Indianapolis is a medium city located in Indiana with a metropolitan area population of 843,852. A couple could live a moderate lifestyle in Indianapolis on a budget of $3,298 per month, or $39,580 per year.
Cost of Living in Indianapolis, Indiana
As noted above, the cost of living in Indianapolis, Indiana is $3,298 per month for a couple living a moderate lifestyle. This budget consists of $1,915 for housing related costs, $652 for food, and $732 for other costs, all of which will be broken down below.
- A one-bedroom apartment in the city center of Indianapolis is estimated to cost $1,619
- Basic utilities including electricity, water, and gas will run about $212
- High-speed internet averages $84
- Typical grocery costs of $447 per month include things like bread, eggs, milk, cheese, rice, chicken breast, bottled water, fruits, and vegetables
- Alcohol including beer and wine for moderate home consumption costs about $107
- Frequent coffees in a neighborhood café are estimated to be about $97
- Meals out are estimated to be $450 per month, including 4 meals in mid-range restaurants and 8 in inexpensive restaurants
- Transportation costs of $150 for public transport passes and occasional taxis
- Fitness center memberships of $77
- Cinema tickets of $55 include several outings for international releases
Note that Indianapolis, Indiana is a very walkable city with a Walk Score of 97/100, which means you won’t need a car if you are living in the city center and you may even save some money by not using public transportation and taxis very often.
Amount of Money Needed to Retire in Indianapolis, Indiana
Many people searching the internet for the cost of living in Indianapolis, Indiana are doing so to see if and when they can quit their jobs and retire. A popular and easy way to calculate your retirement number is using the 4% Rule.
The 4% Rule estimates that a person(s) could withdraw 4% of their retirement nest egg and never run out of money. Using this calculation, a couple would need an investment portfolio of $989,499 to live a moderate lifestyle in Indianapolis, Indiana.
Annual expenses of $39,580 ÷ 4% = $989,499 portfolio needed.
Of course, everyone’s financial situation is different, and the above calculation could change based on any other sources of passive income and social security income.
Overall, the cost of living in Indianapolis, Indiana is affordable coming in at $3,298 for a couple living a moderate lifestyle. Those seeking to retire could do so comfortably with a retirement portfolio of $989,499.