Starting at $849 Per Month
- 1 - 2 Beds
940 University Woods Dr, New Albany, IN 47150
Welcome Home to The Monroe!
The Monroe
Frequently Asked Questions
How much does it cost to rent a home in New Albany, IN?
The median rent for a home in New Albany, IN is $1,106 per month, though prices vary by neighborhood, size, and property type. As of July 2026, condos tend to be the most affordable option while townhouses and single-family homes are currently more expensive.
How much do you need to make to afford rent in New Albany, IN?
To comfortably afford the median rent in New Albany, IN, a household needs to earn roughly $44,240 per year. This is based on the common guideline that households should spend no more than 30% of gross income on housing. Most landlords require monthly household income of at least 3x the monthly rent, and with a median rent of $1,106 per month in New Albany, IN, renters typically need to show $3,318 per month in gross income to qualify. Actual affordability will vary depending on household debts, other living expenses, and overall budget.
Is it more affordable to rent or buy in New Albany, IN?
In New Albany, IN, the price-to-rent ratio is 18.8, which generally favors renting. This ratio divides the median home price by the annual median rent: below 15 typically favors buying, 15 to 20 is balanced, and above 20 typically favors renting. Your finances, how long you plan to stay, and costs like mortgage rates, taxes, and maintenance all factor into the decision.
What neighborhoods in New Albany, IN are best for renting a home?
