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 | Putnam County | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $173,249 | $140,405 | $242,182 |
| Price Trend (Annual %) | 17.8% | 7.9% | 8.2% |
| Median Gross Rent | $882 | $1,020 | $1,342 |
| Rent Trend (Annual %) | 3.1% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Putnam County is about 23% higher than in Indiana. Rent is about 14% 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 Putnam County, up about 17.8% and 3.1% a year respectively. Home prices are changing faster.
Median rent in Putnam County rose about 27.3% between 2015 and 2023, from $693 to $882. Over the same span, rent in Indiana rose about 37.0%.
Affordability
On average, housing unit costs 2.3 yearly household incomes in Putnam County.
Buying the median-priced home in Putnam County costs roughly 16.4 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Putnam County. The price-to-rent ratio in Indiana is about 11.5.
| Metric | Putnam County | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $173,249 | $140,405 | $242,182 |
| Median Household Income | $75,807 | $70,132 | $78,145 |
| Price-to-Income Ratio | 2.3 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Putnam County rose about 192.5%, while median household income rose about 52.1% 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 | Putnam County | Indiana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 67.9% | 63.9% | 58.2% |
| Rental Rate | 24.4% | 26.9% | 31.3% |
| Vacancy Rate | 7.7% | 9.2% | 10.6% |
| Median Tenure (years) | 15.0 | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 | 2011 |
Putnam County has a homeownership rate of 67.9%, higher than the Indiana average of 63.9%. Its housing vacancy rate is 7.7%, compared with 9.2% in Indiana.
Housing Stock
| Metric | Putnam County | Indiana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.33 people | 2.47 people | 2.54 people |
| Median Structure Built Year | 1977 | 1975 | 1978 |
| Median Number of Rooms | 6.0 | 5.9 | 5.5 |
The typical housing unit in Putnam County was built around 1977. On average, 2.3 people live in a home with about 6.0 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Putnam County, Indiana.
What is the median home price in Putnam County, Indiana?
The median home price in Putnam County, Indiana is $173,249, higher than the Indiana average of $140,405.
What is the average home price in Putnam 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 Putnam County, Indiana?
The median gross rent in Putnam County, Indiana is $882 per month, lower than the Indiana average of $1,020.
What was the median gross rent in Putnam County in 2020?
In 2020, the median gross rent in Putnam County, Indiana was $783 per month.
What is the price-to-rent ratio in Putnam County, Indiana?
The price-to-rent ratio in Putnam County, Indiana is about 16.4, meaning it would take roughly 16.4 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Putnam County.
Are home prices or rent rising faster in Putnam County, Indiana?
Both home prices and rent are rising in Putnam County, up about 17.8% and 3.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Putnam County, Indiana?
67.9% of households in Putnam County, Indiana own their home, higher than the Indiana average of 63.9%.
What is the vacancy rate in Putnam County, Indiana?
The housing vacancy rate in Putnam County, Indiana is 7.7%, lower than the Indiana average of 9.2%.