Bartholomew County, Indiana Housing Market

📝 Local Market Notes

Bartholomew County, Indiana, operates as a balanced market with a slight tilt toward renters, evidenced by a price-to-rent ratio of 17.2, which is below the national average of 18.7. The median home value of $232,800 sits 2.2% above the national average, while the median gross rent of $1,127 maintains a rent burden of 16.9%, marginally lower than the national benchmark of 17.2%. This affordability profile is supported by a median household income of $79,901, which exceeds the national average by 17.5%, resulting in a price-to-income ratio of 2.91. This figure is notably more favorable than the national average of 3.20, indicating that local incomes are keeping pace with property values more effectively than in most other regions of the country. The market has experienced significant appreciation, with home values rising from $139,400 in 2017 to $232,800 in 2024. This trajectory includes a peak year-over-year increase of 14.2% in 2022, which has since moderated to 5.3% in 2024. Recent momentum, as indicated by the FHFA House Price Index, shows a 3.87% year-over-year change, outpacing the state average of 3.45% by 0.42 percentage points. This sustained growth contrasts with the relatively stable rental market, suggesting that equity accumulation for homeowners has outpaced rental cost increases. The divergence between the rapid appreciation of home values and the steadier rise in rents highlights a structural shift where ownership costs are becoming relatively more attractive compared to long-term rental commitments. Regional context reveals that Bartholomew County’s home values are 21.3% higher than the Indiana state average, reflecting its status as a premium market within the state. Economic fundamentals support this valuation, with total employment reaching 43,546 jobs and an average weekly wage of $1,487. However, housing supply remains constrained, with only 187 new units authorized in 2025, predominantly single-family homes. This limited new construction, coupled with positive net migration of 1,858 filers, creates persistent demand pressure. With the 30-year fixed mortgage rate at 7.40%, the high interest cost impacts monthly payment capacity, yet the strong local income base and favorable price-to-income ratio mitigate some of this pressure. Potential buyers benefit from a market where income growth has historically outstripped price inflation, while renters face a stable cost environment that remains below national burden averages. The combination of strong wage growth, modest population inflow, and limited new supply suggests that the current affordability metrics are underpinned by robust local economic activity rather than transient speculative forces.

Based on U.S. Census ACS 2024 5-Year Estimates.