Albany, IN vs Elwood, IN

Albany is moderately more affordable than Elwood, with a 9.6% lower cost of living index. Albany scores 60 compared to 66 for Elwood, where the US average is 100. This difference means residents of Elwood can expect to pay noticeably more for everyday expenses, housing, and services.

On the housing front, median rent in Albany is $669/month compared to $838/month in Elwood — a 20% difference. Interestingly, home values tell a different story: while Albany has cheaper rent, Elwood actually has lower median home values ($92,800 vs $103,600).

Median household income in Albany is $56,356 compared to $54,084 in Elwood (+4.2%). Albany offers a double advantage: higher earnings combined with a lower cost of living, giving residents significantly more purchasing power. Looking at affordability, residents of Albany spend roughly 14.2% of their income on rent, less than the 18.6% in Elwood.