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 | Pike County | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $162,500 | $140,405 | $242,182 |
| Price Trend (Annual %) | 18.4% | 7.9% | 8.2% |
| Median Gross Rent | $676 | $1,020 | $1,342 |
| Rent Trend (Annual %) | 2.0% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Pike County is about 16% higher than in Indiana. Rent is about 34% 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 Pike County, up about 18.4% and 2.0% a year respectively. Home prices are changing faster.
Median rent in Pike County rose about 9.1% between 2015 and 2023, from $619 to $676. Over the same span, rent in Indiana rose about 37.0%.
Affordability
On average, housing unit costs 2.4 yearly household incomes in Pike County.
Buying the median-priced home in Pike County costs roughly 20.0 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 Pike County. The price-to-rent ratio in Indiana is about 11.5.
| Metric | Pike County | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $162,500 | $140,405 | $242,182 |
| Median Household Income | $66,606 | $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 Pike County rose about 156.6%, while median household income rose about 68.1% 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 | Pike County | Indiana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 76.3% | 63.9% | 58.2% |
| Rental Rate | 13.0% | 26.9% | 31.3% |
| Vacancy Rate | 10.7% | 9.2% | 10.6% |
| Median Tenure (years) | 17.0 | 15.0 | 15.0 |
| Median Year Moved In | 2009 | 2011 | 2011 |
Pike County has a homeownership rate of 76.3%, higher than the Indiana average of 63.9%. Its housing vacancy rate is 10.7%, compared with 9.2% in Indiana.
Housing Stock
| Metric | Pike County | Indiana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.40 people | 2.47 people | 2.54 people |
| Median Structure Built Year | 1970 | 1975 | 1978 |
| Median Number of Rooms | 5.5 | 5.9 | 5.5 |
The typical housing unit in Pike County was built around 1970. On average, 2.4 people live in a home with about 5.5 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Pike County, Indiana.
What is the median home price in Pike County, Indiana?
The median home price in Pike County, Indiana is $162,500, higher than the Indiana average of $140,405.
What is the average home price in Pike 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 Pike County, Indiana?
The median gross rent in Pike County, Indiana is $676 per month, lower than the Indiana average of $1,020.
What was the median gross rent in Pike County in 2020?
In 2020, the median gross rent in Pike County, Indiana was $595 per month.
What is the price-to-rent ratio in Pike County, Indiana?
The price-to-rent ratio in Pike County, Indiana is about 20.0, meaning it would take roughly 20.0 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 Pike County.
Are home prices or rent rising faster in Pike County, Indiana?
Both home prices and rent are rising in Pike County, up about 18.4% and 2.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Pike County, Indiana?
76.3% of households in Pike County, Indiana own their home, higher than the Indiana average of 63.9%.
What is the vacancy rate in Pike County, Indiana?
The housing vacancy rate in Pike County, Indiana is 10.7%, higher than the Indiana average of 9.2%.