Having lived in both Indy and Washington metro as a regional airline FO...Indy has a MUCH lower cost of living. Even in Frederick MD where I lived 8 years ago, 1200sq ft townhomes were $300k. Today in Indy, you can get a nice home in a desirable suburb that is 1/4 to 1/3 less than that.

There are very good public schools in the Indianapolis area; Fishers, Carmel, Noblesville, Brownsburg and Avon are all popular suburbs going from northeast around to west, respectively.