Freedom is an unincorporated community in western Franklin Township, Owen County, Indiana, United States. It lies along U.S. Route 231, southwest of the city of Spencer, the county seat of Owen County. Its elevation is 538 feet (164 m), and it is located at 39°12′25″N 86°52′9″W (39.2069886, -86.8691740). Although Freedom is unincorporated, it has a post office, with the ZIP code of 47431.