Indiana Housing Market: Home Prices, Rent and Affordability
The typical Indiana home is worth $260,095, up 3.0% over the past year and up 28.9% over five years, 29.5% below the national $368,697 (Zillow, latest release). That ranks #40 of 50 on price. A 20%-down mortgage runs $1,338 a month and takes about $70,704 of income; the median Indiana household earns $65,870, $4,834 short.
In Indianapolis, the state's largest metro, typical rent is $1,552 a month against a $1,510 principal-and-interest payment on the typical home, so buying is $42 a month cheaper before taxes, insurance and maintenance. The market is cool: 30.6% of listings cut their price (national 26.4%), homes go pending in 38 days (national 53), and for-sale inventory is up 9.2% from a year ago.
All figures are Zillow Research's published numbers for August; median household income is from the Census Bureau. How the data works → · Home prices in all 50 states →
Indiana Housing by the Numbers
How much does a house cost in Indiana? The typical home is worth $260,095, the median sale price is $269,800 and the median list price $283,600. The six figures below describe the market this month, each with the national comparison.
How Have Indiana Home Prices Changed?
The typical Indiana home value every month since 2000, with the national typical home as a dashed line. Values rose 3.0% over the past year, are up 28.9% over five years, up 97.4% over ten, and up 161% since January 2000.
Is It Cheaper to Rent or Buy in Indiana?
Two direct answers from the Zillow data. Rent versus buy sets typical asking rent in Indianapolis, the state's largest metro, against the mortgage payment on the typical home there, since Zillow publishes rents by metro rather than by state. The affordability gap is the income needed to buy the typical Indiana home minus what the median household actually earns.
Rent vs. buy · Indianapolis, IN
The payment excludes property tax (0.77% of value in Indiana), insurance and maintenance, all of which push the cost of owning higher; renting builds no equity. If values kept rising at the past five years' pace (28.9%), equity would narrow that gap over a long stay.
Affordability gap · #6 of 50
A $1,338 monthly payment takes 24.4% of the median Indiana household's income before property tax and insurance; lenders generally cap total housing costs near 28–31%. Full budget for your household →
Is Indiana a Buyer's or a Seller's Market?
Market temperature is our label from three Zillow signals compared with the national market: the share of listings with a price cut, days from listing to pending (days on market), and whether homes for sale are up from a year ago. Indiana is cool: it leans toward buyers: two of the three market signals point cooler than the national market.
Median sale price $269,800 against a median list price of $283,600, so the typical home closes 4.9% below asking.
Where the Indiana market is heading
Compared with a year ago, all three signals point looser, in buyers' favor: the share of listings with a price cut is up 0.2 points from a year ago to 30.6%, homes take 3 days longer to go pending than a year ago (38 now), and the number of homes for sale is up 9.2%. The typical home value rose 3.0% over the same period and is at an all-time high. We publish no forecasts: these are Zillow's current-month readings, not a prediction of where Indiana home prices go next.
Home Values and Rents in Indiana Cities
Zillow publishes a city-level home value or rent for 19 of the Indiana cities we track. The most expensive is Carmel ($574,220) and the cheapest Gary ($92,352). Click a city for its full profile.
| City | Population | Home value | 1 yr | 5 yr | Rent | Rent 1 yr | Value ÷ income |
|---|---|---|---|---|---|---|---|
| Fort Wayne | 271,629 | $248,442 | +3.1% | ||||
| Evansville | 113,291 | $204,516 | +4.3% | ||||
| Carmel | 102,091 | $574,220 | +4.6% | ||||
| Fishers | 101,789 | $444,527 | +1.8% | ||||
| South Bend | 100,715 | $201,639 | +7.2% | ||||
| Hammond | 76,181 | $179,704 | +1.5% | ||||
| Noblesville | 76,124 | $392,593 | +2.0% | ||||
| Bloomington | 74,028 | $315,772 | +1.4% | ||||
| Gary | 68,269 | $92,352 | -1.3% | ||||
| Lafayette | 67,406 | $269,022 | +2.8% | ||||
| Muncie | 64,599 | $158,233 | +3.5% | ||||
| Greenwood | 64,237 | $327,893 | +1.2% | ||||
| Kokomo | 59,375 | $185,658 | +4.6% | ||||
| Terre Haute | 58,491 | $162,375 | +1.0% | ||||
| Anderson | 54,930 | $135,767 | +2.0% | ||||
| Elkhart | 53,726 | $233,030 | +6.1% | ||||
| Westfield | 51,109 | $473,286 | +3.2% | ||||
| Columbus | 51,104 | $280,503 | +2.3% | ||||
| Mishawaka | 50,907 | $216,127 | +5.8% |
Home value and rent are Zillow's city-level indexes; population and median household income are Census ACS. Cities without a Zillow index are omitted. All Indiana cities ranked →
How Indiana Compares With Nearby States
The Midwest states closest to Indiana on price. Each card links to that state's housing page; the compare link puts the two states side by side on every category.
More on Indiana
Indiana dashboard
→Overall rank and grade, every category score, taxes, utilities, safety, schools and all tracked cities.
What you'd keep in Indiana
→Take-home after housing, taxes, childcare, utilities and groceries for your household and income.
Who is moving to Indiana
→IRS migration data: where new residents come from, where leavers go, and what both groups earn.
Indiana Housing Market FAQ
What is the average house price in Indiana?
$260,095 is the typical Indiana home value according to the latest Zillow Research release of the Zillow Home Value Index, which tracks homes in the middle third of the market. The median sale price was $269,800 and the median list price $283,600. That makes Indiana the #40 most expensive state; the national typical home is worth $368,697.
Are home prices dropping in Indiana?
No. The typical Indiana home value rose 3.0% over the past year and is at an all-time high. Over five years it is up 28.9% and over ten years up 97.4%. Nationally, values rose 1.2% over the year.
How have Indiana home prices changed over the past 1, 5 and 10 years?
+3.0% over one year, +28.9% over five years and +97.4% over ten years for the typical Indiana home value, per the latest Zillow Research release; the national figures are +1.2%, +20.3% and +77.9%. Since January 2000 the typical Indiana home is up 161%. The monthly chart above shows the full series against the national line.
Will the Indiana housing market crash?
We publish no forecasts, so this page cannot answer that; it can show the current readings and the historical worst case. Right now the typical Indiana home value is at an all-time high after it rose 3.0% over the past year; 30.6% of listings have cut their price (national 26.4%), homes go pending in 38 days (national 53), and inventory is up 9.2% from a year ago, per Zillow Research. The largest decline in Zillow's monthly series for Indiana was 7.5% from February 2008 to February 2012, and values took 31 months to regain that peak.
Is it a good time to buy a house in Indiana?
The Indiana market is cool right now, which means it leans toward buyers: two of the three market signals point cooler than the national market. 30.6% of listings cut their price (national 26.4%), homes go pending in 38 days (national 53), and for-sale inventory is up 9.2% from a year ago. Affordability is the constraint: buying the typical home takes $70,704 of income, $4,834 more than the median household earns. Whether the timing is right also depends on mortgage rates and how long you plan to stay.
Is Indiana a buyer's or seller's market?
Indiana leans toward buyers. More listings are cutting prices than the national average (30.6% vs. 26.4%), homes take 38 days to go pending (national 53), and the number of homes for sale is up 9.2% from a year ago at 26K listings. Two of those three signals point toward buyers.
What is the average rent in Indiana?
In Indianapolis, Indiana's largest metro, the typical asking rent is $1,552 a month, up 3.3% over the past year and up 28.4% over five years, per the Zillow Observed Rent Index. The national typical rent is $1,948. Among Indiana cities we track, rents range from $996 to $1,928 a month.
Is it cheaper to rent or buy in Indiana?
Buying is cheaper month to month in Indianapolis, Indiana's largest metro. Typical rent is $1,552 and the principal-and-interest payment on the typical home with 20% down is $1,510, a difference of $42 a month in favor of buying. The payment excludes property tax (0.77% of value in Indiana), insurance and maintenance, and renting builds no equity, so the full answer depends on how long you stay.
How much income do you need to buy a house in Indiana?
About $70,704 a year, using Zillow's assumptions of 20% down at current mortgage rates and a payment of no more than 30% of income. The median Indiana household earns $65,870, so the typical household is $4,834 short. That is the #6 smallest affordability gap of the 50 states. The monthly payment of $1,338 equals 24.4% of the median household's income.
Where are homes cheapest and most expensive in Indiana?
Among the Indiana cities we track with Zillow data, the most expensive typical home is in Carmel ($574,220) and the cheapest in Gary ($92,352). Also at the top: Westfield ($473,286), Fishers ($444,527), and Noblesville ($392,593). The city table above lists every tracked Indiana city with its value, one-year change and rent.
How does Indiana compare with nearby states?
In the Midwest, the closest comparisons on price are Michigan ($266,292, up 4.0% in a year), Missouri ($267,879, up 3.5% in a year), and Kansas ($249,603, up 3.8% in a year). Indiana's typical home is $260,095, up 3.0%. On affordability, Indiana ranks #6 of 50 versus Michigan at #9, Missouri at #15, and Kansas at #5.
How current is the Indiana housing data?
Every figure on this page comes from Zillow Research, which publishes state, metro and city data free each month for the prior month; the latest month shown is August. Median household income is from the Census Bureau's American Community Survey. We rebuild the page from the newest Zillow files as they are released.
Home values, rents, mortgage payments, income needed, inventory, price cuts, days to pending and sale and list prices are published by Zillow Research and shown as released, with attribution. Median household income and city populations are from the Census Bureau's American Community Survey. Home prices and housing markets in all 50 states →