Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Benton County | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $48,437 | $140,405 | $242,182 |
| Price Trend (Annual %) | 5.3% | 7.9% | 8.2% |
| Median Gross Rent | $833 | $1,020 | $1,342 |
| Rent Trend (Annual %) | 2.4% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Benton County is about 66% lower than in Indiana. Rent is about 18% lower than the Indiana average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2022
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Benton County, up about 5.3% and 2.4% a year respectively. Home prices are changing faster.
Median rent in Benton County rose about 22.7% between 2015 and 2023, from $679 to $833. Over the same span, rent in Indiana rose about 37.0%.
Affordability
On average, housing unit costs 0.8 yearly household incomes in Benton County.
Buying the median-priced home in Benton County costs roughly 4.8 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Benton County. The price-to-rent ratio in Indiana is about 11.5.
| Metric | Benton County | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $48,437 | $140,405 | $242,182 |
| Median Household Income | $62,630 | $70,132 | $78,145 |
| Price-to-Income Ratio | 0.8 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2022, the median home price in Benton County rose about 38.1%, while median household income rose about 37.2% between 2009 and 2023 — keeping pace with each other.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Benton County | Indiana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 74.0% | 63.9% | 58.2% |
| Rental Rate | 17.9% | 26.9% | 31.3% |
| Vacancy Rate | 8.2% | 9.2% | 10.6% |
| Median Tenure (years) | 18.0 | 15.0 | 15.0 |
| Median Year Moved In | 2008 | 2011 | 2011 |
Benton County has a homeownership rate of 74.0%, higher than the Indiana average of 63.9%. Its housing vacancy rate is 8.2%, compared with 9.2% in Indiana.
Housing Stock
| Metric | Benton County | Indiana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.48 people | 2.47 people | 2.54 people |
| Median Structure Built Year | 1954 | 1975 | 1978 |
| Median Number of Rooms | 6.5 | 5.9 | 5.5 |
The typical housing unit in Benton County was built around 1954. On average, 2.5 people live in a home with about 6.5 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Benton County, Indiana.
What is the median home price in Benton County, Indiana?
The median home price in Benton County, Indiana is $48,437, lower than the Indiana average of $140,405.
What is the average home price in Benton County, Indiana?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Benton County, Indiana?
The median gross rent in Benton County, Indiana is $833 per month, lower than the Indiana average of $1,020.
What was the median gross rent in Benton County in 2020?
In 2020, the median gross rent in Benton County, Indiana was $720 per month.
What is the price-to-rent ratio in Benton County, Indiana?
The price-to-rent ratio in Benton County, Indiana is about 4.8, meaning it would take roughly 4.8 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Benton County.
Are home prices or rent rising faster in Benton County, Indiana?
Both home prices and rent are rising in Benton County, up about 5.3% and 2.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Benton County, Indiana?
74.0% of households in Benton County, Indiana own their home, higher than the Indiana average of 63.9%.
What is the vacancy rate in Benton County, Indiana?
The housing vacancy rate in Benton County, Indiana is 8.2%, lower than the Indiana average of 9.2%.