Evansville, Indiana Housing Market Prices
Evansville 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 51% below the Indiana median$69,624
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Median rent 8% below the Indiana median$977
Housing Market Overview
| Metric | Evansville | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $69,624 | $142,738 | $248,835 |
| Price Trend (Annual %) | -0.9% | 7.2% | 7.5% |
| Median Gross Rent | $977 | $1,062 | $1,407 |
| Rent Trend (Annual %) | 4.0% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Evansville is about 51% lower than in Indiana. Rent is about 8% lower than the Indiana average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Home prices and rent are moving in opposite directions in Evansville: home prices fell about 0.9% a year while rent rose about 4.0% a year. That is an unusual pattern worth watching.
Median rent in Evansville rose about 38.0% between 2015 and 2024, from $708 to $977. Over the same span, rent in Indiana rose about 42.6%.
Affordability
On average, housing unit costs 1.3 yearly household incomes in Evansville.
Buying the median-priced home in Evansville costs roughly 5.9 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 Evansville. The price-to-rent ratio in Indiana is about 11.2.
| Metric | Evansville | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $69,624 | $142,738 | $248,835 |
| Median Household Income | $53,876 | $71,967 | $80,455 |
| Price-to-Income Ratio | 1.3 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Evansville fell about 10.2%, while median household income rose about 43.3% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Evansville | Indiana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 49.8% | 64.4% | 58.5% |
| Rental Rate | 39.9% | 26.9% | 31.2% |
| Vacancy Rate | 10.4% | 8.8% | 10.2% |
| Median Tenure (years) | 12.0 | 15.0 | 15.0 |
| Median Year Moved In | 2014 | 2011 | 2011 |
Evansville has a homeownership rate of 49.8%, lower than the Indiana average of 64.4%. Its housing vacancy rate is 10.4%, compared with 8.8% in Indiana.
Housing Stock
| Metric | Evansville | Indiana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.13 people | 2.45 people | 2.53 people |
| Median Structure Built Year | 1962 | 1975 | 1978 |
| Median Number of Rooms | 5.1 | 5.9 | 5.5 |
The typical housing unit in Evansville was built around 1962. On average, 2.1 people live in a home with about 5.1 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Evansville, Indiana.
What is the median home price in Evansville, Indiana?
The median home price in Evansville, Indiana is $69,624, lower than the Indiana average of $142,738.
What is the average home price in Evansville, Indiana?
The typical home price in Evansville, Indiana, reported as the median sale price, is $69,624. 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 Evansville, Indiana?
The median gross rent in Evansville, Indiana is $977 per month, lower than the Indiana average of $1,062.
What was the median gross rent in Evansville in 2020?
In 2020, the median gross rent in Evansville, Indiana was $801 per month.
What is the price-to-rent ratio in Evansville, Indiana?
The price-to-rent ratio in Evansville, Indiana is about 5.9, meaning it would take roughly 5.9 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 Evansville.
Are home prices or rent rising faster in Evansville, Indiana?
Home prices and rent are moving in opposite directions in Evansville: home prices fell about 0.9% a year while rent rose about 4.0% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Evansville, Indiana?
49.8% of households in Evansville, Indiana own their home, lower than the Indiana average of 64.4%.
What is the vacancy rate in Evansville, Indiana?
The housing vacancy rate in Evansville, Indiana is 10.4%, higher than the Indiana average of 8.8%.
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