Hammond, IN vs New Albany, IN

New Albany is moderately more affordable than Hammond, with a 6% lower cost of living index. Hammond scores 81 compared to 76 for New Albany, where the US average is 100. This difference means residents of Hammond can expect to pay noticeably more for everyday expenses, housing, and services.

On the housing front, median rent in Hammond is $1,089/month compared to $971/month in New Albany — a 12% difference. Interestingly, home values tell a different story: while New Albany has cheaper rent, Hammond actually has lower median home values ($141,700 vs $169,600).

Median household income in Hammond is $53,950 compared to $54,152 in New Albany (-0.4%). New 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 Hammond spend roughly 24.2% of their income on rent, more than the 21.5% in New Albany.