States › Indiana › New Albany

Is New Albany, IN expensive to live in?

OKRent takes 22 cents of every $1 people earn here.
🏠 Rent per month (2026)$1,07539% lower than U.S. average
💵 Families earn per year (2026)$59,005about $4,917/month · 32% lower than U.S. average
🔑 House price$180,50046% lower than U.S. average

Rent is lower than in 83% of U.S. cities. A typical house costs about 3.1 years of household income. Commutes are short, about 19.6 minutes.

How much money do I need?

To rent here comfortably, you should earn about $43,000 a year. That is $21 an hour at a full-time job.

Is rent cheaper than other Indiana cities?

Yes. Rent here is cheaper than in most of Indiana. It is number 45 of 132 cities from cheapest to most expensive.

New Albany
$1,075
Portage
$1,254
Merrillville
$1,297
Plainfield
$1,881
Richmond
$816
Valparaiso
$1,631
Goshen
$1,177

How much do households earn in New Albany?

Under $25k
18.6%
$25k–50k
28.9%
$50k–100k
32.9%
$100k–150k
9.9%
$150k+
3.1%

Share of households by yearly income. 13.0% of households earn $100,000 or more.

Rent by apartment size in New Albany

SizeNew AlbanyU.S. average
Studio$984$1,338
1 bedroom$983$1,324
2 bedrooms$1,178$1,509
3 bedrooms$1,314$1,698
4 bedrooms$848$2,098

Median monthly rent plus utilities for all renters, by number of bedrooms.

How expensive is New Albany overall?

Everyday prices in Indiana overall are 7% below the U.S. average (index 93.3, U.S. = 100).

Housing
74
Goods (food, clothes…)
96
Utilities
86
Other services
99
U.S. average
100

Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for New Albany, so the Indiana figure is shown.

Taxes and bills in New Albany

🏛️ Property tax$1,414a year · 0.78% of home value · U.S. $3,119
⚡ Electric bill$137a month (typical) · U.S. $156

Life in New Albany

Commute to work19.6 minU.S.: 26.4 min
College degree23.7%U.S.: 35.7%
Own their home55.4%U.S.: 65.2%
Below poverty line18.9%U.S.: 12.5%
Unemployment6%U.S.: 5.2%

Is it cheaper to rent or buy in New Albany?

Renting is cheaper right now: about $177 a month less.

Renting
$1,075
Owning
$1,252

Owning assumes a typical $180,500 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $18,050 for the down payment.

Frequently asked questions

What is the average rent in New Albany, IN?

Renting in New Albany costs a median of about $1,075 a month in 2026, including utilities. The Indiana median is $1,219.

How much do I need to make to live in New Albany?

To keep rent under 30% of income, you need about $43,000 a year, or $21 an hour at a full-time job.

Is New Albany cheap or expensive?

New Albany is rated OK: rent takes 21.9% of the typical household income of $59,005. It ranks 45th cheapest of 132 Indiana cities we track.

How much are property taxes in New Albany?

The median homeowner in New Albany pays $1,414 a year in property taxes, about 0.78% of the median home value.

Is New Albany more expensive than the national average?

Overall prices in Indiana are 7% below the U.S. average, according to the U.S. Bureau of Economic Analysis.

How much does a house cost in New Albany?

The median home value in New Albany is $180,500, about 3.1 times the typical yearly household income.

37,581 people live in New Albany. Numbers are typical (middle) values.