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 | Noble County | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $75,724 | $140,405 | $242,182 |
| Price Trend (Annual %) | -4.1% | 7.9% | 8.2% |
| Median Gross Rent | $776 | $1,020 | $1,342 |
| Rent Trend (Annual %) | 2.5% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Noble County is about 46% lower than in Indiana. Rent is about 24% lower than the Indiana average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Noble County: home prices fell about 4.1% a year while rent rose about 2.5% a year. That is an unusual pattern worth watching.
Median rent in Noble County rose about 21.4% between 2015 and 2023, from $639 to $776. Over the same span, rent in Indiana rose about 37.0%.
Affordability
On average, housing unit costs 1.1 yearly household incomes in Noble County.
Buying the median-priced home in Noble County costs roughly 8.1 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 Noble County. The price-to-rent ratio in Indiana is about 11.5.
| Metric | Noble County | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $75,724 | $140,405 | $242,182 |
| Median Household Income | $71,378 | $70,132 | $78,145 |
| Price-to-Income Ratio | 1.1 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Noble County fell about 28.8%, while median household income rose about 52.5% between 2009 and 2023 — 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 | Noble County | Indiana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 67.8% | 63.9% | 58.2% |
| Rental Rate | 21.1% | 26.9% | 31.3% |
| Vacancy Rate | 11.1% | 9.2% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
Noble County has a homeownership rate of 67.8%, higher than the Indiana average of 63.9%. Its housing vacancy rate is 11.1%, compared with 9.2% in Indiana.
Housing Stock
| Metric | Noble County | Indiana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.60 people | 2.47 people | 2.54 people |
| Median Structure Built Year | 1975 | 1975 | 1978 |
| Median Number of Rooms | 5.8 | 5.9 | 5.5 |
The typical housing unit in Noble County was built around 1975. On average, 2.6 people live in a home with about 5.8 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Noble County, Indiana.
What is the median home price in Noble County, Indiana?
The median home price in Noble County, Indiana is $75,724, lower than the Indiana average of $140,405.
What is the average home price in Noble 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 Noble County, Indiana?
The median gross rent in Noble County, Indiana is $776 per month, lower than the Indiana average of $1,020.
What was the median gross rent in Noble County in 2020?
In 2020, the median gross rent in Noble County, Indiana was $686 per month.
What is the price-to-rent ratio in Noble County, Indiana?
The price-to-rent ratio in Noble County, Indiana is about 8.1, meaning it would take roughly 8.1 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 Noble County.
Are home prices or rent rising faster in Noble County, Indiana?
Home prices and rent are moving in opposite directions in Noble County: home prices fell about 4.1% a year while rent rose about 2.5% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Noble County, Indiana?
67.8% of households in Noble County, Indiana own their home, higher than the Indiana average of 63.9%.
What is the vacancy rate in Noble County, Indiana?
The housing vacancy rate in Noble County, Indiana is 11.1%, higher than the Indiana average of 9.2%.