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 | Posey County | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $106,649 | $140,405 | $242,182 |
| Price Trend (Annual %) | 2.4% | 7.9% | 8.2% |
| Median Gross Rent | $743 | $1,020 | $1,342 |
| Rent Trend (Annual %) | 1.3% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Posey County is about 24% lower than in Indiana. Rent is about 27% 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 Posey County, up about 2.4% and 1.3% a year respectively. Home prices are changing faster.
Median rent in Posey County rose about 11.7% between 2015 and 2023, from $665 to $743. Over the same span, rent in Indiana rose about 37.0%.
Affordability
On average, housing unit costs 1.4 yearly household incomes in Posey County.
Buying the median-priced home in Posey County costs roughly 12.0 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 Posey County. The price-to-rent ratio in Indiana is about 11.5.
| Metric | Posey County | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $106,649 | $140,405 | $242,182 |
| Median Household Income | $78,556 | $70,132 | $78,145 |
| Price-to-Income Ratio | 1.4 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Posey County rose about 149.3%, while median household income rose about 36.6% 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 | Posey County | Indiana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 76.1% | 63.9% | 58.2% |
| Rental Rate | 16.6% | 26.9% | 31.3% |
| Vacancy Rate | 7.3% | 9.2% | 10.6% |
| Median Tenure (years) | 17.0 | 15.0 | 15.0 |
| Median Year Moved In | 2009 | 2011 | 2011 |
Posey County has a homeownership rate of 76.1%, higher than the Indiana average of 63.9%. Its housing vacancy rate is 7.3%, compared with 9.2% in Indiana.
Housing Stock
| Metric | Posey County | Indiana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.42 people | 2.47 people | 2.54 people |
| Median Structure Built Year | 1973 | 1975 | 1978 |
| Median Number of Rooms | 6.1 | 5.9 | 5.5 |
The typical housing unit in Posey County was built around 1973. On average, 2.4 people live in a home with about 6.1 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Posey County, Indiana.
What is the median home price in Posey County, Indiana?
The median home price in Posey County, Indiana is $106,649, lower than the Indiana average of $140,405.
What is the average home price in Posey 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 Posey County, Indiana?
The median gross rent in Posey County, Indiana is $743 per month, lower than the Indiana average of $1,020.
What was the median gross rent in Posey County in 2020?
In 2020, the median gross rent in Posey County, Indiana was $666 per month.
What is the price-to-rent ratio in Posey County, Indiana?
The price-to-rent ratio in Posey County, Indiana is about 12.0, meaning it would take roughly 12.0 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 Posey County.
Are home prices or rent rising faster in Posey County, Indiana?
Both home prices and rent are rising in Posey County, up about 2.4% and 1.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Posey County, Indiana?
76.1% of households in Posey County, Indiana own their home, higher than the Indiana average of 63.9%.
What is the vacancy rate in Posey County, Indiana?
The housing vacancy rate in Posey County, Indiana is 7.3%, lower than the Indiana average of 9.2%.