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 | Wells County | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $124,661 | $140,405 | $242,182 |
| Price Trend (Annual %) | 11.5% | 7.9% | 8.2% |
| Median Gross Rent | $837 | $1,020 | $1,342 |
| Rent Trend (Annual %) | 4.2% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Wells County is about 11% lower than in Indiana. Rent is about 18% 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 Wells County, up about 11.5% and 4.2% a year respectively. Home prices are changing faster.
Median rent in Wells County rose about 34.7% between 2015 and 2023, from $621 to $837. Over the same span, rent in Indiana rose about 37.0%.
Affordability
On average, housing unit costs 1.8 yearly household incomes in Wells County.
Buying the median-priced home in Wells County costs roughly 12.4 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 Wells County. The price-to-rent ratio in Indiana is about 11.5.
| Metric | Wells County | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $124,661 | $140,405 | $242,182 |
| Median Household Income | $70,038 | $70,132 | $78,145 |
| Price-to-Income Ratio | 1.8 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Wells County rose about 109.6%, while median household income rose about 47.1% 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 | Wells County | Indiana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 72.1% | 63.9% | 58.2% |
| Rental Rate | 22.5% | 26.9% | 31.3% |
| Vacancy Rate | 5.4% | 9.2% | 10.6% |
| Median Tenure (years) | 17.0 | 15.0 | 15.0 |
| Median Year Moved In | 2009 | 2011 | 2011 |
Wells County has a homeownership rate of 72.1%, higher than the Indiana average of 63.9%. Its housing vacancy rate is 5.4%, compared with 9.2% in Indiana.
Housing Stock
| Metric | Wells County | Indiana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.46 people | 2.47 people | 2.54 people |
| Median Structure Built Year | 1969 | 1975 | 1978 |
| Median Number of Rooms | 6.4 | 5.9 | 5.5 |
The typical housing unit in Wells County was built around 1969. On average, 2.5 people live in a home with about 6.4 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Wells County, Indiana.
What is the median home price in Wells County, Indiana?
The median home price in Wells County, Indiana is $124,661, lower than the Indiana average of $140,405.
What is the average home price in Wells 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 Wells County, Indiana?
The median gross rent in Wells County, Indiana is $837 per month, lower than the Indiana average of $1,020.
What was the median gross rent in Wells County in 2020?
In 2020, the median gross rent in Wells County, Indiana was $687 per month.
What is the price-to-rent ratio in Wells County, Indiana?
The price-to-rent ratio in Wells County, Indiana is about 12.4, meaning it would take roughly 12.4 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 Wells County.
Are home prices or rent rising faster in Wells County, Indiana?
Both home prices and rent are rising in Wells County, up about 11.5% and 4.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Wells County, Indiana?
72.1% of households in Wells County, Indiana own their home, higher than the Indiana average of 63.9%.
What is the vacancy rate in Wells County, Indiana?
The housing vacancy rate in Wells County, Indiana is 5.4%, lower than the Indiana average of 9.2%.