Hendricks County, IN

Hendricks County’s tension is whether reported gross income offsets a softer listing market and address-level inland-flood exposure. Investors able to verify site costs and lease demand should investigate; buyers needing predictable resale or insurance costs should be cautious. Zillow’s 2026-06 median home value was $348,559, versus $1,869 monthly median asking rent and a stated 6.43% gross yield before costs. This is measured market asking rent; HUD Fair Market Rent is a payment standard, not the rent or yield input.

Price evidence is mixed. Zillow’s value rose 1.42%, while FHFA’s repeat-transaction HPI rose 2.54% in its 2025 annual observation. HPI is an index, not a dollar home value; the different methods and vintages cannot form one appreciation rate. Realtor.com MLS median asking prices fell 3.85%, and 21.42% of listings were price-reduced. These are asking-price and seller-concession evidence, not closed sales or proof of demand. The 0.81% effective property-tax rate adds carrying cost. Insurance, operating expenses and capital needs are not published, so net yield cannot be determined.

Demand is qualified. Tax-return migration was net positive, but average AGI of movers in trailed movers out by $3,624, limiting what the count says about added purchasing power. Of 2,902 purchase mortgages, 145 went to non-occupants, a financed-activity measure rather than all buyer competition. In QCEW’s 2025 annual data, Trade, transportation, and utilities, the largest disclosed private supersector, accounted for 46.23% of private covered employment. QCEW measures covered jobs at county workplaces, not resident employment or unemployment.

Inland flood is the dominant hazard. The modeled climate-loss ratio is 0.12% of building value per year, not a parcel-specific loss estimate or insurance quote. The record lacks neighborhood and unit-level rents, vacancy, property condition, flood-zone and insurance information, repair history, debt terms, and closed-sale comparables. Those omissions prevent defensible net-cash-flow, property-specific hazard, and resale-liquidity conclusions; they require asset-level verification before county medians become underwriting inputs.