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 | Wayne County | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $42,534 | $140,405 | $242,182 |
| Price Trend (Annual %) | 0.3% | 7.9% | 8.2% |
| Median Gross Rent | $813 | $1,020 | $1,342 |
| Rent Trend (Annual %) | 3.9% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Wayne County is about 70% lower than in Indiana. Rent is about 20% 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 Wayne County, up about 0.3% and 3.9% a year respectively. Rent is changing faster.
Median rent in Wayne County rose about 30.5% between 2015 and 2023, from $623 to $813. Over the same span, rent in Indiana rose about 37.0%.
Affordability
On average, housing unit costs 0.7 yearly household incomes in Wayne County.
Buying the median-priced home in Wayne County costs roughly 4.4 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 Wayne County. The price-to-rent ratio in Indiana is about 11.5.
| Metric | Wayne County | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $42,534 | $140,405 | $242,182 |
| Median Household Income | $56,775 | $70,132 | $78,145 |
| Price-to-Income Ratio | 0.7 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Wayne County fell about 0.4%, while median household income rose about 38.7% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Wayne County | Indiana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 60.8% | 63.9% | 58.2% |
| Rental Rate | 26.4% | 26.9% | 31.3% |
| Vacancy Rate | 12.8% | 9.2% | 10.6% |
| Median Tenure (years) | 15.0 | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 | 2011 |
Wayne County has a homeownership rate of 60.8%, lower than the Indiana average of 63.9%. Its housing vacancy rate is 12.8%, compared with 9.2% in Indiana.
Housing Stock
| Metric | Wayne County | Indiana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.39 people | 2.47 people | 2.54 people |
| Median Structure Built Year | 1961 | 1975 | 1978 |
| Median Number of Rooms | 5.9 | 5.9 | 5.5 |
The typical housing unit in Wayne County was built around 1961. On average, 2.4 people live in a home with about 5.9 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Wayne County, Indiana.
What is the median home price in Wayne County, Indiana?
The median home price in Wayne County, Indiana is $42,534, lower than the Indiana average of $140,405.
What is the average home price in Wayne 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 Wayne County, Indiana?
The median gross rent in Wayne County, Indiana is $813 per month, lower than the Indiana average of $1,020.
What was the median gross rent in Wayne County in 2020?
In 2020, the median gross rent in Wayne County, Indiana was $704 per month.
What is the price-to-rent ratio in Wayne County, Indiana?
The price-to-rent ratio in Wayne County, Indiana is about 4.4, meaning it would take roughly 4.4 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 Wayne County.
Are home prices or rent rising faster in Wayne County, Indiana?
Both home prices and rent are rising in Wayne County, up about 0.3% and 3.9% a year respectively. Rent is changing faster.
What is the homeownership rate in Wayne County, Indiana?
60.8% of households in Wayne County, Indiana own their home, lower than the Indiana average of 63.9%.
What is the vacancy rate in Wayne County, Indiana?
The housing vacancy rate in Wayne County, Indiana is 12.8%, higher than the Indiana average of 9.2%.