Morgan County, Indiana Housing Market Prices
Morgan County 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 19% above the Indiana median More expensive than 70% of counties in Indiana$169,852
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Median rent 2% below the Indiana median More expensive than 82% of counties in Indiana$1,042
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Morgan County | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $169,852 | $142,738 | $248,835 |
| Price Trend (Annual %) | 12.6% | 7.2% | 7.5% |
| Median Gross Rent | $1,042 | $1,062 | $1,407 |
| Rent Trend (Annual %) | 4.0% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Morgan County is about 19% higher than in Indiana. Rent is about 2% 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 Morgan County, up about 12.6% and 4.0% a year respectively. Home prices are changing faster.
Median rent in Morgan County rose about 38.1% between 2015 and 2024, from $754 to $1,042. Over the same span, rent in Indiana rose about 42.6%.
Affordability
On average, housing unit costs 2.1 yearly household incomes in Morgan County.
Buying the median-priced home in Morgan County costs roughly 13.6 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 Morgan County. The price-to-rent ratio in Indiana is about 11.2.
| Metric | Morgan County | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $169,852 | $142,738 | $248,835 |
| Median Household Income | $81,024 | $71,967 | $80,455 |
| Price-to-Income Ratio | 2.1 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Morgan County rose about 98.7%, while median household income rose about 39.8% 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 | Morgan County | Indiana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 77.3% | 64.4% | 58.5% |
| Rental Rate | 16.8% | 26.9% | 31.2% |
| Vacancy Rate | 5.9% | 8.8% | 10.2% |
| 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 64.4%. Its housing vacancy rate is 5.9%, compared with 8.8% in Indiana.
Housing Stock
| Metric | Morgan County | Indiana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.54 people | 2.45 people | 2.53 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, 2.5 people live in a home with about 6.0 rooms, staying for about 16.0 years on average.
Morgan County, IN Housing Compared With Nearby Counties
Morgan County, IN is the 4th largest of the 5 counties compared here, 72,659 residents against a local median of 153,640. Morgan County, IN's median home price, at $169,852, runs 27% below the $232,870 typical of the counties around it.
Median rent tells the same story from another angle: $1,042 against a local median of $1,232, 15% below it. The counties themselves spread $143,728 on median home price, so Morgan County, IN sits at one end of an already wide local range rather than apart from it. Morgan County, IN has the 4th highest median home price of the 5 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Morgan County, IN | 72,659 | $169,852 #4/5 | $1,042 #4/5 | 82.1% #1/5 |
| Hendricks County, IN | 183,344 | $213,414 | $1,435 | 78.2% |
| Monroe County, IN | 140,965 | $252,326 | $1,192 | 54.0% |
| Johnson County, IN | 166,315 | $161,827 | $1,271 | 72.7% |
| Owen County, IN | 21,604 | $305,556 | $911 | 81.4% |
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 $169,852, higher than the Indiana average of $142,738.
What is the average home price in Morgan County, Indiana?
The typical home price in Morgan County, Indiana, reported as the median sale price, is $169,852. 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 $1,042 per month, lower than the Indiana average of $1,062.
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 13.6, meaning it would take roughly 13.6 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 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 12.6% and 4.0% 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 64.4%.
What is the vacancy rate in Morgan County, Indiana?
The housing vacancy rate in Morgan County, Indiana is 5.9%, lower than the Indiana average of 8.8%.
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