Hamilton, IN vs Lake of the Woods, IN

Hamilton, IN and Lake of the Woods, IN have a very similar cost of living, with only a 4.4% difference in their overall index. Hamilton scores 83 while Lake of the Woods scores 79 on the cost of living index, where 100 represents the national average. The day-to-day expenses for residents in both cities are comparable, though differences emerge when looking at specific categories.

On the housing front, median rent in Hamilton is $929/month compared to $1,020/month in Lake of the Woods — a 9% difference. Interestingly, home values tell a different story: while Hamilton has cheaper rent, Lake of the Woods actually has lower median home values ($189,600 vs $265,600).

Median household income in Hamilton is $66,884 compared to $64,375 in Lake of the Woods (+3.9%). The higher salaries in Hamilton partially offset the cost difference, but don't fully close the gap. Looking at affordability, residents of Hamilton spend roughly 16.7% of their income on rent, less than the 19% in Lake of the Woods.