New Castle, IN

Very Low · 46

Indiana · Population 17,356 · Updated March 2026

$797
Median Rent / Month
$48,977
Median Income
$95,100
Median Home Value
$742
Owner Costs / Month

Affordability

How far your income goes in New Castle

19.5%
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

$9,564
Annual Rent
$1,494
State Income Tax
$789
Property Tax (est.)

Cost of Living Overview

New Castle is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 46 (where 100 equals the national median), New Castle residents can expect to pay median rent of $797/month while earning a median household income of $48,977/year.

The median home value in New Castle, IN is $95,100, with typical monthly owner costs around $742 including mortgage, insurance, and taxes. The median rent-to-income ratio of 19.5% 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 New Castle.

Frequently Asked Questions

Common questions about living costs in New Castle

What is the cost of living in New Castle, IN?
The cost of living index in New Castle, IN is 46 (US average = 100). Median monthly rent is $797, median household income is $48,977/year, and the median home value is $95,100.
Is New Castle, IN affordable?
Yes, New Castle is more affordable than the national average with a cost index of 46. The rent-to-income ratio is 19.5%—below the 30%% threshold considered affordable by HUD.
What is the average rent in New Castle, IN?
The median gross rent in New Castle, IN is $797 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $9,564.
What is the median household income in New Castle?
The median household income in New Castle, IN is $48,977 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%.