Buying a home in Indiana is still well within reach for most families. The typical home costs $218,200 — about 3.0× of the typical household income of $71,957 a year. That's one of the better ratios in the country. A family putting aside their entire income, with no other expenses, could cover the purchase price in around 3.0 years.
Renters face real pressure. The typical rent in Indiana is $1,062 a month, and 44% of renters spend more than 30% of their income on housing — the point at which most financial advisers say rent becomes unaffordable. That figure is 1% lower than the national average of 45%.
12.8% of Indiana homeowners with a mortgage spend more than 30% of their income on housing — close to the national average of 16.1%.