Looking at those statistics, it looks like Indiana is much better off in terms of cost of loving compared to other states.
You can take a look at the full list by clicking here.