Hammond, IN

Very Low · 64

Indiana · Population 77,098 · Updated March 2026

$1,089
Median Rent / Month
$53,950
Median Income
$141,700
Median Home Value
$987
Owner Costs / Month

Affordability

How far your income goes in Hammond

24.2%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Indiana

State-level tax rates that affect your costs

3.05%
Income Tax (Top Rate)
7.0%
Sales Tax
0.83%
Property Tax Rate

Estimated Annual Costs

$13,068
Annual Rent
$1,645
State Income Tax
$1,176
Property Tax (est.)

Cost of Living Overview

Hammond is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 64 (where 100 equals the national median), Hammond residents can expect to pay median rent of $1,089/month while earning a median household income of $53,950/year.

The median home value in Hammond, IN is $141,700, with typical monthly owner costs around $987 including mortgage, insurance, and taxes. The median rent-to-income ratio of 24.2% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Indiana has a moderate income tax rate of 3.05%. Combined with a 7.0% sales tax rate and 0.83% effective property tax rate, the overall tax environment is a factor in the total cost of living in Hammond.

Frequently Asked Questions

Common questions about living costs in Hammond

What is the cost of living in Hammond, IN?
The cost of living index in Hammond, IN is 64 (US average = 100). Median monthly rent is $1,089, median household income is $53,950/year, and the median home value is $141,700.
Is Hammond, IN affordable?
Yes, Hammond is more affordable than the national average with a cost index of 64. The rent-to-income ratio is 24.2%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Hammond, IN?
The median gross rent in Hammond, IN is $1,089 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $13,068.
What is the median household income in Hammond?
The median household income in Hammond, IN is $53,950 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Indiana?
Indiana has a top income tax rate of 3.05%, a sales tax of 7.0%, and an effective property tax rate of 0.83%.