Kokomo, IN

Very Low · 55

Indiana · Population 59,375 · Updated March 2026

$917
Median Rent / Month
$54,195
Median Income
$126,500
Median Home Value
$854
Owner Costs / Month

Affordability

How far your income goes in Kokomo

20.3%
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

$11,004
Annual Rent
$1,653
State Income Tax
$1,050
Property Tax (est.)

Cost of Living Overview

Kokomo is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 55 (where 100 equals the national median), Kokomo residents can expect to pay median rent of $917/month while earning a median household income of $54,195/year.

The median home value in Kokomo, IN is $126,500, with typical monthly owner costs around $854 including mortgage, insurance, and taxes. The median rent-to-income ratio of 20.3% 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 Kokomo.

Frequently Asked Questions

Common questions about living costs in Kokomo

What is the cost of living in Kokomo, IN?
The cost of living index in Kokomo, IN is 55 (US average = 100). Median monthly rent is $917, median household income is $54,195/year, and the median home value is $126,500.
Is Kokomo, IN affordable?
Yes, Kokomo is more affordable than the national average with a cost index of 55. The rent-to-income ratio is 20.3%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Kokomo, IN?
The median gross rent in Kokomo, IN is $917 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $11,004.
What is the median household income in Kokomo?
The median household income in Kokomo, IN is $54,195 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%.