Lake Station, IN

Very Low · 64

Indiana · Population 13,109 · Updated March 2026

$1,115
Median Rent / Month
$56,306
Median Income
$124,800
Median Home Value
$1,044
Owner Costs / Month

Affordability

How far your income goes in Lake Station

23.8%
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

$13,380
Annual Rent
$1,717
State Income Tax
$1,036
Property Tax (est.)

Cost of Living Overview

Lake Station 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), Lake Station residents can expect to pay median rent of $1,115/month while earning a median household income of $56,306/year.

The median home value in Lake Station, IN is $124,800, with typical monthly owner costs around $1,044 including mortgage, insurance, and taxes. The median rent-to-income ratio of 23.8% 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 Lake Station.

Frequently Asked Questions

Common questions about living costs in Lake Station

What is the cost of living in Lake Station, IN?
The cost of living index in Lake Station, IN is 64 (US average = 100). Median monthly rent is $1,115, median household income is $56,306/year, and the median home value is $124,800.
Is Lake Station, IN affordable?
Yes, Lake Station is more affordable than the national average with a cost index of 64. The rent-to-income ratio is 23.8%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Lake Station, IN?
The median gross rent in Lake Station, IN is $1,115 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $13,380.
What is the median household income in Lake Station?
The median household income in Lake Station, IN is $56,306 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%.