Cost of Living in Winona Lake, IN

With a cost of living index of 85, Winona Lake, IN is a very affordable place to live. Living here is 15% cheaper than the national average and 7% above the Indiana state average of 78. Winona Lake is a smaller community of 5,073 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Winona Lake's cost of living. The median monthly rent is $1,074 (19% below the US median of $1,319), and the median home value sits at $242,400 (20% below the national median of $304,900). At current prices, the median home costs roughly 2.5x the median household income — well within traditional affordability guidelines.

The median household income in Winona Lake is $97,813, which is 30% higher than the national median of $75,149. Residents spend roughly 13% 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.