Living in Indiana is cheaper than the average in the United States. According to data from the Office of Economic Analysis, goods and services in the state cost 10.7% less than the national average. This makes Indiana the 12th least expensive state to live in. Generally, living in densely populated urban areas is more expensive than living in rural areas.
Indiana is home to 12 metropolitan areas. The most expensive of these is the Bloomington metropolitan area, where goods and services are 8.3% lower than the national average and 2.4% higher than the state average. In terms of housing, 31.1% of occupied dwellings are rented, which is lower than the national average of 36.2%. The Department of Agriculture shows that food costs vary from state to state.
To get a better idea of what it costs to live in Indiana, here is a list of average rental prices for five of the best places to live in Indiana: Indianapolis, Fort Wayne, Evansville, Carmel and South Bend. The cost of living is calculated as a consumer basket for a moderate lifestyle in developed countries and may seem too high for some least developed countries, where maintaining that standard of living is expensive. If you're looking for a good balance between outdoor access and big city amenities such as lively sports and arts scenes, Indiana is an excellent place to live. Some cities may be more expensive than others, but overall the cost of living in Indiana's major metropolitan areas is below the national average.