How Much Money Is Considered Rich In Indiana?

Do you consider yourself rich? Not just rich with family and friends. Not just rich in memories and experiences but actually rich. MONEY!

If you’re doing it all for the Benjamín’s, you’ll need a lot of them to be considered rich in Indiana. You got bank?

How Much Money Do You Need In Indiana To Be Considered Rich?

The minimum annual salary you need to make to be in the top 5%: $192, 928
The minimum annual salary you need to make to be in the top 1%: $437,567

Indiana continues the trend of lower incomes in the Midwest, and it’s the seventh-easiest state to break into the top 5 percent.

Photographer: Paul Yeung/Bloomberg via Getty Images

How Long Will $1 Million in Savings Last In Indiana?

Annual groceries cost: $3,897.11
Annual housing cost: $7,763.45
Annual utilities cost: $3,745.17
Annual transportation cost: $3,530.94
Annual healthcare cost: $6,307.93
Total annual expenditures: $43,106.57

How long $1 million will last in savings: 23 years, 2 months, 7 days

Analysts at Blacktower Financial Management Group calculated that you would need to save approximately $386,100 over your lifetime to retire at 67.

That means the youngest millennials — who currently are 24 — already should have stashed away $8,775. And the oldest millennials, now 39, should have saved $140,400 for retirement by now.

Photographer: Paul Yeung/Bloomberg via Getty Images

Does Living In Indiana Help Or Hurt Your Long-Term Financial Plans?

According to the Bureau of Economic Analysis , the average cost of living in Indiana will run you around $38,097 per year.

Salary.com states that Indianapolis costs -5.5% percent less than the national average with calculations based on the total cost of energy, food, healthcare, housing, transportation and other factors.

The highest individual tax rate is 3.23%. Sales taxes are at 7% with additional excise taxes on motor vehicles, alcohol, tobacco, and gasoline. Comparatively, Indiana’s tax environment could help to lower your cost of living making it a better choice than some other states for long-term plans. When you weigh property tax, income tax and sales tax that differ from state to state, Indiana falls in the middle. Living here could be worse and it could be better!

Hamilton County has the states highest median income which is $84,821. Indiana’s overall median income is $57,603. The median annual wage in 2021 in the US was $45,760.

So, how do you stack up? Should you be considering a side hustle?

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