The 47711 zip code in Evansville tops our ranking of the most affordable places to live in Indiana.
We looked at 207 zip codes in the state, evaluating home values, rental costs, energy rates, property taxes, and five other affordability indicators. We used the data we gathered to calculate our proprietary Affordability Score for each zip code.
Top 10 most affordable places to live in Indiana
| Rank | City | Affordability Score | Median home value | Rental costs |
|---|---|---|---|---|
| 1 | Evansville 🥇 | 100.0 | $171,205 | $908 |
| 2 | Kokomo 🥈 | 98.9 | $146,917 | $1,093 |
| 3 | Richmond 🥉 | 98.2 | $141,899 | $857 |
| 4 | New Castle | 97.5 | $149,602 | $835 |
| 5 | Terre Haute | 96.2 | $97,364 | $850 |
| 6 | Peru | 95.9 | $131,780 | $1,448 |
| 7 | Gary | 95.8 | $97,019 | $1,448 |
| 8 | Muncie | 95.8 | $92,989 | $883 |
| 9 | Marion | 95.4 | $96,756 | $1,448 |
| 10 | Fort Wayne | 95.0 | $157,517 | $1,000 |
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1. Evansville
Here's why the 47711 zip code in Evansville is Indiana's most affordable place to live.
🔎 Key data about Evansville
| Data point | Value | Rank (out of 207 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 100.0 | No. 1 | N/A |
| Median home value | $171,205[1] | No. 47 | -$79,345 |
| Home affordability ratio | 2.7 | No. 25 | -0.8 |
| Home value five-year change | 47.6%[2] | No. 71 | -2% |
| Home value one-year forecast | 1.1%[3] | No. 43 | -0.5% |
| Rental costs | $908[4] | No. 7 | -$540 |
| Rent affordability ratio | 1.46% | No. 6 | -0.6% |
| Median household income | $62,359[5] | No. 118 | -$8,273 |
| Property taxes | $1,239[6] | No. 85 | -$380 |
| Energy costs | $0.17 kWh[7] | No. 197 | $0.02 |
Evansville's 47711 zip code is the cheapest place to live in Indiana, leading the 207 markets we evaluated.
The median home value is $171,205, making it the 47th-cheapest housing market in the state. Forecasts project a 1.1% change in home values in the next year. Rent in the zip code averages $908 per month, which is the 6th cheapest amount in Indiana.
The median property tax for homeowners in Evansville is $1,239 per household, the No. 85 ranked market in Indiana.
Residents pay $0.17 per kWh of electricity, which ranks No. 197 among Indiana markets.
2. Kokomo
The 46901 zip code is the 2nd-cheapest place to live in Indiana.
🔎 Key data about Kokomo
| Data point | Value | Rank (out of 207 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 98.9 | No. 2 | N/A |
| Median home value | $146,917[8] | No. 25 | -$103,633 |
| Home affordability ratio | 2.5 | No. 10 | -1.1 |
| Home value five-year change | 56%[9] | No. 151 | 7% |
| Home value one-year forecast | 2.0%[10] | No. 145 | 0.4% |
| Rental costs | $1,093[11] | No. 30 | -$355 |
| Rent affordability ratio | 1.83% | No. 24 | -0.2% |
| Median household income | $59,629[12] | No. 128 | -$11,003 |
| Property taxes | $783[13] | No. 17 | -$836 |
| Energy costs | $0.15 kWh[14] | No. 50 | $0.00 |
Kokomo's 46901 zip code has a median home value of $146,917, which is the 145th-cheapest housing market in Indiana. You can rent for an average of $1,093 per month. That's the 30th-cheapest price in the state.
The average household income in the zip code is $59,629, which ranks 128th-highest in the state.
Homeowners in Kokomo pay a median property tax of $783 per year, making it the 17th-most affordable market in Indiana.
Kokomo ranks No. 50 among Indiana energy markets. You'll pay $0.15 per kWh of electricity.
3. Richmond
The 3rd-cheapest place to live in Indiana is Richmond's 47374 zip code.
🔎 Key data about Richmond
| Data point | Value | Rank (out of 207 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 98.2 | No. 3 | N/A |
| Median home value | $141,899[15] | No. 21 | -$108,651 |
| Home affordability ratio | 2.8 | No. 28 | -0.8 |
| Home value five-year change | 54%[16] | No. 140 | 5% |
| Home value one-year forecast | 2.1%[17] | No. 151 | 0.5% |
| Rental costs | $857[18] | No. 5 | -$591 |
| Rent affordability ratio | 1.68% | No. 16 | -0.4% |
| Median household income | $50,880[19] | No. 175 | -$19,752 |
| Property taxes | $956[20] | No. 40 | -$663 |
| Energy costs | $0.15 kWh[21] | No. 50 | $0.00 |
The No. 21 cheapest housing market in Indiana is Richmond's 47374 zip code, with a median home value of $141,899. Rents in the market average $857 per month, making it the 5th-most affordable rental market in the state.
The median property tax for households in Richmond is $956, which makes it the 40th-cheapest place in Indiana. Richmond ranks No. 50 among Indiana markets by energy costs. Residents pay $0.15 per kWh of electricity.
4. New Castle
The 47362 zip code in New Castle comes in at No. 4 on our list of the cheapest places to live in Indiana.
🔎 Key data about New Castle
| Data point | Value | Rank (out of 207 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 97.5 | No. 4 | N/A |
| Median home value | $149,602[22] | No. 29 | -$100,948 |
| Home affordability ratio | 2.8 | No. 26 | -0.8 |
| Home value five-year change | 60%[23] | No. 168 | 10% |
| Home value one-year forecast | 2.9%[24] | No. 199 | 1.3% |
| Rental costs | $835[25] | No. 3 | -$613 |
| Rent affordability ratio | 1.54% | No. 9 | -0.5% |
| Median household income | 54252[26] | No. 159 | -$16,380 |
| Property taxes | $959[27] | No. 42 | -$660 |
| Energy costs | $0.15 kWh[28] | No. 50 | $0.00 |
The No. 29 cheapest housing market in Indiana is New Castle's 47362 zip code, where the median home value is $149,602. Renters here pay an average of $835 per month.
When it comes to energy costs, New Castle ranks 50th among Indiana markets. Residents pay $0.15 per kWh of electricity.
The median property tax for households in the zip code is $959, which makes it the 42nd-cheapest market in Indiana.
5. Terre Haute
The 47804 zip code in Terre Haute ranks No. 5 among Indiana's most affordable places to live.
🔎 Key data about Terre Haute
| Data point | Value | Rank (out of 207 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 96.2 | No. 5 | N/A |
| Median home value | $97,364[29] | No. 8 | -$153,186 |
| Home affordability ratio | 2.5 | No. 11 | -1.1 |
| Home value five-year change | 48%[30] | No. 72 | -2% |
| Home value one-year forecast | 1.9%[31] | No. 134 | 0.3% |
| Rental costs | $850[32] | No. 4 | -$598 |
| Rent affordability ratio | 2.17% | No. 156 | 0.1% |
| Median household income | $39,129[33] | No. 200 | -$31,503 |
| Property taxes | $760[34] | No. 15 | -$859 |
| Energy costs | $0.15 kWh[35] | No. 50 | $0.00 |
Terre Haute's 47804 zip code has a median home value of $97,364, the 8th-cheapest market in the state. Forecasts project a 1.9% change in home values in the next year.
The median property tax per household in Terre Haute is $760. It's the 15th-cheapest market by tax rate in Indiana.
6. Peru
The No. 6 most affordable place to live in Indiana is the 46970 zip code.
🔎 Key data about Peru
| Data point | Value | Rank (out of 207 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 95.9 | No. 6 | N/A |
| Median home value | $131,780[36] | No. 17 | -$118,770 |
| Home affordability ratio | 2.4 | No. 8 | -1.2 |
| Home value five-year change | 50%[37] | No. 92 | 1% |
| Home value one-year forecast | 1.8%[38] | No. 110 | 0.2% |
| Rental costs | $1,448[39] | No. 60 | $0 |
| Rent affordability ratio | 2.05% | No. 51 | 0.0% |
| Median household income | $55,291[40] | No. 154 | -$15,341 |
| Property taxes | $602[41] | No. 6 | -$1,017 |
| Energy costs | $0.15 kWh[42] | No. 50 | $0.00 |
The back half of our top 10 kicks off with Peru's 46970 zip code, which has the 17th-cheapest home values in Indiana. The median home value is $131,780. Rents average $1,448 per month, making it the 60th-most affordable rental market in the state.
Residents pay $0.15 per kWh of electricity. It's the 50th-cheapest energy market.
7. Gary
Gary's 46408 zip code is the 7th-cheapest place to live in Indiana.
🔎 Key data about Gary
| Data point | Value | Rank (out of 207 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 95.8 | No. 7 | N/A |
| Median home value | $97,019[43] | No. 7 | -$153,531 |
| Home affordability ratio | 2.1 | No. 1 | -1.5 |
| Home value five-year change | 66%[44] | No. 180 | 17% |
| Home value one-year forecast | 0.2%[45] | No. 23 | -1.4% |
| Rental costs | $1,448[46] | No. 60 | $0 |
| Rent affordability ratio | 2.05% | No. 51 | 0.0% |
| Median household income | $46,690[47] | No. 184 | -$23,942 |
| Property taxes | $952[48] | No. 37 | -$667 |
| Energy costs | $0.17 kWh[49] | No. 163 | $0.02 |
You'll find the 7th-cheapest home values in Indiana in Gary's 46408 zip code. The median value: $97,019. Renters in Gary pay an average of $1,448 per month.
Homeowners in Gary pay a median property tax of $952 per year, which is Indiana's 37th-most affordable market.
The average household income is $46,690, which ranks 184th-highest in the state.
8. Muncie
The 8th-cheapest place to live in Indiana is Muncie's 47302 zip code.
🔎 Key data about Muncie
| Data point | Value | Rank (out of 207 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 95.8 | No. 8 | N/A |
| Median home value | $92,989[50] | No. 4 | -$157,561 |
| Home affordability ratio | 2.1 | No. 2 | -1.5 |
| Home value five-year change | 96%[51] | No. 202 | 46% |
| Home value one-year forecast | 4.5%[52] | No. 207 | 2.9% |
| Rental costs | $883[53] | No. 6 | -$565 |
| Rent affordability ratio | 1.99% | No. 44 | -0.1% |
| Median household income | $44,362[54] | No. 190 | -$26,270 |
| Property taxes | $640[55] | No. 7 | -$979 |
| Energy costs | $0.16 kWh[56] | No. 116 | $0.01 |
The 4th-cheapest housing market in Indiana is Muncie's 47302 zip code, with a median home value of $92,989. Renters pay an average of $883 per month, the No. 6 rental market in the state.
The median property tax for households in Muncie is $640, which makes it the 7th-cheapest place in Indiana. The average household income of $44,362 ranks 190th.
9. Marion
Marion's 46953 zip code sneaks into the top ten of Indiana's most affordable places to live.
🔎 Key data about Marion
| Data point | Value | Rank (out of 207 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 95.4 | No. 9 | N/A |
| Median home value | $96,756[57] | No. 6 | -$153,794 |
| Home affordability ratio | 2.1 | No. 3 | -1.4 |
| Home value five-year change | 53%[58] | No. 123 | 3% |
| Home value one-year forecast | 2.1%[59] | No. 151 | 0.5% |
| Rental costs | $1,448[60] | No. 60 | $0 |
| Rent affordability ratio | 2.05% | No. 51 | 0.0% |
| Median household income | $45,701[61] | No. 185 | -$24,931 |
| Property taxes | $585[62] | No. 4 | -$1,034 |
| Energy costs | $0.15 kWh[63] | No. 112 | $0.00 |
The 6th-cheapest housing market in Indiana is Marion's 46953 zip code, where the median home value is $96,756. Renters pay an average of $1,448 per month. It's the state's 60th-cheapest rental market.
The median property tax for households within the zip code is $585, which makes it the 4th-cheapest property tax rate in Indiana.
10. Fort Wayne
The final spot on our list of the most affordable places to live in Indiana goes to the 46807 zip code in Fort Wayne.
🔎 Key data about Fort Wayne
| Data point | Value | Rank (out of 207 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 95.0 | No. 10 | N/A |
| Median home value | $157,517[64] | No. 35 | -$93,033 |
| Home affordability ratio | 2.7 | No. 24 | -0.8 |
| Home value five-year change | 68%[65] | No. 187 | 19% |
| Home value one-year forecast | 2.5%[66] | No. 187 | 0.9% |
| Rental costs | $1,000[67] | No. 18 | -$448 |
| Rent affordability ratio | 1.74% | No. 17 | -0.3% |
| Median household income | $57,625[68] | No. 144 | -$13,007 |
| Property taxes | $981[69] | No. 47 | -$638 |
| Energy costs | $0.16 kWh[70] | No. 116 | $0.01 |
The 35th-most affordable market in Indiana is Fort Wayne's 46807 zip code. The median home value is $157,517. Rent in the market costs $1,000 per month on average, making it the 18th-most affordable rental market in Indiana.
The median property tax for households in Fort Wayne is $981, which is the 47th-cheapest property tax rate in the state.
Fort Wayne ranks No. 116 among Indiana markets by energy costs, with households paying $0.16 per kWh of electricity.
How we ranked the most affordable places in Indiana
We evaluated 207 zip codes in Indiana with a population over 10,000 on nine metrics. We then assigned each market an Affordability Score based on its weighted and combined rankings.
Our proprietary Affordability Score is a score on a scale of 0 (worst in state) to 100 (best in state) that estimates the affordability of a particular zip code. It takes into account these key data points for each zip code.
- Median home value: The median home value for each zip code comes from the Zillow Home Value Index. The lower the median home value relative to the median value in Indiana, the higher our score on this component. We assign a weight of 23.8% to median home value.
- Home affordability ratio. The home affordability ratio is the typical median home value divided by the median household income in the zip code, which reveals the number of years of household income needed to afford a home in that zip code. A lower ratio is better because it means more households can afford a home. The data comes from the Zillow Observed Rent Index and the U.S. Census American Community Survey. We assign a weight of 23.8% to the home affordability ratio.
- Home value five-year change: The home value five-year change is the amount that the median home value in the zip code has risen or fallen during the last five years. Our data comes from the Zillow Home Value Index. We assign a weight of 4.8% to the home value five-year change.
- Home value one-year forecast: The home value one-year forecast comes from Zillow Forecast data. It projects how much home values in the zip code are forecasted to change in the next year. We assign a weight of 4.8% to the home value one-year forecast.
- Rental costs. The rental costs are the observed rents in the zip code, sourced from the Zillow Observed Rent Index. The index includes "listed rents that fall into the 40th to 60th percentile range for all homes and apartments in a given region." We assign a weight of 11.9% to rental costs.
- Median household income: The inflation-adjusted median household income figures for the zip code comes from the U.S. Census American Community Survey. We assign a weight of 4.8% to median household income.
- Rent affordability ratio. The rent affordability ratio is the ratio of rental costs divided by median household income, which provides the percentage of household income needed to pay a typical month’s rent in the zip code. The data comes from the Zillow Observed Rent Index and the U.S. Census American Community Survey. We assign a weight of 11.9% to the rent affordability ratio.
- Property taxes: The property tax figures are the median real estate taxes paid in the zip code, sourced from the U.S. Census American Community Survey. The lower the property tax rate relative to the Indiana average, the higher our score on this component. We assign a weight of 7.1% to property taxes.
- Energy costs: The energy costs are the costs of a kilowatt hour (kWh) of residential electricity in the zip code, sourced from the U.S. Department of Energy. The lower the cost of electricity relative to the Indiana average, the higher our score on this component. We assign a weight of 7.1% to energy costs.
✍️ Editor’s note: Our Affordability Score identifies the most affordable places in a state by zip code. Often the zip code we identify will represent an entire city or portion of a city.
Occasionally the zip code we identify will encompass an area that includes one or more small towns. In these cases, the data we’ve gathered applies to the entire zip code, not just the single town we’re using to help identify the zip code's location.
If you’re looking to move to one of these affordable places, we recommend doing additional research to make sure the costs in the area — and the quality of life it offers — meet your specific needs.
