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 | Steuben County | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $167,187 | $140,405 | $242,182 |
| Price Trend (Annual %) | 13.8% | 7.9% | 8.2% |
| Median Gross Rent | $921 | $1,020 | $1,342 |
| Rent Trend (Annual %) | 4.1% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Steuben County is about 19% higher than in Indiana. Rent is about 10% 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 Steuben County, up about 13.8% and 4.1% a year respectively. Home prices are changing faster.
Median rent in Steuben County rose about 36.7% between 2015 and 2023, from $674 to $921. Over the same span, rent in Indiana rose about 37.0%.
Affordability
On average, housing unit costs 2.3 yearly household incomes in Steuben County.
Buying the median-priced home in Steuben County costs roughly 15.1 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 Steuben County. The price-to-rent ratio in Indiana is about 11.5.
| Metric | Steuben County | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $167,187 | $140,405 | $242,182 |
| Median Household Income | $71,979 | $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 Steuben County rose about 103.8%, while median household income rose about 53.0% 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 | Steuben County | Indiana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 57.9% | 63.9% | 58.2% |
| Rental Rate | 14.3% | 26.9% | 31.3% |
| Vacancy Rate | 27.8% | 9.2% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
Steuben County has a homeownership rate of 57.9%, lower than the Indiana average of 63.9%. Its housing vacancy rate is 27.8%, compared with 9.2% in Indiana.
Housing Stock
| Metric | Steuben County | Indiana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.41 people | 2.47 people | 2.54 people |
| Median Structure Built Year | 1976 | 1975 | 1978 |
| Median Number of Rooms | 6.0 | 5.9 | 5.5 |
The typical housing unit in Steuben County was built around 1976. On average, 2.4 people live in a home with about 6.0 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Steuben County, Indiana.
What is the median home price in Steuben County, Indiana?
The median home price in Steuben County, Indiana is $167,187, higher than the Indiana average of $140,405.
What is the average home price in Steuben 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 Steuben County, Indiana?
The median gross rent in Steuben County, Indiana is $921 per month, lower than the Indiana average of $1,020.
What was the median gross rent in Steuben County in 2020?
In 2020, the median gross rent in Steuben County, Indiana was $792 per month.
What is the price-to-rent ratio in Steuben County, Indiana?
The price-to-rent ratio in Steuben County, Indiana is about 15.1, meaning it would take roughly 15.1 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 Steuben County.
Are home prices or rent rising faster in Steuben County, Indiana?
Both home prices and rent are rising in Steuben County, up about 13.8% and 4.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Steuben County, Indiana?
57.9% of households in Steuben County, Indiana own their home, lower than the Indiana average of 63.9%.
What is the vacancy rate in Steuben County, Indiana?
The housing vacancy rate in Steuben County, Indiana is 27.8%, higher than the Indiana average of 9.2%.