If you are comparing places such as Chicago, LA, New York, and Miami, then yes it's definitely much cheaper for an apartment or a house. The main reason is the Indy is not a place people say, "I wish I lived there and would sell their soul to buy a place there", as they would for say San Diego or Seattle.

Also it depends on where you are looking. Carmel, which is about 12 miles north of Downtown is fairly expensive as far as a place to live is concerned, where as Speedway which is about 4 miles west of Downtown, is somewhat inexpensive. I can provide details of why, but it's getting late.

I don't think there's a catch, just get used to cheaper housing costs and spend it on cool grown up toys :)

cHiLLy

It's the midwest... cost of living is lower here... accordingly, wages will also be a little lower...