Lawrence, Indiana Housing Market Prices
Lawrence 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 77% below the Indiana median$33,482
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Median rent 7% above the Indiana median$1,139
Housing Market Overview
| Metric | Lawrence | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $33,482 | $142,738 | $248,835 |
| Price Trend (Annual %) | 161.8% | 7.2% | 7.5% |
| Median Gross Rent | $1,139 | $1,062 | $1,407 |
| Rent Trend (Annual %) | 5.2% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lawrence is about 77% 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
Both home prices and rent are rising in Lawrence, up about 161.8% and 5.2% a year respectively. Home prices are changing faster.
Median rent in Lawrence rose about 48.6% between 2015 and 2024, from $766 to $1,139. Over the same span, rent in Indiana rose about 42.6%.
Affordability
On average, housing unit costs 0.5 yearly household incomes in Lawrence.
Buying the median-priced home in Lawrence costs roughly 2.5 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 Lawrence. The price-to-rent ratio in Indiana is about 11.2.
| Metric | Lawrence | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $33,482 | $142,738 | $248,835 |
| Median Household Income | $73,246 | $71,967 | $80,455 |
| Price-to-Income Ratio | 0.5 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Lawrence fell about 74.4%, while median household income rose about 24.3% 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 | Lawrence | Indiana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 63.0% | 64.4% | 58.5% |
| Rental Rate | 32.9% | 26.9% | 31.2% |
| Vacancy Rate | 4.1% | 8.8% | 10.2% |
| Median Tenure (years) | 12.0 | 15.0 | 15.0 |
| Median Year Moved In | 2014 | 2011 | 2011 |
Lawrence has a homeownership rate of 63.0%, lower than the Indiana average of 64.4%. Its housing vacancy rate is 4.1%, compared with 8.8% in Indiana.
Housing Stock
| Metric | Lawrence | Indiana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.55 people | 2.45 people | 2.53 people |
| Median Structure Built Year | 1988 | 1975 | 1978 |
| Median Number of Rooms | 5.7 | 5.9 | 5.5 |
The typical housing unit in Lawrence was built around 1988. On average, 2.6 people live in a home with about 5.7 rooms, staying for about 12.0 years on average.
Lawrence, IN Housing Compared With Nearby Cities
How Lawrence, IN compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Lawrence, IN | 51,351 | $33,482 #2/2 | $1,139 #2/2 | 65.7% #2/2 |
| Fishers, IN | 84,547 | $283,936 | $1,609 | 74.5% |
Frequently Asked Questions
Common questions about the housing market in Lawrence, Indiana.
What is the median home price in Lawrence, Indiana?
The median home price in Lawrence, Indiana is $33,482, lower than the Indiana average of $142,738.
What is the average home price in Lawrence, Indiana?
The typical home price in Lawrence, Indiana, reported as the median sale price, is $33,482. 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 Lawrence, Indiana?
The median gross rent in Lawrence, Indiana is $1,139 per month, higher than the Indiana average of $1,062.
What was the median gross rent in Lawrence in 2020?
In 2020, the median gross rent in Lawrence, Indiana was $941 per month.
What is the price-to-rent ratio in Lawrence, Indiana?
The price-to-rent ratio in Lawrence, Indiana is about 2.5, meaning it would take roughly 2.5 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 Lawrence.
Are home prices or rent rising faster in Lawrence, Indiana?
Both home prices and rent are rising in Lawrence, up about 161.8% and 5.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lawrence, Indiana?
63.0% of households in Lawrence, Indiana own their home, lower than the Indiana average of 64.4%.
What is the vacancy rate in Lawrence, Indiana?
The housing vacancy rate in Lawrence, Indiana is 4.1%, lower than the Indiana average of 8.8%.
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