‘https://www.firstib.com/about-us/new-headquarters/
Metro Indy Cost of Living is 7% Below Average
https://www.stats.indiana.edu/about/coli.asp
https://www.bankrate.com/real-estate/cost-of-living-calculator/
In general, Hamilton County’s costs are similar to those of the Indy metro area. It’s 357,000 residents account for just 17% (1 in 6) of the formal Indy metro area’s 2,075,000.
Solid county level data is not available for all areas, but limited comparisons helped to identify goods and services that might differ between Hamilton County and the Indy average.
https://www.bestplaces.net/cost_of_living/county/indiana/hamilton
Housing
Hamilton County’s housing is 8% more expensive than the national average rather than 15-17% lower as seen in metro Indianapolis. The housing stock is also newer, larger and higher quality. The full housing price difference would increase the total cost of living measure by 7%. Considering one-half being due to age/quality and one-half due to prices adds 3.5% to 93.1% to yield a revised 96.6% cost of living ratio.
https://www.towncharts.com/Indiana/Housing/Marion-County-IN-Housing-data.html
https://www.towncharts.com/Indiana/Housing/Hamilton-County-IN-Housing-data.html
The median Marion County house was built in 1971. The median Hamilton County house was built in 2000.
Taxes
Indiana local taxes average 9.3% of income versus 10.2% nationally. This 10% savings on a 10% cost factor reduces the overall cost of living measure back down to 95.6%. State sales and income taxes do not vary by county. Hamilton County’s property and income taxes are lower than its large population peer group in Indiana.
Food Prices
Historically, Indianapolis has been a competitive grocery market. Kroger has a leading market share. Cub Foods and Marsh have left the market, but Meijer’s, Trader Joe’s, Whole Foods, Fresh Thyme, Fresh Market and Market District now compete with the others.
https://www.axios.com/local/indianapolis/2023/05/02/indianapolis-grocery-stores-kroger
5% of low-income Hamilton County residents do not live near a grocery store, versus 6% nationwide. The supply of grocery stores is adequate.
https://www.countyhealthrankings.org/explore-health-rankings/indiana/hamilton?year=2023
Hamilton County’s retail sales per capita figure is 14% above the national average, despite the very high concentration of retail stores in Marion County along 82nd/86th Street. The county is well served by retailers of all kinds.
https://www.census.gov/quickfacts/fact/table/US/SBO001217
Food away from home makes up almost 5% of the consumer price index. No restaurant food index is publicly available. However, the Big Mac price in Hamilton County is $4.59 versus the $4.39 national average price, a 5% premium. If this applied to all restaurant prices, the overall cost of living index would be 0.3 higher, 95.9. The average Indiana Big Mac price was just $4.11.
https://worldpopulationreview.com/state-rankings/big-mac-index-by-state
https://pantryandlarder.com/mccheapest
The Economic Policy Institute provides “modest income” food prices that are 19% higher in Hamilton County than in Marion County. Given the proximity of the counties and the long-standing coverage of “food deserts” in Indianapolis contrasted with nearly none in Hamilton County, this indicator is suspect.
Health Care
Hamilton County has 1.8 hospital beds compared with the national average of 1.9 and the Indiana average of 3.3. It has 1.5 primary care physicians versus 1.0 nationally and 1.3 in Indiana. 10% of Hamilton County households have medical bills in collections compared with 17% nationally and 19% in Indiana. Access to health care is adequate.
https://www.usnews.com/news/healthiest-communities/indiana/hamilton-county
The Best Places website uses a simple index of a standard hospital bed night, a doctor’s visit and a dentist’s visit indicating that Hamilton County health care costs are equal to the national average (100).
https://www.bestplaces.net/cost_of_living/county/indiana/hamilton
A Rand Corporation study indicates that Indy metro hospital rates are 25% higher than the national average. This is driving Indiana statehouse political battles with claims and counterclaims. Professional services fees were 25% below the national average.
https://www.rand.org/pubs/research_reports/RRA1144-1.html
https://www.wfyi.org/news/articles/why-are-indianas-health-care-costs-so-high
Although health care is as much as 18% of GDP in the US, the share in the consumer price index is only 5%. If Hamilton County consumer costs are the same as the nation, this would increase the cost-of-living index by 0.6 points to 96.5.
Utilities
Best Places pegs Hamilton County’s utility costs at 93 rather than 107.
Indiana natural gas prices are more than 20% below the 50 state median.
https://www.chooseenergy.com/data-center/natural-gas-rates-by-state/
Indiana and Hamilton County electricity prices are 10% below the national average.
https://www.eia.gov/electricity/monthly/epm_table_grapher.php?t=epmt_5_6_a
https://www.electricitylocal.com/states/indiana/noblesville/
https://www.energysage.com/local-data/electricity-cost/in/
Local utilities are probably at least 10% lower than in the summary statistics, so the COL index should be reduced by 0.9 points based on their share of spending, reducing the index to 95.6.
Transportation
Indiana used car prices are the lowest in the nation, 11% below the average.
https://www.iseecars.com/used-car-buying-by-state-study
Indy fuel prices match the US average.
https://www.axios.com/local/indianapolis/2023/08/11/gas-prices-down-below-average
Indiana auto insurance rates are 40% less than the national average. Hamilton County rates are a little lower.
https://www.bankrate.com/insurance/homeowners-insurance/states/#home-insurance-rates-by-state
https://www.policygenius.com/homeowners-insurance/home-insurance-rates-by-zip-code/
The US Census Quick Facts tool reports that Hamilton County’s average commute time is the same as the country’s.
The 94 score may be high, but no specific change is indicated.
Other Goods and Services
Home insurance prices for Indiana and Hamilton County are variously reported as 10% below, equal to and 10% above the national average.
https://www.bankrate.com/insurance/homeowners-insurance/states/#home-insurance-rates-by-state
https://www.policygenius.com/homeowners-insurance/home-insurance-rates-by-zip-code/
Indiana’s state university tuition rates match the US average.
https://www.collegetuitioncompare.com/state/
Indiana has very high childcare prices.
The Economic Policy Institute and Indiana Family and Social Services Administration indicate that Hamilton County childcare costs are 13% higher than in Marion. Because childcare accounts for just 0.6% of spending, no adjustment is indicated.
https://www.in.gov/fssa/carefinder/provider-reimbursements/
Summary: Hamilton County Costs are 4% Lower than the National Average
County level housing, health care and grocery costs added more than 4% while lower taxes and utility costs subtracted almost 2% for a final score of 95.6, more than 4% below the national average.
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