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 | Elkhart County | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $169,576 | $140,405 | $242,182 |
| Price Trend (Annual %) | 12.6% | 7.9% | 8.2% |
| Median Gross Rent | $1,022 | $1,020 | $1,342 |
| Rent Trend (Annual %) | 5.1% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Elkhart County is about 21% higher than in Indiana. Rent follows a similar pattern, running close to 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 Elkhart County, up about 12.6% and 5.1% a year respectively. Home prices are changing faster.
Median rent in Elkhart County rose about 42.4% between 2015 and 2023, from $718 to $1,022. Over the same span, rent in Indiana rose about 37.0%.
Affordability
On average, housing unit costs 2.6 yearly household incomes in Elkhart County.
Buying the median-priced home in Elkhart County costs roughly 13.8 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 Elkhart County. The price-to-rent ratio in Indiana is about 11.5.
| Metric | Elkhart County | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $169,576 | $140,405 | $242,182 |
| Median Household Income | $66,369 | $70,132 | $78,145 |
| Price-to-Income Ratio | 2.6 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Elkhart County rose about 123.4%, while median household income rose about 39.7% 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 | Elkhart County | Indiana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 63.8% | 63.9% | 58.2% |
| Rental Rate | 25.8% | 26.9% | 31.3% |
| Vacancy Rate | 10.4% | 9.2% | 10.6% |
| Median Tenure (years) | 15.0 | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 | 2011 |
Elkhart County has a homeownership rate of 63.8%, about the same as the Indiana average of 63.9%. Its housing vacancy rate is 10.4%, compared with 9.2% in Indiana.
Housing Stock
| Metric | Elkhart County | Indiana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.84 people | 2.47 people | 2.54 people |
| Median Structure Built Year | 1977 | 1975 | 1978 |
| Median Number of Rooms | 6.0 | 5.9 | 5.5 |
The typical housing unit in Elkhart County was built around 1977. On average, 2.8 people live in a home with about 6.0 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Elkhart County, Indiana.
What is the median home price in Elkhart County, Indiana?
The median home price in Elkhart County, Indiana is $169,576, higher than the Indiana average of $140,405.
What is the average home price in Elkhart 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 Elkhart County, Indiana?
The median gross rent in Elkhart County, Indiana is $1,022 per month, about the same as the Indiana average.
What was the median gross rent in Elkhart County in 2020?
In 2020, the median gross rent in Elkhart County, Indiana was $820 per month.
What is the price-to-rent ratio in Elkhart County, Indiana?
The price-to-rent ratio in Elkhart County, Indiana is about 13.8, meaning it would take roughly 13.8 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 Elkhart County.
Are home prices or rent rising faster in Elkhart County, Indiana?
Both home prices and rent are rising in Elkhart County, up about 12.6% and 5.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Elkhart County, Indiana?
63.8% of households in Elkhart County, Indiana own their home, about the same as the Indiana average.
What is the vacancy rate in Elkhart County, Indiana?
The housing vacancy rate in Elkhart County, Indiana is 10.4%, higher than the Indiana average of 9.2%.