Mishawaka, Indiana Housing Market Prices
Mishawaka 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 58% below the Indiana median$59,349
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Median rent 6% below the Indiana median$994
Housing Market Overview
| Metric | Mishawaka | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $59,349 | $142,738 | $248,835 |
| Price Trend (Annual %) | 0.1% | 7.2% | 7.5% |
| Median Gross Rent | $994 | $1,062 | $1,407 |
| Rent Trend (Annual %) | 5.0% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Mishawaka is about 58% lower than in Indiana. Rent is about 6% 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 Mishawaka, up about 0.1% and 5.0% a year respectively. Rent is changing faster.
Median rent in Mishawaka rose about 47.3% between 2015 and 2024, from $675 to $994. Over the same span, rent in Indiana rose about 42.6%.
Affordability
On average, housing unit costs 1.1 yearly household incomes in Mishawaka.
Buying the median-priced home in Mishawaka costs roughly 5.0 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 Mishawaka. The price-to-rent ratio in Indiana is about 11.2.
| Metric | Mishawaka | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $59,349 | $142,738 | $248,835 |
| Median Household Income | $54,534 | $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 Mishawaka fell about 16.6%, while median household income rose about 23.2% 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 | Mishawaka | Indiana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 51.4% | 64.4% | 58.5% |
| Rental Rate | 40.3% | 26.9% | 31.2% |
| Vacancy Rate | 8.3% | 8.8% | 10.2% |
| Median Tenure (years) | 12.0 | 15.0 | 15.0 |
| Median Year Moved In | 2014 | 2011 | 2011 |
Mishawaka has a homeownership rate of 51.4%, lower than the Indiana average of 64.4%. Its housing vacancy rate is 8.3%, compared with 8.8% in Indiana.
Housing Stock
| Metric | Mishawaka | Indiana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.23 people | 2.45 people | 2.53 people |
| Median Structure Built Year | 1971 | 1975 | 1978 |
| Median Number of Rooms | 5.2 | 5.9 | 5.5 |
The typical housing unit in Mishawaka was built around 1971. On average, 2.2 people live in a home with about 5.2 rooms, staying for about 12.0 years on average.
Mishawaka, IN Housing Compared With Nearby Cities
How Mishawaka, IN compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Mishawaka, IN | 44,023 | $59,349 #2/2 | $994 #2/2 | 56.1% #2/2 |
| Granger, IN | 29,240 | $284,699 | $1,616 | 89.3% |
Frequently Asked Questions
Common questions about the housing market in Mishawaka, Indiana.
What is the median home price in Mishawaka, Indiana?
The median home price in Mishawaka, Indiana is $59,349, lower than the Indiana average of $142,738.
What is the average home price in Mishawaka, Indiana?
The typical home price in Mishawaka, Indiana, reported as the median sale price, is $59,349. 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 Mishawaka, Indiana?
The median gross rent in Mishawaka, Indiana is $994 per month, lower than the Indiana average of $1,062.
What was the median gross rent in Mishawaka in 2020?
In 2020, the median gross rent in Mishawaka, Indiana was $785 per month.
What is the price-to-rent ratio in Mishawaka, Indiana?
The price-to-rent ratio in Mishawaka, Indiana is about 5.0, meaning it would take roughly 5.0 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 Mishawaka.
Are home prices or rent rising faster in Mishawaka, Indiana?
Both home prices and rent are rising in Mishawaka, up about 0.1% and 5.0% a year respectively. Rent is changing faster.
What is the homeownership rate in Mishawaka, Indiana?
51.4% of households in Mishawaka, Indiana own their home, lower than the Indiana average of 64.4%.
What is the vacancy rate in Mishawaka, Indiana?
The housing vacancy rate in Mishawaka, Indiana is 8.3%, lower than the Indiana average of 8.8%.
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