Cost of Living in Laurel, IN

With a cost of living index of 69, Laurel, IN is one of the most affordable cities in the country. Living here is 31% cheaper than the national average and 9% below the Indiana state average of 78. Laurel is a small community of 474 residents.

Housing costs are the biggest factor in Laurel's cost of living. The median monthly rent is $973 (26% below the US median of $1,319), and the median home value sits at $76,100 (75% below the national median of $304,900). At current prices, the median home costs roughly 3.1x the median household income — a moderately affordable ratio by today's standards.

The median household income in Laurel is $24,663, which is 67% lower than the national median of $75,149. Residents spend roughly 47% of household income on rent. This is well above the 30% affordability threshold, indicating a significant housing cost burden for many residents. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Everyday prices in the Cincinnati, OH-KY-IN (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

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.