Hammond, Indiana Housing Market Prices
Hammond 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.
-
Median home price 57% below the Indiana median$61,008
-
Median rent 7% above the Indiana median$1,135
Housing Market Overview
| Metric | Hammond | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $61,008 | $142,738 | $248,835 |
| Price Trend (Annual %) | -0.8% | 7.2% | 7.5% |
| Median Gross Rent | $1,135 | $1,062 | $1,407 |
| Rent Trend (Annual %) | 3.9% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Hammond is about 57% lower than in Indiana. Rent is about 7% higher 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 Hammond: home prices fell about 0.8% a year while rent rose about 3.9% a year. That is an unusual pattern worth watching.
Median rent in Hammond rose about 37.0% between 2015 and 2024, from $828 to $1,135. Over the same span, rent in Indiana rose about 42.6%.
Affordability
On average, housing unit costs 1.1 yearly household incomes in Hammond.
Buying the median-priced home in Hammond costs roughly 4.5 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 Hammond. The price-to-rent ratio in Indiana is about 11.2.
| Metric | Hammond | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $61,008 | $142,738 | $248,835 |
| Median Household Income | $56,237 | $71,967 | $80,455 |
| Price-to-Income Ratio | 1.1 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Hammond fell about 23.7%, while median household income rose about 41.5% 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 | Hammond | Indiana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 56.5% | 64.4% | 58.5% |
| Rental Rate | 34.1% | 26.9% | 31.2% |
| Vacancy Rate | 9.4% | 8.8% | 10.2% |
| Median Tenure (years) | 15.0 | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 | 2011 |
Hammond has a homeownership rate of 56.5%, lower than the Indiana average of 64.4%. Its housing vacancy rate is 9.4%, compared with 8.8% in Indiana.
Housing Stock
| Metric | Hammond | Indiana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.58 people | 2.45 people | 2.53 people |
| Median Structure Built Year | 1954 | 1975 | 1978 |
| Median Number of Rooms | 5.3 | 5.9 | 5.5 |
The typical housing unit in Hammond was built around 1954. On average, 2.6 people live in a home with about 5.3 rooms, staying for about 15.0 years on average.
Hammond, IN Housing Compared With Nearby Cities
How Hammond, IN compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Hammond, IN | 76,072 | $61,008 #2/2 | $1,135 #2/2 | 62.4% #1/2 |
| Calumet City, IL | 34,245 | $113,588 | $1,190 | 57.1% |
Frequently Asked Questions
Common questions about the housing market in Hammond, Indiana.
What is the median home price in Hammond, Indiana?
The median home price in Hammond, Indiana is $61,008, lower than the Indiana average of $142,738.
What is the average home price in Hammond, Indiana?
The typical home price in Hammond, Indiana, reported as the median sale price, is $61,008. 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 Hammond, Indiana?
The median gross rent in Hammond, Indiana is $1,135 per month, higher than the Indiana average of $1,062.
What was the median gross rent in Hammond in 2020?
In 2020, the median gross rent in Hammond, Indiana was $884 per month.
What is the price-to-rent ratio in Hammond, Indiana?
The price-to-rent ratio in Hammond, Indiana is about 4.5, meaning it would take roughly 4.5 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 Hammond.
Are home prices or rent rising faster in Hammond, Indiana?
Home prices and rent are moving in opposite directions in Hammond: home prices fell about 0.8% a year while rent rose about 3.9% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Hammond, Indiana?
56.5% of households in Hammond, Indiana own their home, lower than the Indiana average of 64.4%.
What is the vacancy rate in Hammond, Indiana?
The housing vacancy rate in Hammond, Indiana is 9.4%, higher than the Indiana average of 8.8%.
Analyze any area in the US
Get local demographics for any address, aggregated by drive time or radius, on the interactive map.
Explore the map →