Elkhart, Indiana Housing Market Prices
Elkhart 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 9% above the Indiana median$155,328
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Median rent 6% below the Indiana median$993
Housing Market Overview
| Metric | Elkhart | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $155,328 | $142,738 | $248,835 |
| Price Trend (Annual %) | 12.5% | 7.2% | 7.5% |
| Median Gross Rent | $993 | $1,062 | $1,407 |
| Rent Trend (Annual %) | 4.4% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Elkhart is about 9% higher than in Indiana. Rent is about 6% lower 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 Elkhart, up about 12.5% and 4.4% a year respectively. Home prices are changing faster.
Median rent in Elkhart rose about 42.2% between 2015 and 2024, from $698 to $993. Over the same span, rent in Indiana rose about 42.6%.
Affordability
On average, housing unit costs 2.8 yearly household incomes in Elkhart.
Buying the median-priced home in Elkhart costs roughly 13.0 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 Elkhart. The price-to-rent ratio in Indiana is about 11.2.
| Metric | Elkhart | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $155,328 | $142,738 | $248,835 |
| Median Household Income | $55,439 | $71,967 | $80,455 |
| Price-to-Income Ratio | 2.8 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Elkhart rose about 146.9%, while median household income rose about 36.1% 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 | Elkhart | Indiana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 53.4% | 64.4% | 58.5% |
| Rental Rate | 33.1% | 26.9% | 31.2% |
| Vacancy Rate | 13.5% | 8.8% | 10.2% |
| Median Tenure (years) | 12.0 | 15.0 | 15.0 |
| Median Year Moved In | 2014 | 2011 | 2011 |
Elkhart has a homeownership rate of 53.4%, lower than the Indiana average of 64.4%. Its housing vacancy rate is 13.5%, compared with 8.8% in Indiana.
Housing Stock
| Metric | Elkhart | Indiana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.53 people | 2.45 people | 2.53 people |
| Median Structure Built Year | 1965 | 1975 | 1978 |
| Median Number of Rooms | 5.4 | 5.9 | 5.5 |
The typical housing unit in Elkhart was built around 1965. On average, 2.5 people live in a home with about 5.4 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Elkhart, Indiana.
What is the median home price in Elkhart, Indiana?
The median home price in Elkhart, Indiana is $155,328, higher than the Indiana average of $142,738.
What is the average home price in Elkhart, Indiana?
The typical home price in Elkhart, Indiana, reported as the median sale price, is $155,328. 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 Elkhart, Indiana?
The median gross rent in Elkhart, Indiana is $993 per month, lower than the Indiana average of $1,062.
What was the median gross rent in Elkhart in 2020?
In 2020, the median gross rent in Elkhart, Indiana was $788 per month.
What is the price-to-rent ratio in Elkhart, Indiana?
The price-to-rent ratio in Elkhart, Indiana is about 13.0, meaning it would take roughly 13.0 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 Elkhart.
Are home prices or rent rising faster in Elkhart, Indiana?
Both home prices and rent are rising in Elkhart, up about 12.5% and 4.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Elkhart, Indiana?
53.4% of households in Elkhart, Indiana own their home, lower than the Indiana average of 64.4%.
What is the vacancy rate in Elkhart, Indiana?
The housing vacancy rate in Elkhart, Indiana is 13.5%, higher than the Indiana average of 8.8%.
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