Residents Enjoy Affordable
Living and Abundant Culture in Delightful Bloomington, Indiana
Cost of Living: Below the National
Average
Situated among lush, wooded, gently rolling hills,
Bloomington (population 70,000 in town and 122,000 in the
surrounding area) is a college community (home to the verdant
Indiana University campus) with a lot to offer residents.
Brimming with festivals, shopping venues, theater and music,
Bloomington provides more cultural and recreational stimulation
than many larger towns and has a cost of living roughly 5% below
the national average, something many families, seniors and young
singles appreciate. It has been named an All American City
based on its high quality of life and has been known as "Tree
City USA" for more than 20 years.
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Less expensive housing contributes to this lower
cost of living. The median three bedroom home price is
$147,000, and the median monthly rent for a two bedroom apartment
is $610. Single-family homes are typically ranch-style with
two to three bedrooms, one to two baths, a garage and a basement,
although bi-levels and tri-levels are also for sale. Small
(1,000 square feet) residences needing some work are available for
under $100,000, as are some nicer, larger condominiums (although
more are found in the low $100,000 range). Single family
home inventory opens up in the mid-$100,000s, and new, roomy
(2,000 square feet or more) homes with three bedrooms, two baths,
a garage and a half acre of land can fairly easily be found for
under $200,000. Slightly under $300,000 will purchase a five
bedroom, three bath, 3,000 square foot home with a four car
garage, hardwood floors and several fireplaces. Most
neighborhoods are dense with trees and well-kept. |
Rental apartments are not readily available because of the student
population, but Bloomington has 32 manufactured and/or mobile home
parks, including two (Longview Mobile Home Park and Nicholson
Mobile Home Park) that are for those aged 55 and above.
Homes in some of these parks, including the ones for all ages, are
very inexpensive, starting under $10,000.
When it comes to taxes, those paid by residents of Bloomington
roughly meet the national average; property taxes are actually
below the national average. Homeowners 65 and older who earn
$25,000 or less are eligible to receive a tax reduction on
property with an assessed value of $144,000 or less, and all
homeowners can deduct up to $2,500 from their income taxes for
property taxes on their residence; other than that, Indiana's
property tax system is amazingly complicated. Find more
information at 317-232-3777.
Bloomington,
Indiana, Continued....
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