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 | Switzerland County | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $450,000 | $140,405 | $242,182 |
| Price Trend (Annual %) | 87.0% | 7.9% | 8.2% |
| Median Gross Rent | $720 | $1,020 | $1,342 |
| Rent Trend (Annual %) | -0.6% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Switzerland County is about 221% higher than in Indiana. Rent is about 29% lower than the Indiana average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Switzerland County: home prices rose about 87.0% a year while rent fell about 0.6% a year. That is an unusual pattern worth watching.
Median rent in Switzerland County fell about 8.2% between 2015 and 2023, from $784 to $720. Over the same span, rent in Indiana rose about 37.0%.
Affordability
On average, housing unit costs 6.9 yearly household incomes in Switzerland County.
Buying the median-priced home in Switzerland County costs roughly 52.1 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 Switzerland County. The price-to-rent ratio in Indiana is about 11.5.
| Metric | Switzerland County | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $450,000 | $140,405 | $242,182 |
| Median Household Income | $65,440 | $70,132 | $78,145 |
| Price-to-Income Ratio | 6.9 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Switzerland County rose about 233.0%, 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 | Switzerland County | Indiana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 70.7% | 63.9% | 58.2% |
| Rental Rate | 17.9% | 26.9% | 31.3% |
| Vacancy Rate | 11.4% | 9.2% | 10.6% |
| Median Tenure (years) | 17.0 | 15.0 | 15.0 |
| Median Year Moved In | 2009 | 2011 | 2011 |
Switzerland County has a homeownership rate of 70.7%, higher than the Indiana average of 63.9%. Its housing vacancy rate is 11.4%, compared with 9.2% in Indiana.
Housing Stock
| Metric | Switzerland County | Indiana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.52 people | 2.47 people | 2.54 people |
| Median Structure Built Year | 1986 | 1975 | 1978 |
| Median Number of Rooms | 5.7 | 5.9 | 5.5 |
The typical housing unit in Switzerland County was built around 1986. On average, 2.5 people live in a home with about 5.7 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Switzerland County, Indiana.
What is the median home price in Switzerland County, Indiana?
The median home price in Switzerland County, Indiana is $450,000, higher than the Indiana average of $140,405.
What is the average home price in Switzerland 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 Switzerland County, Indiana?
The median gross rent in Switzerland County, Indiana is $720 per month, lower than the Indiana average of $1,020.
What was the median gross rent in Switzerland County in 2020?
In 2020, the median gross rent in Switzerland County, Indiana was $623 per month.
What is the price-to-rent ratio in Switzerland County, Indiana?
The price-to-rent ratio in Switzerland County, Indiana is about 52.1, meaning it would take roughly 52.1 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 Switzerland County.
Are home prices or rent rising faster in Switzerland County, Indiana?
Home prices and rent are moving in opposite directions in Switzerland County: home prices rose about 87.0% a year while rent fell about 0.6% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Switzerland County, Indiana?
70.7% of households in Switzerland County, Indiana own their home, higher than the Indiana average of 63.9%.
What is the vacancy rate in Switzerland County, Indiana?
The housing vacancy rate in Switzerland County, Indiana is 11.4%, higher than the Indiana average of 9.2%.