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 | Morgan County | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $192,708 | $140,405 | $242,182 |
| Price Trend (Annual %) | 16.1% | 7.9% | 8.2% |
| Median Gross Rent | $987 | $1,020 | $1,342 |
| Rent Trend (Annual %) | 3.7% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Morgan County is about 37% higher than in Indiana. Rent is about 3% lower 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 Morgan County, up about 16.1% and 3.7% a year respectively. Home prices are changing faster.
Median rent in Morgan County rose about 30.9% between 2015 and 2023, from $754 to $987. Over the same span, rent in Indiana rose about 37.0%.
Affordability
On average, housing unit costs 2.4 yearly household incomes in Morgan County.
Buying the median-priced home in Morgan County costs roughly 16.3 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Morgan County. The price-to-rent ratio in Indiana is about 11.5.
| Metric | Morgan County | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $192,708 | $140,405 | $242,182 |
| Median Household Income | $80,386 | $70,132 | $78,145 |
| Price-to-Income Ratio | 2.4 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Morgan County rose about 125.4%, while median household income rose about 46.7% 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 | Morgan County | Indiana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 77.3% | 63.9% | 58.2% |
| Rental Rate | 15.9% | 26.9% | 31.3% |
| Vacancy Rate | 6.8% | 9.2% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
Morgan County has a homeownership rate of 77.3%, higher than the Indiana average of 63.9%. Its housing vacancy rate is 6.8%, compared with 9.2% in Indiana.
Housing Stock
| Metric | Morgan County | Indiana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.57 people | 2.47 people | 2.54 people |
| Median Structure Built Year | 1983 | 1975 | 1978 |
| Median Number of Rooms | 6.0 | 5.9 | 5.5 |
The typical housing unit in Morgan County was built around 1983. On average, 2.6 people live in a home with about 6.0 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Morgan County, Indiana.
What is the median home price in Morgan County, Indiana?
The median home price in Morgan County, Indiana is $192,708, higher than the Indiana average of $140,405.
What is the average home price in Morgan 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 Morgan County, Indiana?
The median gross rent in Morgan County, Indiana is $987 per month, lower than the Indiana average of $1,020.
What was the median gross rent in Morgan County in 2020?
In 2020, the median gross rent in Morgan County, Indiana was $822 per month.
What is the price-to-rent ratio in Morgan County, Indiana?
The price-to-rent ratio in Morgan County, Indiana is about 16.3, meaning it would take roughly 16.3 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Morgan County.
Are home prices or rent rising faster in Morgan County, Indiana?
Both home prices and rent are rising in Morgan County, up about 16.1% and 3.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Morgan County, Indiana?
77.3% of households in Morgan County, Indiana own their home, higher than the Indiana average of 63.9%.
What is the vacancy rate in Morgan County, Indiana?
The housing vacancy rate in Morgan County, Indiana is 6.8%, lower than the Indiana average of 9.2%.