Indiana rental market data

Among metros with rent-growth data, the median asking-rent increase was 4.6%, with the middle measured range running from 2.1% to 7.2%. Home values rose by a 4.1% median across the broader 27-metro set, with a 1.6% to 6.0% range. The supplied median spread is just 0.5 percentage points, so the statewide distribution shows a modest rent lead rather than a broad decoupling of rents and values.

The separation is larger in selected markets. Marion recorded 10.0% rent growth against 4.1% home-value growth, a calculated gap of 5.9 percentage points, alongside a 7.0% gross yield. Crawfordsville showed 8.4% rent growth and 3.1% value growth, while Elkhart showed 7.1% and 5.6%, respectively. These are asking-rent and modeled gross-yield measures; they do not establish collected rent, renewal performance or net income.

Year-over-year employment change across 27 measured metros had a negative 0.3% median, with the measured range running from a 1.4% decline to a 1.0% increase. County migration data recorded 177,799 arrivals and 179,163 departures, producing net out-migration of 1,364 people. Inbound adjusted gross income totaled $5,031,770 versus $4,845,005 outbound, leaving a positive $186,765 gap. The headcount and income measures therefore give different signals.

Local employment readings provide a further counter-signal. New Castle grew 1.2%, Crawfordsville 1.1% and Huntington 1.1%. Their measured gross yields were 5.2%, 5.1% and 4.9%, respectively, so positive employment alone did not correspond to the highest gross-yield readings in the packet. These markets warrant separate demand and pricing tests rather than being treated as evidence that the statewide employment median has reversed.

Across 26 metros with resale measures, months of supply had a 1.9-month median and a 1.5- to 2.5-month measured range. Median marketing time was 25.5 days. Despite that limited inventory, 34.5% of listings had price drops and homes sold for a median 98.0% of list price. The combination points to constrained availability without uniform seller pricing power.

Lafayette had 2.0 months of supply and 37.5% price drops while permitting 6.58 units per 1,000 residents. Indianapolis had 1.8 months of supply, 43.1% price drops and 6.53 permits per 1,000. Bloomington was a slower measured market at 51 days and 3.9 months of supply, with a 97.7% sale-to-list ratio. Permit activity represents authorized units rather than completed or leased housing, so it cannot establish future rental competition by itself.

Across 27 measured metros, the median home value was $249,774, median asking rent was $1,122 and median gross yield was 5.9%. Gross yields ranged from 4.5% to 6.8% across the measured distribution. The median price-to-income ratio was 3.49, while annualized asking rent equaled a median 20.1% of income, with a 15.9% to 25.0% range.

Marion combined a $156,971 value, $912 rent, 7.0% gross yield and 2.93 price-to-income ratio. Muncie measured $173,817, $979 and 6.8%, while Terre Haute measured $171,101, $989 and 6.9%. Across all metros, asking rent had a median ratio of 100.0% of the local two-bedroom Fair Market Rent, but the range was 90.3% to 127.5%. That benchmark dispersion matters for rent assumptions, and gross yield remains before vacancy, repairs, management, taxes, insurance and financing.

Across all 92 counties, the median housing vacancy rate was 9.2%, with a 5.6% to 15.3% measured range. The median renter share was 23.0%, 42.7% of renters were burdened by housing costs of at least 30% of income, and the county median stock was 80.7% single-family. The median year built was 1974, making property condition and capital needs material questions that these county aggregates cannot answer.

Renter burden reached 66.2% in Ohio County, 60.7% in Monroe County and 59.3% in Tippecanoe County. Monroe County and Tippecanoe County also had renter shares of 46.0% and 46.6%. By contrast, the highlighted high-vacancy readings were 26.7% in Steuben County, 22.5% in Crawford County and 20.9% in Brown County. These ACS vacancy rates cover housing generally, not units confirmed as available long-term rentals, so they should not be read as direct rental-vacancy estimates.

Inland flood is the mutually exclusive leading-hazard label for all 92 Indiana counties in this packet. That classification does not mean every parcel is exposed or that other hazards are absent. County FEMA loss ratios had a 0.125% median and ranged from 0.09% to 0.167% across the measured distribution.

Posey County, Perry County and Crawford County had highlighted loss ratios of 0.221%, 0.221% and 0.215%, respectively. Effective property-tax rates had a 0.66% county median and a 0.50% to 0.81% measured range, while the median tax bill was $1,169.5. Lake County, Marion County and Vigo County recorded higher highlighted rates of 0.92%, 0.91% and 0.88%. County-level loss and tax measures can identify underwriting questions, but they cannot substitute for parcel flood maps, insurance quotes or an actual tax assessment.