Cost of Living in Sheridan, IN
Population 3,355 · Indiana · Data vintage 2023
(100 = US avg)
Buyers in Sheridan can reasonably expect a home to cost less than three years of household income — $177,000 against $65,104 in typical earnings — a ratio that has collapsed to 5:1 or worse in much of the country. Unemployment has stayed elevated relative to the national figure — 7.1% as of the most recent ACS release — which shows up in household-income and poverty figures as well.
Located 12 miles northwest of Carmel, Sheridan falls within that metro's commuting orbit. Median home values run roughly 61% lower than Carmel's $456,000.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Sheridan
The median home value in Sheridan is $177,200 — 42% below the national median of $305,000. Median rent runs $788/month, 40% lower than the national median of $1,314/month. The median household income of $65,104/year is 13% lower than the US median of $74,580. The local unemployment rate is 7.1%, above the national average of 4.8%. Indiana's top state income tax rate is 3.0% and the combined sales tax is 7.0%. Overall, Sheridan has a cost of living index of 59 versus the US average of 100, meaning it is 41% less expensive.
Sheridan has limited residential data
Detailed housing and income data is limited for this location. Here are the nearest cities with full cost of living data:
🏠 Housing
HUD Fair Market Rents by Bedroom
💰 Estimated Monthly Budget
Estimates based on median data and national averages. Actual costs vary.
🛒 Food & Groceries
National BLS average prices (2023). Local prices may vary.
🚗 Transportation
Commute Mode
⚡ Utilities
📋 Taxes
💼 Income & Employment
🎓 Education
👥 Demographics
💨 Air Quality
EPA AQS 2023 — county-level monitoring data
🏫 Schools
NCES CCD 2019 — public school district data
Frequently Asked Questions
What is the cost of living in Sheridan, IN?
Sheridan has a cost index of 59 (100 = national average). It is 41% below the national average.
What is average rent in Sheridan, IN?
The median gross rent in Sheridan is $788 per month based on 2023 Census data.
What is the average home price in Sheridan?
The median home value in Sheridan is $177,200 according to Zillow and Census data.
What is the median income in Sheridan?
The median household income in Sheridan is $65,104 per year (2023 ACS 5-year estimates).
What is the sales tax in Sheridan, IN?
The combined state and local sales tax rate in Sheridan is 7.0%. The Indiana state income tax top rate is 3.0%.
Is Sheridan, IN affordable?
Yes, Sheridan is generally considered affordable, with a cost of living index of 59 — about 41% below the US national average of 100.
Sheridan at a Glance
- Population
- 3,355
- Median Income
- $65,104
- Home Value
- $177,200
- Median Rent
- $788/mo
- Unemployment
- 7.1%
- Sales Tax
- 7.0%
Nearby Cities
Explore county-level cost of living data
Indiana Rankings
Similar Cost Cities
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