It is simply a matter of being familiar with Indiana to determine whether or not it is a good decision to relocate there. This guide will help you get familiar with the state and determine whether Indiana is an appropriate area for you to reside.
Indiana Facts You Should Know
- The taxes are one of the reasons people choose to reside in Indiana. It has a 3.23% flat state income tax. Capital gains, whether long or short-term, are taxed at the same rate.
- Indiana's typical household income is $56,303.
- In Indiana, the average travel time is less than 24 minutes.
- Over 88% of residents in Indiana have a high school education, and 27% have a bachelor's degree.
- The median price of an owner-occupied home is $141,700.
- Another factor that makes Indiana a desirable place to live is that the state constitution limits your primary residence's property tax to 1% of its assessed value. Indiana also has some wonderful property tax exemptions to help you save even more money.
Income In Indiana
Before you move to Indiana, you probably want to know how much money people in Indiana make. According to the latest recent data, the average wage in Indiana is over $47,000, and the average household income is around $55,000. Personal per capita income in Northwest Indiana is somewhat less than $46,000. The average salary in Indiana's capital, Indianapolis, is over $52,000, 10% higher than the state average. Learn more about the typical Indiana income across the state.
The state's job market provides an answer to the issue of why relocate to Indiana. Indiana is home to small, medium, and large firms. Indiana's key sectors include agriculture, energy, manufacturing, steel production, healthcare, and professional services. Manufacturing employs around 17% of all nonfarm employment. Major corporations are concentrated in medium and bigger cities. One of the advantages of relocating to Indiana is that the state has a lower unemployment rate than the national average.
Certain industries in Indiana are heavily concentrated in tiny geographic areas, which is a distinctive feature of the state's economy. Northwest Indiana, for example, is home to some of the major steel mills in the United States. More than half of the blast furnace capacity in the United States is located in Lake and Porter Counties.
Another example is that 80% of recreational vehicles (RVs) manufactured in the United States are constructed in Northeastern Indiana, in places like Goshen. Elkhart County is known as the "RV Capital of the World," whereas Warsaw, Indiana is known as the "Orthopedic Capital of the World" due to the presence of three large orthopedic medical equipment firms.
Here are some more details on the Indiana job market:
- Indiana produces 27% of all steel produced in the United States.
- Indiana is home to five Fortune 500 firms.
- Several pharmaceutical and medical device businesses, notably Eli Lilly and Zimmer Biomet, are headquartered in Indiana.
The population of Indiana is increasing. Indiana now has a population of approximately 6.79 million people. This is a 300,000 increase over 2010. More information about Indiana's current population can be found here. In addition, the Indiana University Kelly School of Business publication INContext offers an excellent chapter on Indiana's predicted population growth until 2050.
- The Hoosier State is home to 6.79 million inhabitants, according to the 2020 Census.
- Indiana's population increased by 4.7% between 2010 and 2020.
- Indiana has about 2.5 million households, with an average household size of 2.5 persons.
Indiana's Cost of Living
Many surveys have placed Indiana as one of the most affordable states to live in. Yes, our wages may be slightly lower than those in other states. We make up for it, however, with a low state-income tax rate, constitutionally protected property tax caps, near access to important resources, and a competitive business environment that welcomes new companies.
According to U.S. News & World Reports, Indiana is the third cheapest state. If you search the internet for this question, you will most likely discover multiple studies ranking Indiana as one of the top ten most affordable states.
Indiana's Climate And Weather
The four seasons have been experienced in every section of the state. Winter, on the other hand, is a wildcard. Temperatures in the spring and fall are mild, with highs in the 50s and 60s and lows in the 40s. Summer brings days in the 70s, 90s, and even over 100 degrees. Winter is a wild card.
Indiana is a large state that stretches for 250 miles from north to south. The southern portion experiences snow and cold in the winter, as does the center section, albeit slightly more and slightly colder. Northern Indiana, on the other hand, has all the hallmarks of a hard midwestern winter.
Lows in the teens and single digits are common in Northern Indiana throughout the winter. Temperatures below zero are not uncommon. Northern Indiana has the most snow, and there is a phenomenon known as lake effect snow in a few select areas.
In essence, snow bands form off of a huge body of water, like Lake Michigan, and, if conditions are ideal, these bands will dump snow on a region. I have always resided in northern Indiana, which is one of the select locations where this occurs occasionally each year. Sincerely, there was a time when my neighborhood had a 20-inch snowfall in a single day. They had five inches at two miles. They had none five kilometers distant.
- Due to its proximity to the Great Lakes, Indiana experiences lake-effect snow in several areas.
- In Indiana, the high temperature in January is 36 degrees.
- Winter lows are often in the teens, but the state's northern region can occasionally see single-digit and below-zero temperatures.
- On average, summertime highs in the state range from the mid-to upper-80s.
- Indiana receives snowfall. The state's southern regions receive roughly 20 inches of snow annually, while central Indiana receives closer to 25 inches. The average annual snowfall in some northern Indiana communities is over 60 inches due to lake effect snow storms, however many only receive 40 inches of snow.
Education In Indiana
The educational system of Indiana is strong. In Indiana, approximately 87% of students complete high school. Of those, over 63% enroll in colleges right away. You may get more information on Indiana's schools here. The Indiana Department of Education works hard to make information about the state's public schools readily available.
Indiana's colleges and universities are among the best in the country. In the past, Purdue University excelled in the sciences and math, producing generations of graduates. Indiana University, Notre Dame, Ball State, Butler, and Valparaiso University are a few of the state's other prestigious universities.
These are just some of the basic things about Indiana. In our next post, we'll learn more about this beautiful Hoosier State.