Cost of Living in Silver Lake, IN

With a cost of living index of 73, Silver Lake, IN is one of the most affordable cities in the country. Living here is 27% cheaper than the national average and 5% below the Indiana state average of 78. Silver Lake is a small community of 961 residents.

Housing costs are the biggest factor in Silver Lake's cost of living. The median monthly rent is $1,057 (20% below the US median of $1,319), and the median home value sits at $107,300 (65% below the national median of $304,900). At current prices, the median home costs roughly 2x the median household income — well within traditional affordability guidelines.

The median household income in Silver Lake is $53,542, which is 29% lower than the national median of $75,149. Residents spend roughly 24% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

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.