Boone County, Indiana Housing Market Prices
Boone County Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 68% above the Indiana median More expensive than 88% of counties in Indiana$239,673
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Median rent 28% above the Indiana median Among the 3 most expensive counties in Indiana$1,358
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Boone County | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $239,673 | $142,738 | $248,835 |
| Price Trend (Annual %) | 24.7% | 7.2% | 7.5% |
| Median Gross Rent | $1,358 | $1,062 | $1,407 |
| Rent Trend (Annual %) | 6.6% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Boone County is about 68% higher than in Indiana. Rent is about 28% higher than the Indiana average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Boone County, up about 24.7% and 6.6% a year respectively. Home prices are changing faster.
Median rent in Boone County rose about 70.9% between 2015 and 2024, from $795 to $1,358. Over the same span, rent in Indiana rose about 42.6%.
Affordability
On average, housing unit costs 2.1 yearly household incomes in Boone County.
Buying the median-priced home in Boone County costs roughly 14.7 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 Boone County. The price-to-rent ratio in Indiana is about 11.2.
| Metric | Boone County | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $239,673 | $142,738 | $248,835 |
| Median Household Income | $111,507 | $71,967 | $80,455 |
| Price-to-Income Ratio | 2.1 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Boone County rose about 155.4%, while median household income rose about 58.2% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Boone County | Indiana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 76.1% | 64.4% | 58.5% |
| Rental Rate | 20.5% | 26.9% | 31.2% |
| Vacancy Rate | 3.4% | 8.8% | 10.2% |
| Median Tenure (years) | 14.0 | 15.0 | 15.0 |
| Median Year Moved In | 2012 | 2011 | 2011 |
Boone County has a homeownership rate of 76.1%, higher than the Indiana average of 64.4%. Its housing vacancy rate is 3.4%, compared with 8.8% in Indiana.
Housing Stock
| Metric | Boone County | Indiana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.58 people | 2.45 people | 2.53 people |
| Median Structure Built Year | 1991 | 1975 | 1978 |
| Median Number of Rooms | 6.8 | 5.9 | 5.5 |
The typical housing unit in Boone County was built around 1991. On average, 2.6 people live in a home with about 6.8 rooms, staying for about 14.0 years on average.
Boone County, IN Housing Compared With Nearby Counties
Boone County, IN is the 4th largest of the 5 counties compared here, 74,718 residents against a local median of 274,200. Where Boone County, IN breaks from the counties next to it is median home price, sitting 16% above the local median of $207,415 at $239,673.
The counties themselves spread $192,582 on median home price, so Boone County, IN sits at one end of an already wide local range rather than apart from it. Boone County, IN has the 2nd highest median home price of the 5 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Boone County, IN | 74,718 | $239,673 #2/5 | $1,358 #3/5 | 78.8% #1/5 |
| Clinton County, IN | 32,944 | $201,415 | $920 | 74.2% |
| Hendricks County, IN | 183,344 | $213,414 | $1,435 | 78.2% |
| Hamilton County, IN | 365,056 | $339,003 | $1,574 | 76.1% |
| Marion County, IN | 971,946 | $146,421 | $1,152 | 56.5% |
Frequently Asked Questions
Common questions about the housing market in Boone County, Indiana.
What is the median home price in Boone County, Indiana?
The median home price in Boone County, Indiana is $239,673, higher than the Indiana average of $142,738.
What is the average home price in Boone County, Indiana?
The typical home price in Boone County, Indiana, reported as the median sale price, is $239,673. 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 Boone County, Indiana?
The median gross rent in Boone County, Indiana is $1,358 per month, higher than the Indiana average of $1,062.
What was the median gross rent in Boone County in 2020?
In 2020, the median gross rent in Boone County, Indiana was $1,043 per month.
What is the price-to-rent ratio in Boone County, Indiana?
The price-to-rent ratio in Boone County, Indiana is about 14.7, meaning it would take roughly 14.7 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 Boone County.
Are home prices or rent rising faster in Boone County, Indiana?
Both home prices and rent are rising in Boone County, up about 24.7% and 6.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Boone County, Indiana?
76.1% of households in Boone County, Indiana own their home, higher than the Indiana average of 64.4%.
What is the vacancy rate in Boone County, Indiana?
The housing vacancy rate in Boone County, Indiana is 3.4%, lower than the Indiana average of 8.8%.
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