Welcome to Indianapolis, Indiana! Known as the Crossroads of America, Indy offers Midwestern friendliness and charm. From its lively arts scene to its growing job market, there’s a little something for everyone here!
And the good news? You don’t have to blow your budget to call Indianapolis home. We’ve rounded up five of the most affordable places to live in Indianapolis that check all the boxes for comfort, affordability, and lifestyle.
The five cheapest neighborhoods in Indianapolis in 2024 are:
Crooked Creek
- Average 1-bedroom rent in Indianapolis: $1,095/month
- Average 1-bedroom rent in Crooked Creek: $887/month
- Median home value in Crooked Creek: $236,000
Crooked Creek has all the perks of suburban living while being just a short drive from Downtown Indianapolis. Known for its tree-lined streets and a welcoming community vibe, this neighborhood is perfect for renters looking to live in an affordable suburb close to everything Indy has to offer.
Things to do in Crooked Creek
Outdoor enthusiasts will love the nearby Holliday Park, where you can enjoy hiking trails, playgrounds, and even a stunning nature center. Golfers often head to Saddlebrook Golf Club, a laid-back, public golf course perfect for a casual round with friends. When you’re ready for some retail therapy, the area’s local shops and eateries along Michigan Road offer plenty to explore.
Transportation
The neighborhood provides easy access to major highways like I-465, which circles the city and connects you to other areas in minutes. IndyGo bus routes run throughout, making it possible to leave the car at home. If you need to get to Downtown Indianapolis, Crooked Creek’s central location ensures you’re never far from the city action.
Southeast Indianapolis
- Average 1-bedroom rent in Indianapolis: $1,095/month
- Average 1-bedroom rent in Southeast Indianapolis: $904/month
- Median home value in Southeast Indianapolis: $275,000
Southeast Indianapolis is a hidden gem for renters who want a peaceful environment outside the city center. Affordable housing options range from cozy brick apartments to charming bungalows spread across well-kept streets. Southeast Indianapolis is a practical choice for those seeking serenity, affordability, and a down-to-earth community.
Things to do in Southeast Indianapolis
The local highlight is Southeastway Park, a 188-acre nature park that offers walking trails, picnic spots, and environmental education programs. Southeastway park also hosts seasonal events like hayrides and summer camps. Shopping and dining along US-40 makes it easy to run errands.
Transportation
IndyGo bus routes connect the area to Downtown Indianapolis, and the neighborhood is well-connected by main roads like US-40, US-52, and I-74. Drivers will value the neighborhood’s location along I-465, which connects residents to the rest of the city.
South Perry
- Average 1-bedroom rent in Indianapolis: $1,095/month
- Average 1-bedroom rent in South Perry: $1,007/month
- Median home value in South Perry: $247,500
South Perry’s charm lies in its balance of suburban tranquility and modern convenience. Known for its family-friendly atmosphere, this neighborhood features plenty of green spaces, reputable schools, and a variety of rental properties to fit any budget. Residents of South Perry enjoy a little extra breathing room along with easy access to everyday essentials.
Things to do in South Perry
Looking for fun seasonal activities? Check out Freedom Springs Greenwood Aquatics Park in the summer and Perry Park’s ice skating rink in the winter. For retail therapy, head to the nearby Greenwood Park Mall for over 100 major stores. Don’t feel like cooking? Explore locals’ favorite restaurants along Emerson Avenue and US-31, like Margaritas Mexican Restaurant or Shallo’s Antique Restaurant & Brewhaus.
Transportation
IndyGo bus routes 29 and 31 make multiple stops throughout South Perry, allowing residents to explore the neighborhood without a car. The area is well situated along US-31 and I-465, making commutes simple for those traveling into Downtown Indianapolis or to the Indianapolis International Airport.
Chapel Hill Ben Davis
- Average 1-bedroom rent in Indianapolis: $1,095/month
- Average 1-bedroom rent in Chapel Hill Ben Davis: $1,018/month
- Median home value in Chapel Hill Ben Davis: $240,000
This westside neighborhood stands out as one of the more affordable areas in Indy while still enjoying a diverse range of attractions. Chapel Hill Ben Davis gives renters access to apartments, townhomes, and budget-friendly single-family properties. The neighborhood’s strong sense of community makes it a favorite.
Things to do in Chapel Hill Ben Davis
Chapel Hill Ben Davis is strategically located just a short drive from everything while still offering the peace and quiet that comes with living on the outskirts of the city. The Indianapolis Motor Speedway is nearby and hosts NASCAR and IndyCar races every year. Tibbs Drive-In movie theater nearby offers a sense of nostalgia, and Speedway Indoor Karting allows residents to live their own IndyCar 500 race. Local restaurants along Rockville Road serve up all the hearty favorites Indianapolis is known for.
Transportation
Convenience is key here, with US-36 and I-465 providing seamless access to other parts of the city. IndyGo bus routes 10 and 8 run frequently through the area, and it’s a short drive from the Indianapolis International Airport. Whether by car or bus, getting around is user-friendly and straightforward for residents.
Eagle Creek
- Average 1-bedroom rent in Indianapolis: $1,095/month
- Average 1-bedroom rent in Eagle Creek: $1,053/month
- Median home value in Eagle Creek: $242,500
Eagle Creek is known for its relaxed environment and stunning natural surroundings. This neighborhood sits near the local Eagle Creek Park, making it a haven for outdoor lovers. Eagle Creek offers a range of affordable apartments and homes, many just a short walk or bike ride from the park and its amenities.
Things to do in Eagle Creek
Eagle Creek Park is the neighborhood’s crown jewel, with activities like paddleboarding, zip-lining, and some of the best hiking trails in the city. Golfers can practice their swing at the Eagle Creek Golf Club, another public golf course in Indy. If you’re looking for local dining, nearby restaurants offer anything from classic American food to spicy Indian dishes.
Transportation
Positioned near I-74 and I-465, Eagle Creek provides a convenient drive into and out of the city. Bus route 15 takes Eagle Creek residents to Downtown Indianapolis, making it easy to navigate the city without a car.
Make the Most of Your Move with Apartments.com
Whether you’re dropping in for a short-term lease or hoping to set down roots, Apartments.com has the tools to help you find an affordable apartment easily. Navigate housing across neighborhoods with our customized search engine. Once you find the perfect location, narrow the search within a price range that works for you.
No matter the budget, the options are endless with Apartments.com. Ready to get started? Pay less, live more, and rent on.
Apartment rent data provided by CoStar Group’s December 2024 reports.
