Indianapolis-Carmel-Anderson vs Rapid City
Fair Market Rent Comparison — HUD 2025 Data
Quick Answer
Rapid City is 10% cheaper for renters. A 2-bedroom rents for $835/mo vs $916/mo in Indianapolis-Carmel-Anderson — saving $972/year.
Rent by Unit Size
| Unit Size | Indianapolis-Carmel-Anderson | Rapid City | Difference |
|---|---|---|---|
| Studio | $568 | $574 | $6 |
| 1 Bedroom | $718 | $702 | $16 |
| 2 Bedrooms | $916 | $835 | $81 |
| 3 Bedrooms | $1,096 | $1,106 | $10 |
| 4 Bedrooms | $1,191 | $1,277 | $86 |
| Median Income | $51,092 | $44,904 | $6,188 |
Indianapolis-Carmel-Anderson
- Studio
- $568/mo
- 1 BR
- $718/mo
- 2 BR
- $916/mo
- 3 BR
- $1,096/mo
- 4 BR
- $1,191/mo
- Median Income
- $51,092/yr
Rapid City
- Studio
- $574/mo
- 1 BR
- $702/mo
- 2 BR
- $835/mo
- 3 BR
- $1,106/mo
- 4 BR
- $1,277/mo
- Median Income
- $44,904/yr
Frequently Asked Questions
Is Indianapolis-Carmel-Anderson or Rapid City cheaper to rent in?
Rapid City is cheaper — a 2-bedroom Fair Market Rent is $835/mo vs $916/mo in Indianapolis-Carmel-Anderson. That's $81/mo or $972/year more expensive in Indianapolis-Carmel-Anderson (10% higher).
What is the 2-bedroom rent in Indianapolis-Carmel-Anderson vs Rapid City?
The HUD Fair Market Rent for a 2-bedroom in Indianapolis-Carmel-Anderson is $916/month. In Rapid City, a 2-bedroom FMR is $835/month.
How do incomes compare between Indianapolis-Carmel-Anderson and Rapid City?
The median household income in Indianapolis-Carmel-Anderson is $51,092/year. In Rapid City it is $44,904/year. Indianapolis-Carmel-Anderson has the higher median income.
What is the studio rent in Indianapolis-Carmel-Anderson vs Rapid City?
A studio apartment Fair Market Rent in Indianapolis-Carmel-Anderson is $568/mo. In Rapid City it is $574/mo.