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 | Randolph County | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $113,104 | $140,405 | $242,182 |
| Price Trend (Annual %) | 9.8% | 7.9% | 8.2% |
| Median Gross Rent | $740 | $1,020 | $1,342 |
| Rent Trend (Annual %) | 2.8% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Randolph County is about 19% 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 Randolph County, up about 9.8% and 2.8% a year respectively. Home prices are changing faster.
Median rent in Randolph County rose about 27.8% between 2015 and 2023, from $579 to $740. Over the same span, rent in Indiana rose about 37.0%.
Affordability
On average, housing unit costs 1.9 yearly household incomes in Randolph County.
Buying the median-priced home in Randolph County costs roughly 12.7 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 Randolph County. The price-to-rent ratio in Indiana is about 11.5.
| Metric | Randolph County | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $113,104 | $140,405 | $242,182 |
| Median Household Income | $61,093 | $70,132 | $78,145 |
| Price-to-Income Ratio | 1.9 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Randolph County rose about 83.7%, while median household income rose about 48.9% 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 | Randolph County | Indiana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 69.2% | 63.9% | 58.2% |
| Rental Rate | 20.1% | 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 |
Randolph County has a homeownership rate of 69.2%, higher than the Indiana average of 63.9%. Its housing vacancy rate is 10.7%, compared with 9.2% in Indiana.
Housing Stock
| Metric | Randolph County | Indiana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.36 people | 2.47 people | 2.54 people |
| Median Structure Built Year | 1960 | 1975 | 1978 |
| Median Number of Rooms | 6.3 | 5.9 | 5.5 |
The typical housing unit in Randolph County was built around 1960. On average, 2.4 people live in a home with about 6.3 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Randolph County, Indiana.
What is the median home price in Randolph County, Indiana?
The median home price in Randolph County, Indiana is $113,104, lower than the Indiana average of $140,405.
What is the average home price in Randolph 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 Randolph County, Indiana?
The median gross rent in Randolph County, Indiana is $740 per month, lower than the Indiana average of $1,020.
What was the median gross rent in Randolph County in 2020?
In 2020, the median gross rent in Randolph County, Indiana was $692 per month.
What is the price-to-rent ratio in Randolph County, Indiana?
The price-to-rent ratio in Randolph County, Indiana is about 12.7, meaning it would take roughly 12.7 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 Randolph County.
Are home prices or rent rising faster in Randolph County, Indiana?
Both home prices and rent are rising in Randolph County, up about 9.8% and 2.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Randolph County, Indiana?
69.2% of households in Randolph County, Indiana own their home, higher than the Indiana average of 63.9%.
What is the vacancy rate in Randolph County, Indiana?
The housing vacancy rate in Randolph County, Indiana is 10.7%, higher than the Indiana average of 9.2%.