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 | Owen County | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $308,064 | $140,405 | $242,182 |
| Price Trend (Annual %) | 32.5% | 7.9% | 8.2% |
| Median Gross Rent | $912 | $1,020 | $1,342 |
| Rent Trend (Annual %) | 5.1% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Owen County is about 119% higher than in Indiana. Rent is about 11% 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 Owen County, up about 32.5% and 5.1% a year respectively. Home prices are changing faster.
Median rent in Owen County rose about 34.5% between 2015 and 2023, from $678 to $912. Over the same span, rent in Indiana rose about 37.0%.
Affordability
On average, housing unit costs 5.2 yearly household incomes in Owen County.
Buying the median-priced home in Owen County costs roughly 28.1 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 Owen County. The price-to-rent ratio in Indiana is about 11.5.
| Metric | Owen County | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $308,064 | $140,405 | $242,182 |
| Median Household Income | $59,410 | $70,132 | $78,145 |
| Price-to-Income Ratio | 5.2 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Owen County rose about 310.8%, while median household income rose about 37.6% 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 | Owen County | Indiana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 70.4% | 63.9% | 58.2% |
| Rental Rate | 16.7% | 26.9% | 31.3% |
| Vacancy Rate | 12.9% | 9.2% | 10.6% |
| Median Tenure (years) | 15.0 | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 | 2011 |
Owen County has a homeownership rate of 70.4%, higher than the Indiana average of 63.9%. Its housing vacancy rate is 12.9%, compared with 9.2% in Indiana.
Housing Stock
| Metric | Owen County | Indiana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.47 people | 2.47 people | 2.54 people |
| Median Structure Built Year | 1979 | 1975 | 1978 |
| Median Number of Rooms | 5.6 | 5.9 | 5.5 |
The typical housing unit in Owen County was built around 1979. On average, 2.5 people live in a home with about 5.6 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Owen County, Indiana.
What is the median home price in Owen County, Indiana?
The median home price in Owen County, Indiana is $308,064, higher than the Indiana average of $140,405.
What is the average home price in Owen 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 Owen County, Indiana?
The median gross rent in Owen County, Indiana is $912 per month, lower than the Indiana average of $1,020.
What was the median gross rent in Owen County in 2020?
In 2020, the median gross rent in Owen County, Indiana was $708 per month.
What is the price-to-rent ratio in Owen County, Indiana?
The price-to-rent ratio in Owen County, Indiana is about 28.1, meaning it would take roughly 28.1 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 Owen County.
Are home prices or rent rising faster in Owen County, Indiana?
Both home prices and rent are rising in Owen County, up about 32.5% and 5.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Owen County, Indiana?
70.4% of households in Owen County, Indiana own their home, higher than the Indiana average of 63.9%.
What is the vacancy rate in Owen County, Indiana?
The housing vacancy rate in Owen County, Indiana is 12.9%, higher than the Indiana average of 9.2%.