Cost of Living in Bourbon, IN

With a cost of living index of 71, Bourbon, IN is one of the most affordable cities in the country. Living here is 29% cheaper than the national average and 7% below the Indiana state average of 78. Bourbon is a small community of 1,816 residents.

Housing costs are the biggest factor in Bourbon's cost of living. The median monthly rent is $848 (36% below the US median of $1,319), and the median home value sits at $156,800 (49% below the national median of $304,900). At current prices, the median home costs roughly 2.2x the median household income — well within traditional affordability guidelines.

The median household income in Bourbon is $71,375, which is 5% lower than the national median of $75,149. Residents spend roughly 14% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.