Housing Market Overview
Indiana is one of the most affordable housing markets in the country. With a median home value of $183,200 — well below the national median of roughly $350,000 — and a median income-to-home-price ratio of just 2.9, homeownership is within reach for many Hoosier families. The state's homeownership rate of 69.8% exceeds the national average.
However, the market varies dramatically across the state. The affluent Hamilton County suburbs (Carmel, Fishers, Zionsville) have median home values over $350,000, while post-industrial cities like Gary, Muncie, and Anderson have median values under $100,000. Indianapolis itself splits the difference at $195,000.
Median Home Value by City
Housing Types
Housing Age
Affordability
| Median Income-to-Home-Price Ratio | 2.9 (lower = more affordable; national avg ~5.0) |
| Avg Monthly Mortgage Payment | $1,180 |
| Avg Annual Property Tax | $1,308 |
| Renters Paying >30% of Income | 43.2% |
| Renters Paying >50% of Income | 20.1% |
| 5-Year Home Price Growth | +42% |
Fastest-Growing Housing Markets
The fastest-growing areas in Indiana are the suburban counties ringing Indianapolis — collectively known as the "doughnut counties." These areas have seen population growth of 15–28% since 2010, driving new construction and rising home values.
- 1 Hamilton County +28%
- 2 Hendricks County +22%
- 3 Boone County +20%
- 4 Johnson County +18%
- 5 Hancock County +15%
Heating Fuel Sources
How Indiana homes stay warm: natural gas dominates, especially in urban areas, while propane and electricity are more common in rural parts of the state.