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 | Clay County | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $114,285 | $140,405 | $242,182 |
| Price Trend (Annual %) | 10.3% | 7.9% | 8.2% |
| Median Gross Rent | $837 | $1,020 | $1,342 |
| Rent Trend (Annual %) | 3.3% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Clay County is about 19% lower than in Indiana. Rent is about 18% lower than the Indiana average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Clay County, up about 10.3% and 3.3% a year respectively. Home prices are changing faster.
Median rent in Clay County rose about 28.2% between 2015 and 2023, from $653 to $837. Over the same span, rent in Indiana rose about 37.0%.
Affordability
On average, housing unit costs 1.7 yearly household incomes in Clay County.
Buying the median-priced home in Clay County costs roughly 11.4 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 Clay County. The price-to-rent ratio in Indiana is about 11.5.
| Metric | Clay County | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $114,285 | $140,405 | $242,182 |
| Median Household Income | $67,933 | $70,132 | $78,145 |
| Price-to-Income Ratio | 1.7 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Clay County rose about 77.5%, while median household income rose about 54.7% between 2009 and 2023 — 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 | Clay County | Indiana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 70.1% | 63.9% | 58.2% |
| Rental Rate | 20.4% | 26.9% | 31.3% |
| Vacancy Rate | 9.5% | 9.2% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
Clay County has a homeownership rate of 70.1%, higher than the Indiana average of 63.9%. Its housing vacancy rate is 9.5%, compared with 9.2% in Indiana.
Housing Stock
| Metric | Clay County | Indiana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.46 people | 2.47 people | 2.54 people |
| Median Structure Built Year | 1971 | 1975 | 1978 |
| Median Number of Rooms | 5.9 | 5.9 | 5.5 |
The typical housing unit in Clay County was built around 1971. On average, 2.5 people live in a home with about 5.9 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Clay County, Indiana.
What is the median home price in Clay County, Indiana?
The median home price in Clay County, Indiana is $114,285, lower than the Indiana average of $140,405.
What is the average home price in Clay 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 Clay County, Indiana?
The median gross rent in Clay County, Indiana is $837 per month, lower than the Indiana average of $1,020.
What was the median gross rent in Clay County in 2020?
In 2020, the median gross rent in Clay County, Indiana was $716 per month.
What is the price-to-rent ratio in Clay County, Indiana?
The price-to-rent ratio in Clay County, Indiana is about 11.4, meaning it would take roughly 11.4 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 Clay County.
Are home prices or rent rising faster in Clay County, Indiana?
Both home prices and rent are rising in Clay County, up about 10.3% and 3.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Clay County, Indiana?
70.1% of households in Clay County, Indiana own their home, higher than the Indiana average of 63.9%.
What is the vacancy rate in Clay County, Indiana?
The housing vacancy rate in Clay County, Indiana is 9.5%, higher than the Indiana average of 9.2%.