Indianapolis city (balance), Indiana Housing Market Prices
Indianapolis city (balance) 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 1% above the Indiana median$144,690
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Median rent 9% above the Indiana median$1,159
Housing Market Overview
| Metric | Indianapolis city (balance) | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $144,690 | $142,738 | $248,835 |
| Price Trend (Annual %) | 5.5% | 7.2% | 7.5% |
| Median Gross Rent | $1,159 | $1,062 | $1,407 |
| Rent Trend (Annual %) | 4.6% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Indianapolis city (balance) is about 1% higher than in Indiana. Rent is about 9% higher 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 Indianapolis city (balance), up about 5.5% and 4.6% a year respectively. Home prices are changing faster.
Median rent in Indianapolis city (balance) rose about 46.4% between 2015 and 2024, from $791 to $1,159. Over the same span, rent in Indiana rose about 42.6%.
Affordability
On average, housing unit costs 2.2 yearly household incomes in Indianapolis city (balance).
Buying the median-priced home in Indianapolis city (balance) costs roughly 10.4 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 Indianapolis city (balance). The price-to-rent ratio in Indiana is about 11.2.
| Metric | Indianapolis city (balance) | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $144,690 | $142,738 | $248,835 |
| Median Household Income | $66,613 | $71,967 | $80,455 |
| Price-to-Income Ratio | 2.2 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Indianapolis city (balance) rose about 77.7%, while median household income rose about 48.1% 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 | Indianapolis city (balance) | Indiana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 50.7% | 64.4% | 58.5% |
| Rental Rate | 39.7% | 26.9% | 31.2% |
| Vacancy Rate | 9.6% | 8.8% | 10.2% |
| Median Tenure (years) | 12.0 | 15.0 | 15.0 |
| Median Year Moved In | 2014 | 2011 | 2011 |
Indianapolis city (balance) has a homeownership rate of 50.7%, lower than the Indiana average of 64.4%. Its housing vacancy rate is 9.6%, compared with 8.8% in Indiana.
Housing Stock
| Metric | Indianapolis city (balance) | Indiana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.38 people | 2.45 people | 2.53 people |
| Median Structure Built Year | 1973 | 1975 | 1978 |
| Median Number of Rooms | 5.5 | 5.9 | 5.5 |
The typical housing unit in Indianapolis city (balance) was built around 1973. On average, 2.4 people live in a home with about 5.5 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Indianapolis city (balance), Indiana.
What is the median home price in Indianapolis city (balance), Indiana?
The median home price in Indianapolis city (balance), Indiana is $144,690, higher than the Indiana average of $142,738.
What is the average home price in Indianapolis city (balance), Indiana?
The typical home price in Indianapolis city (balance), Indiana, reported as the median sale price, is $144,690. 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 Indianapolis city (balance), Indiana?
The median gross rent in Indianapolis city (balance), Indiana is $1,159 per month, higher than the Indiana average of $1,062.
What was the median gross rent in Indianapolis city (balance) in 2020?
In 2020, the median gross rent in Indianapolis city (balance), Indiana was $911 per month.
What is the price-to-rent ratio in Indianapolis city (balance), Indiana?
The price-to-rent ratio in Indianapolis city (balance), Indiana is about 10.4, meaning it would take roughly 10.4 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 Indianapolis city (balance).
Are home prices or rent rising faster in Indianapolis city (balance), Indiana?
Both home prices and rent are rising in Indianapolis city (balance), up about 5.5% and 4.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Indianapolis city (balance), Indiana?
50.7% of households in Indianapolis city (balance), Indiana own their home, lower than the Indiana average of 64.4%.
What is the vacancy rate in Indianapolis city (balance), Indiana?
The housing vacancy rate in Indianapolis city (balance), Indiana is 9.6%, higher than the Indiana average of 8.8%.
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