Quick facts: Farmland, IN

Quick Facts

95.3
Cost of Living
below US average
1,262
Population
Crime rate Data is updating, will be available soon
$39,639
Median Income
below US average
$199,900
Median House Price
above US average
$1317
Average Rent
below US average
Poverty rate Data is updating, will be available soon
Unemployment Data is updating, will be available soon

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 $39,639.

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Income Needed to Buy

βœ— Stretch
$63k/year
Based on $199,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $63k vs median $39,639
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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 $39,639
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Farmland, IN

Farmland is a quaint town located in Randolph County, Indiana. It sits at the intersection of several scenic rural routes, offering a peaceful atmosphere and a strong sense of community. Founded in the late 19th century, Farmland boasts a rich agricultural heritage, evident in its surrounding farmlands and small-town charm. The population is modest, and the town features classic Midwestern architecture, with many local businesses reflecting its historical roots. Residents enjoy a slower pace of life, fostering strong bonds within the community. Farmland is also known for its access to outdoor activities, with nearby parks and natural spaces ideal for hiking, fishing, and picnicking. For those looking for a day trip, larger cities like Muncie and Richmond are within a short drive, offering more extensive shopping, dining, and entertainment options. Events throughout the year often bring the community together, celebrating local culture and traditions, making it a welcoming place for families and visitors alike. Overall, Farmland offers a serene retreat in Indiana's heartland, characterized by its friendly atmosphere and beautiful rural landscapes.

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