Quick facts: Colfax, IN

Quick Facts

95.3
Cost of Living
below US average
700
Population
28.57
Crime Rate per 1000
above US average
$62,500
Median Income
below US average
$220,000
Median House Price
above US average
$2100.0
Average Rent
above US average
8%
Poverty Rate
below US average
3.5%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $62,500.

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Income Needed to Buy

βœ— Stretch
$69k/year
Based on $220,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $69k vs median $62,500
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Income Needed to Rent

⚠ Stretch
$90k/year
Based on $2100.0/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $90k vs median $62,500
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Colfax, IN

Colfax, Indiana, is a small, charming town situated in Clinton County, approximately 20 miles northwest of Indianapolis. Known for its tight-knit community and rural charm, Colfax boasts a population of around 1,200 residents. The area is predominantly agricultural, with farmlands surrounding the town, offering a peaceful, scenic environment. Colfax is characterized by its friendly atmosphere and local events that bring residents together, fostering a strong sense of community. The town features a few local shops, restaurants, and parks, providing basic amenities and recreational opportunities. Nearby attractions include outdoor activities like hiking and fishing in the tranquil countryside. The town is also conveniently located near larger cities, allowing residents to enjoy a quieter lifestyle while having access to the amenities of urban areas. With a rich history and a welcoming spirit, Colfax embodies the essence of small-town Indiana, making it an appealing place for families and individuals seeking a slower pace of life.

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