Quick facts: Oolitic, IN

Quick Facts

95.3
Cost of Living
below US average
1,140
Population
17.54
Crime Rate per 1000
below US average
$58,750
Median Income
below US average
$199,900
Median House Price
above US average
$890.0
Average Rent
below 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 $58,750.

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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 $58,750
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Income Needed to Rent

βœ“ Affordable
$38k/year
Based on $890.0/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($58,750) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Oolitic, IN

Oolitic is a small town located in Lawrence County, Indiana. With a population of around 1,300 residents, it embodies a tight-knit community atmosphere. The town's name is derived from the geological term "oolite," referring to small spherical grains of calcium carbonate, highlighting the area's unique limestone deposits, which are a significant part of the local landscape and economy. The town is situated just a few miles south of Bedford, and the region is known for its rich history in stone quarrying, making it a hub for limestone production. Oolitic's charm lies in its quaint neighborhoods, local parks, and a slower pace of life, perfect for those looking to escape the hustle and bustle of larger cities. Outdoor enthusiasts can enjoy nearby recreational opportunities, including hiking, fishing, and exploring the beautiful Indiana countryside. The community hosts various events throughout the year, fostering a strong sense of belonging among residents. Overall, Oolitic represents the quintessential small-town experience in the heart of Indiana.

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