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 | Grant County | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $58,946 | $140,405 | $242,182 |
| Price Trend (Annual %) | -1.4% | 7.9% | 8.2% |
| Median Gross Rent | $798 | $1,020 | $1,342 |
| Rent Trend (Annual %) | 2.7% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Grant County is about 58% lower than in Indiana. Rent is about 22% lower than the Indiana average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Grant County: home prices fell about 1.4% a year while rent rose about 2.7% a year. That is an unusual pattern worth watching.
Median rent in Grant County rose about 23.0% between 2015 and 2023, from $649 to $798. Over the same span, rent in Indiana rose about 37.0%.
Affordability
On average, housing unit costs 1.1 yearly household incomes in Grant County.
Buying the median-priced home in Grant County costs roughly 6.2 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 Grant County. The price-to-rent ratio in Indiana is about 11.5.
| Metric | Grant County | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $58,946 | $140,405 | $242,182 |
| Median Household Income | $54,240 | $70,132 | $78,145 |
| Price-to-Income Ratio | 1.1 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Grant County fell about 18.7%, while median household income rose about 39.7% between 2009 and 2023 — 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 | Grant County | Indiana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 64.3% | 63.9% | 58.2% |
| Rental Rate | 25.3% | 26.9% | 31.3% |
| Vacancy Rate | 10.4% | 9.2% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
Grant County has a homeownership rate of 64.3%, 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 | Grant County | Indiana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.28 people | 2.47 people | 2.54 people |
| Median Structure Built Year | 1962 | 1975 | 1978 |
| Median Number of Rooms | 5.9 | 5.9 | 5.5 |
The typical housing unit in Grant County was built around 1962. On average, 2.3 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 Grant County, Indiana.
What is the median home price in Grant County, Indiana?
The median home price in Grant County, Indiana is $58,946, lower than the Indiana average of $140,405.
What is the average home price in Grant 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 Grant County, Indiana?
The median gross rent in Grant County, Indiana is $798 per month, lower than the Indiana average of $1,020.
What was the median gross rent in Grant County in 2020?
In 2020, the median gross rent in Grant County, Indiana was $704 per month.
What is the price-to-rent ratio in Grant County, Indiana?
The price-to-rent ratio in Grant County, Indiana is about 6.2, meaning it would take roughly 6.2 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 Grant County.
Are home prices or rent rising faster in Grant County, Indiana?
Home prices and rent are moving in opposite directions in Grant County: home prices fell about 1.4% a year while rent rose about 2.7% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Grant County, Indiana?
64.3% of households in Grant County, Indiana own their home, higher than the Indiana average of 63.9%.
What is the vacancy rate in Grant County, Indiana?
The housing vacancy rate in Grant County, Indiana is 10.4%, higher than the Indiana average of 9.2%.