The city of Indianapolis, IN, is ripe with adventures that attract tourists and renters alike.
Experience the wonders of nature at the Indianapolis Zoo or get a behind-the-scenes peek at the life of professional race car drivers when you visit the Dallara IndyCar Factory. Broaden your horizons at the Indiana State Museum or experience one of the city's famous breweries, steakhouses or coffee shops. With plenty of things to do for all age groups, Indianapolis is an exciting destination.
What is the average rent in Indianapolis?
Some areas of Indianapolis are more expensive than others. As of Jan. 2022, the average rent for a two-bedroom apartment in Indianapolis is $1,298 per month. However, securing a two-bedroom apartment for less than that is not as difficult as it appears.
In this article, we'll examine the most affordable neighborhoods in Indianapolis so that you can experience what people love most about this city.
The 10 most affordable neighborhoods in Indianapolis
Indianapolis is an affordable city, depending on which neighborhood you select. Just because you're on a budget doesn't mean you have to miss out on all that this city has to offer!
Here, Rent. will cover the 10 cheapest neighborhoods in Indianapolis so you can start your apartment-hunting journey sooner rather than later.
10. I65-South Emerson
Source: Rent./Lakes of Windsor
- Average 2-BR rent: $829
- Rent change since 2021: -2.37%
I65-South Emerson is an exciting neighborhood with much to explore. Work out at VASA Fitness, a state-of-the-art gym. This expansive fitness center boasts an indoor pool, basketball court, hydromassage lounge, fitness cinema, functional training turf area and more. Its high-quality amenities make it a prime workout spot in this growing neighborhood.
Treat your taste buds at PANA Donuts & Boba Tea, sway to live music while eating classic pub eats at Mikie's Pub or hit up The Juicy Seafood Restaurant & Bar for the catch of the day. Directly to the north of I65-South Emerson is the Royal Pin Expo, where Indianapolis residents bowl and play laser tag. I65-South Emerson is a busy place and one of the most affordable neighborhoods in Indianapolis.
9. North High School
Source: Rent./Astoria Park
- Average 2-BR rent: $826
- Rent change since 2021: +7.30%
North High School has several green spaces for nature-lovers, such as Gustafson Park, Shambaugh Park and Batnan Park. Children and adults like to skate at Skateland, eat pizza and play games. It's a popular place for children to celebrate their birthdays or other special occasions. North High School has centers and schools for various ages, making it a coveted spot for growing families.
Northwest of North High School is Eagle Creek Park. As one of the largest city parks in the United States, Eagle Creek Park contains more than 3,900 acres of beautiful forests and over 1,400 acres of rippling water. The family-friendly area of North High School provides plenty of natural encounters and is one of the cheapest places to live in Indianapolis.
8. East Side
Source: Rent./Trails at Lakeside
- Average 2-BR rent: $820
- Rent change since 2021: +0.22%
The East Side neighborhood of Indianapolis allows parents to take their pick of schools. In addition, The Academy Volleyball Club offers an outlet for active children to join teams, take lessons, compete in tournaments and more. However, players of all ages are also welcome.
North of the East Side is Fort Harrison State Park, where individuals can golf, take their dogs to the dog park, walk, hike, fish and ski. Major employers in the East Side include Eskenazi Health Center North Arlington and Community Hospital East Emergency Room, among other medical centers. Currently, the East Side is one of the cheapest neighborhoods in Indianapolis.
7. Homecroft
Source: Rent./Stonebridge Luxury Apartments
- Average 2-BR rent: $816
- Rent change since 2021: N/A
Homecroft is a tightly-knit community located south of downtown Indianapolis. You can trace its origins back to World War I, and its architectural designs are still reminiscent of the 1920s. This traditional neighborhood is family-friendly, and every year, police officers from the Homecroft Police Department pass out candy to the children on Halloween.
The residential neighborhood of Homecroft is affordable, close to schools and a short drive away from interactive activities like Choi Martial Arts Academy, LLC. Those who desire a strong sense of community will find Homecroft comforting. The perfect place for renters to raise a family, Homecroft is also one of the cheapest places to live in Indianapolis.
6. Grace Tuxedo Park
Source: Rent./Pangea Court
- Average 2-BR rent: $813
- Rent change since 2021: +18.37%
Rows of housing and shops line Grace Tuxedo Park. Visit Linwood Square to buy groceries at Kroger's, rent a favorite film at Red Box, make a deposit at Bank of America, enjoy a dinner at Subway or find brand-new, affordable clothing at Ross Dress for Less. Linwood Square also features a Chinese restaurant, CVS, GameStop, shoe store, beauty supply shop and more.
Nearby is Rainbow Shops, which sells clothing and accessories for juniors and plus-size women. Venture northwest of Grace Tuxedo Park to engage in a game of golf at the Brookside Park Disc Golf Course or play a friendly game of tennis at the Brookside Park Tennis Courts. Both of these locations are within the ample green space of Brookside Park, complete with a gushing creek running through it. Grace Tuxedo Park is also one of the cheapest places to live in Indianapolis.
5. Southdale
Source: Rent./Murphys Landing Apartment Homes
- Average 2-BR rent: $810
- Rent change since 2021: +6.64%
Southdale is a lovely residential neighborhood seated next to entertainment venues. Outside the northern boundary is AMC Indianapolis 17, where individuals can get some buttered popcorn and settle in to watch the latest film.
On the opposite end of Southdale is The Corner Bar, where socialites kick back a few drinks after work. Eat your favorite Thai dish at Thai Recipes Restaurant or order some Mexican food at El Jalapeño Mexican Restaurant Indy. Go for a massage at Lavender Essential Oil Spa or go grocery shopping at Zing Asian Grocery. There's no shortage of fun and cultural experiences in Southdale, and it's one of the cheapest neighborhoods in Indianapolis.
4. Chapel Glen
Source: Rent./Cox Creek at Reagan Crossing
- Average 2-BR rent: $799
- Rent change since 2021: +1.02%
The quaint neighborhood of Chapel Glen allows laid-back residents to eat, sleep, shop and go to school in one convenient location. Chow down on some mouth-watering BBQ at City Barbeque and Catering, grab a fresh sandwich and sweet tea to-go at McAlister's Deli or sit down for a nicely seasoned steak at Outback Steakhouse. The Fresh Thyme Market sells healthy local, organic and natural produce and products at affordable prices.
Work out at LA Fitness or join Go West Sports to stay in shape. Pet owners will appreciate the highly-rated Glasgo Memorial Veterinary Hospital right outside the eastern boundary of Chapel Glen. In addition to being a fine place to put down roots, Chapel Glen is one of the cheapest neighborhoods in Indianapolis.
3. Chapel Hill-Ben Davis
Source: Rent./10 West
- Average 2-BR rent: $799
- Rent change since 2021: -4.18%
Chapel Hill-Ben Davisis an excellent location for business professionals and frequent travelers since it's close to Indianapolis International Airport. Likewise, flight students will enjoy this neighborhood's proximity to Vincennes University Aviation Technology Center.
Jameson Camp resides within the boundaries of Chapel Hill-Ben Davis, hosting a myriad of summer camps, retreats and special events, such as weddings. In addition, local schools attract families to the neighborhood, and apartments in this area are quite affordable for renters on a budget. At this time, Chapel Hill-Ben Davis is one of the cheapest neighborhoods in Indianapolis.
2. Gateway West
Source: Rent./5816 W 38th St.
- Average 2-BR rent: $756
- Rent change since 2021: +4.44%
Gateway West is next to a major highway and provides easy access to surrounding neighborhoods like Eagledale, Aspen Ridge and the Highlands. Gateway West is a residential area with dental offices, churches, schools, shops, housing and restaurants.
Nearby, Gateway West Park offers some green space where individuals can relax and commune with nature. With a preschool, elementary school and nearby public library, Gateway West is a prime community setting for renters with young children. In addition, it's currently one of the most affordable neighborhoods in Indianapolis.
1. Eagledale
Source: Rent./Abney Lake
- Average 2-BR rent: $690
- Rent change since 2021: -1.44%
Eagledale is on the west side of Indianapolis. This larger neighborhood has a lot to offer, such as affordable apartments, shopping centers and businesses. The suburban area of Eagledale also boasts plenty of schools and delicious eateries. Shop at Georgetown Plaza before grabbing a bite to eat at a restaurant nearby. Experience fresh Middle Eastern food at Biryani House or French and Arabic pastries over a piping hot cup of coffee at MOTW Coffee and Pastries.
South of Eagledale is the Indianapolis Motor Speedway, with an on-site museum that lets you delve into the world of professional racing. Adding to its attractability is the fact that Eagledale is currently the cheapest neighborhood in Indianapolis.
The most expensive neighborhoods in Indianapolis
Fletcher Place and Holy Rosary are currently the most expensive neighborhoods in Indianapolis. Both neighborhoods are the same expense-wise, with the average two-bedroom rent at $2,052 and a 22.58 percent rent change since 2021. Fletcher Place and Holy Rosary, which is also sometimes referred to as Fletcher Place II, are nationally registered historic districts with a rich cultural heritage. In addition to being a residential zone, these neighborhoods boast unique bars, coffee shops and restaurants.
Find an affordable neighborhood for your next apartment
Rent. is here to help you quickly locate apartments for rent in Indianapolis. Renters on a budget can start with the cheapest neighborhoods in Indianapolis listed in this article and work their way up from there. To further assist renters, we have also covered the costs of living in Indianapolis on our blog. We hope you find the perfect apartment to settle down in!
