Kokomo, Indiana Housing Market Prices
Kokomo 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 44% below the Indiana median$80,238
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Median rent 12% below the Indiana median$938
Housing Market Overview
| Metric | Kokomo | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $80,238 | $142,738 | $248,835 |
| Price Trend (Annual %) | 5.6% | 7.2% | 7.5% |
| Median Gross Rent | $938 | $1,062 | $1,407 |
| Rent Trend (Annual %) | 4.6% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Kokomo is about 44% lower than in Indiana. Rent is about 12% lower 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 Kokomo, up about 5.6% and 4.6% a year respectively. Home prices are changing faster.
Median rent in Kokomo rose about 48.0% between 2015 and 2024, from $634 to $938. Over the same span, rent in Indiana rose about 42.6%.
Affordability
On average, housing unit costs 1.5 yearly household incomes in Kokomo.
Buying the median-priced home in Kokomo costs roughly 7.1 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 Kokomo. The price-to-rent ratio in Indiana is about 11.2.
| Metric | Kokomo | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $80,238 | $142,738 | $248,835 |
| Median Household Income | $54,255 | $71,967 | $80,455 |
| Price-to-Income Ratio | 1.5 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Kokomo rose about 61.7%, while median household income rose about 31.2% 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 | Kokomo | Indiana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 55.1% | 64.4% | 58.5% |
| Rental Rate | 32.9% | 26.9% | 31.2% |
| Vacancy Rate | 12.1% | 8.8% | 10.2% |
| Median Tenure (years) | 13.0 | 15.0 | 15.0 |
| Median Year Moved In | 2013 | 2011 | 2011 |
Kokomo has a homeownership rate of 55.1%, lower than the Indiana average of 64.4%. Its housing vacancy rate is 12.1%, compared with 8.8% in Indiana.
Housing Stock
| Metric | Kokomo | Indiana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.20 people | 2.45 people | 2.53 people |
| Median Structure Built Year | 1963 | 1975 | 1978 |
| Median Number of Rooms | 5.6 | 5.9 | 5.5 |
The typical housing unit in Kokomo was built around 1963. On average, 2.2 people live in a home with about 5.6 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Kokomo, Indiana.
What is the median home price in Kokomo, Indiana?
The median home price in Kokomo, Indiana is $80,238, lower than the Indiana average of $142,738.
What is the average home price in Kokomo, Indiana?
The typical home price in Kokomo, Indiana, reported as the median sale price, is $80,238. 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 Kokomo, Indiana?
The median gross rent in Kokomo, Indiana is $938 per month, lower than the Indiana average of $1,062.
What was the median gross rent in Kokomo in 2020?
In 2020, the median gross rent in Kokomo, Indiana was $737 per month.
What is the price-to-rent ratio in Kokomo, Indiana?
The price-to-rent ratio in Kokomo, Indiana is about 7.1, meaning it would take roughly 7.1 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 Kokomo.
Are home prices or rent rising faster in Kokomo, Indiana?
Both home prices and rent are rising in Kokomo, up about 5.6% and 4.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Kokomo, Indiana?
55.1% of households in Kokomo, Indiana own their home, lower than the Indiana average of 64.4%.
What is the vacancy rate in Kokomo, Indiana?
The housing vacancy rate in Kokomo, Indiana is 12.1%, higher than the Indiana average of 8.8%.
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