Quick facts: Economy, IN

Quick Facts

95.3
Cost of Living
below US average
147
Population
34.01
Crime Rate per 1000
above US average
$50,000
Median Income
below US average
$30,500
Median House Price
above US average
$1317
Average Rent
below US average
12%
Poverty Rate
above US average
4.5%
Unemployment Rate
above 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 $50,000.

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Income Needed to Buy

βœ“ Affordable
$10k/year
Based on $30,500 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($50,000) exceeds requirement
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Income Needed to Rent

⚠ Stretch
$56k/year
Based on $1317/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $56k vs median $50,000
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Economy, IN

Economy, Indiana, is a small town located in the northeastern part of the state, primarily known for its rural charm and tight-knit community. Situated in Delaware County, Economy has a population of fewer than 1,000 residents. The town is characterized by its peaceful atmosphere and agricultural surroundings, making it an ideal place for those looking to escape urban life. The local economy is primarily driven by agriculture, with many residents involved in farming and related industries. The town's location allows for easy access to larger markets, and many farms produce crops such as corn and soybeans. Despite its small size, Economy benefits from its proximity to larger cities, offering residents access to expanded employment opportunities and amenities. In terms of education, the area is served by local schools that emphasize community involvement and student development. Economy's community spirit is evident in various local events and gatherings that foster a sense of belonging among residents. Overall, Economy, IN, is a quaint town that embodies the essence of rural Indiana, providing a serene lifestyle with strong community ties.

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