Colfax, IN
Population 926 · Indiana
About Colfax, IN
Colfax is a small community located in Indiana with a population of 926 residents according to the latest US Census Bureau American Community Survey data. The median household income is $61,964 per year, which is 18% below the national median of $75,149. The median age of 31.7 years is notably younger the US median age of 38.9 years, indicating a younger, often more dynamic population base.
Housing Market Overview
The housing market in Colfax features a median home value of $114,300, which is 53% below the national median of $244,900. This makes Colfax one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $908, 22% below the national average of $1,163/month. Of the 352 total housing units, 74% are owner-occupied (237 units) and 26% are renter-occupied (83 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Colfax shows an unemployment rate of 3.3%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 5.9%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Colfax have an average one-way commute time of 27 minutes.
Education & Demographics
5.9% of Colfax residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The lower educational attainment rate may reflect the area's industry mix, with more employment in trades, manufacturing, or agricultural sectors. The community's demographic composition includes 0.0% White, 1.0% Hispanic or Latino, 0.0% Black or African American, and 0.0% Asian residents, with 0.0% of the population being foreign-born.
Cost of Living in Colfax, IN
Compared to national averages, Colfax has a median household income of $61,964 (18% below the national median of $75,149). Home values average $114,300, which is 53% below the national median. Monthly rent at $908 is 22% below the US average of $1,163. Within Indiana, Colfax's income is 11% below the state average of $69,330, and home values are 30% below the state median of $163,409.
Why Live in Colfax, IN?
Colfax offers affordable housing with a median home value of $114,300, below the US average of $244,900, and rent that’s lower than the national average at $908/month, and a strong job market with an unemployment rate of just 3.3%. Additionally, the city features a low poverty rate of 5.9%, better than the national average.
Potential considerations include median household income ($61,964) that falls below the national average. However, Colfax’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Colfax has a population of 926 with a median age of 31.7 years. Compare Colfax with other cities to see how it stacks up, or explore all cities in Indiana.
Similar Cities Near Colfax
Cities in Indiana with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Palestine | 925 | $89,924 | $134,900 | Compare |
| Memphis | 928 | $116,852 | $233,600 | Compare |
| Gilmer Park | 929 | $61,184 | $142,600 | Compare |
| Goodland | 923 | $56,438 | $92,200 | Compare |
| Converse | 912 | $54,167 | $101,700 | Compare |
| Hamlet | 910 | $68,750 | $109,300 | Compare |
| Shipshewana | 902 | $57,679 | $255,000 | Compare |
| Montezuma | 900 | $43,750 | $65,300 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Indiana
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Colfax With Other Cities
Frequently Asked Questions about Colfax
What is the population of Colfax, IN?
The population of Colfax, IN is 926 according to the latest US Census Bureau American Community Survey estimates. This makes it a small community in Indiana.
What is the median household income in Colfax?
The median household income in Colfax, IN is $61,964 per year, which is 18% below the national median of $75,149.
What is the median home value in Colfax?
The median home value in Colfax, IN is $114,300, which is 53% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Colfax?
The median monthly rent in Colfax, IN is $908, which is 22% below the national average of $1,163/month.
What is the unemployment rate in Colfax?
The unemployment rate in Colfax, IN is 3.3%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Colfax, IN a good place to live?
Colfax offers a moderate cost of living, affordable housing, and a strong job market. With a population of 926 and a median age of 31.7, the city appeals to young professionals and families.
How educated is Colfax, IN?
5.9% of residents in Colfax aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Colfax?
Key cost-of-living indicators for Colfax, IN: median home value is $114,300 (53% below national), median rent is $908/month, and median household income is $61,964. The home-value-to-income ratio is 1.8x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Colfax?
The poverty rate in Colfax, IN is 5.9%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Colfax, IN?
Colfax's population is 0.0% White, 1.0% Hispanic or Latino, 0.0% Black or African American, 0.0% Asian, and 0.1% two or more races. 0.0% of residents are foreign-born.