Housing Market Overview
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 Map: Nearby Counties
Housing Market Overview
| Metric | Monroe County | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $283,986 | $140,405 | $242,182 |
| Price Trend (Annual %) | 15.8% | 7.9% | 8.2% |
| Median Gross Rent | $1,151 | $1,020 | $1,342 |
| Rent Trend (Annual %) | 4.5% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Monroe County is about 102% higher than in Indiana. Rent is about 13% higher than the Indiana average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Monroe County, up about 15.8% and 4.5% a year respectively. Home prices are changing faster.
Median rent in Monroe County rose about 37.6% between 2015 and 2023, from $836 to $1,151. Over the same span, rent in Indiana rose about 37.0%.
Affordability
On average, housing unit costs 4.5 yearly household incomes in Monroe County.
Buying the median-priced home in Monroe County costs roughly 20.6 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Monroe County. The price-to-rent ratio in Indiana is about 11.5.
| Metric | Monroe County | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $283,986 | $140,405 | $242,182 |
| Median Household Income | $63,760 | $70,132 | $78,145 |
| Price-to-Income Ratio | 4.5 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Monroe County rose about 145.1%, while median household income rose about 66.6% between 2009 and 2023 — 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 | Monroe County | Indiana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 49.3% | 63.9% | 58.2% |
| Rental Rate | 40.6% | 26.9% | 31.3% |
| Vacancy Rate | 10.2% | 9.2% | 10.6% |
| Median Tenure (years) | 12.0 | 15.0 | 15.0 |
| Median Year Moved In | 2014 | 2011 | 2011 |
Monroe County has a homeownership rate of 49.3%, lower than the Indiana average of 63.9%. Its housing vacancy rate is 10.2%, compared with 9.2% in Indiana.
Housing Stock
| Metric | Monroe County | Indiana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.15 people | 2.47 people | 2.54 people |
| Median Structure Built Year | 1984 | 1975 | 1978 |
| Median Number of Rooms | 5.2 | 5.9 | 5.5 |
The typical housing unit in Monroe County was built around 1984. On average, 2.2 people live in a home with about 5.2 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Monroe County, Indiana.
What is the median home price in Monroe County, Indiana?
The median home price in Monroe County, Indiana is $283,986, higher than the Indiana average of $140,405.
What is the average home price in Monroe County, Indiana?
The typical home price in %s, reported as the median sale price, is %s. 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 Monroe County, Indiana?
The median gross rent in Monroe County, Indiana is $1,151 per month, higher than the Indiana average of $1,020.
What was the median gross rent in Monroe County in 2020?
In 2020, the median gross rent in Monroe County, Indiana was $948 per month.
What is the price-to-rent ratio in Monroe County, Indiana?
The price-to-rent ratio in Monroe County, Indiana is about 20.6, meaning it would take roughly 20.6 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Monroe County.
Are home prices or rent rising faster in Monroe County, Indiana?
Both home prices and rent are rising in Monroe County, up about 15.8% and 4.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Monroe County, Indiana?
49.3% of households in Monroe County, Indiana own their home, lower than the Indiana average of 63.9%.
What is the vacancy rate in Monroe County, Indiana?
The housing vacancy rate in Monroe County, Indiana is 10.2%, higher than the Indiana average of 9.2%.