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City Report · IN

New Castle

Pop. 17,367·62nd most expensive in Indiana·New Castle rents have dropped 17.1%, currently a renter's market
Median rent (all units)
$743/mo
Year-over-Year
-17.1%
Month-over-Month
-1.7%
vs US Median
-$1,219
Falling (Monthly)
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Most AffordableMost Expensive
New Castle · $743
More affordable than 100% of US cities · National median $1,962/mo
Affordability
17% of income
VERY AFFORDABLE
0%30% benchmark60%+

At $743/mo, rent takes about 17% of the local median household income, comfortably within the 30% benchmark.

Income to afford
$30,000/yr
Local median income
$51,606/yr
Based on the 30%-of-income rule using New Castle's median rent and household income. See the full affordability breakdown →
Medians by bedroom

Rent by unit size

Studio
$730
1 BR
$730
2 BR
$930
3 BR
$1,130
4 BR+
$1,250
Fair Market Rent (HUD)
$930/mo

These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $743 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.

Source: HUD Small Area Fair Market Rents. Read the methodology →

Rent trends

12-month history

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Last updated: August 17, 2026

Annual cost
$8,916/yr
At $743/mo median
Rent Market Meter
Strong Renter's Market
Renter's MarketBalancedLandlord's Market
Rents are down 17.1% year-over-year. Push hard on price, concessions, and lease terms.
Based on rent-price momentum (-17.1% YoY, -1.7% MoM), not inventory.
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Demographics

Who lives here

New Castle, IN is majority owner-occupied, has a median income below the national average, 13.3% of residents hold a bachelor's degree or higher.

Population
17,367
Median income
$51,606
Median age
41.2
Renters
38.5%
Age distribution
20.9%
21.8%
27.1%
13.3%
16.9%
Under 1820.9%
18–3421.8%
35–5427.1%
55–6413.3%
65+16.9%
Gender
50.3%
49.7%
Male50.3%
Female49.7%
Race & ethnicity
90%
White90%
Black3.5%
Hispanic2.2%
Asian0.7%
Other3.7%
Education (25+)
43.9%
31.3%
13.3%
No HS diploma11.5%
HS diploma43.9%
Some college31.3%
Bachelor's+13.3%
Housing tenure
61.5%
38.5%
Owner61.5%
Renter38.5%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How New Castle, IN has changed in 5 years

Income
$46,112 → $51,606
up 11.9%
Population
17,465 → 17,367
down 0.6%
Renter share
35.3% → 38.5%
+3.2 pts
Bachelor's+
16.4% → 13.3%
-3.1 pts
Median age
40.5 → 41.2
+0.7 yrs

Census figures show median household income at $51,606 today, compared with $46,112 five years earlier. About 38.5% of households rent today, against 35.3% in 2021. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher slipped from 16.4% to 13.3%.

Community

Discussions about New Castle

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View New Castle rent history (2015–2026) →
Salary vs rent

Can you afford rent in New Castle on your salary?

At $743/mo, how New Castle rent compares to typical pay (30% rule).

By apartment size

New Castle rent by bedroom count

Median rent for each apartment size in New Castle. Click any size for full breakdown.

Local insights

Tips for renters in New Castle

About renting in New Castle, IN

Last updated: August 17, 2026

The median rent in New Castle is $743/mo as of August 2026. A studio apartment averages $730/mo while a 2-bedroom runs $930/mo. One-bedroom apartments average $730/mo and 3-bedroom units go for $1,130/mo.

At 17% of local median household income ($51,606/yr), New Castle ranks as affordable compared to the national benchmark of 30%. Rents have decreased 17.1% over the past year.

FAQ

Frequently asked questions

Is New Castle an affordable city for renters?

New Castle is considered very affordable for renters. At $743/mo, rent takes approximately 17% of the local median household income ($51,606/yr). The standard benchmark is 30%. New Castle falls comfortably within that range.

How much income do you need to rent in New Castle?

To keep rent at or below 30% of gross income, you would need to earn at least $30,000/year (~$14/hour full-time) to afford the median rent of $743/mo in New Castle. The local median household income is $51,606/yr, meaning the typical New Castle household meets that threshold.

Is rent going up or down in New Castle?

Rent in New Castle has decreased 17.1% over the past year as of August 2026, offering some relief compared to 12 months ago.

How does New Castle rent compare to other cities in Indiana?

New Castle is one of the more affordable cities in Indiana for rent, ranking #62 out of 62 tracked cities at $743/mo.

What percentage of New Castle residents rent vs. own?

According to Census data, approximately 38.5% of New Castle households are renters, while 61.5% are owner-occupied. New Castle leans toward homeownership, which can mean a smaller rental inventory.

How does New Castle rent compare to the national average?

New Castle's median rent of $743/mo is $1,219 (62%) below the US national median of $1,962/mo. Within Indiana, it ranks #62 out of 62 tracked cities.
Income Affordability
17%
VERY AFFORDABLE

At $743/mo, rent takes ~17% of New Castle's median household income ($51,606/yr). The standard benchmark is 30%.

New Castle 17%Benchmark 30%
State income tax3.05%
Run the New Castle affordability calculator →
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near New Castle, IN

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