Morgan County, Indiana Housing Market
In Morgan County, Indiana, the median home value is $237,600, with a median monthly rent of $1,042. This places Morgan County at #1012 nationally out of 3134 counties by median home value, and #15 within Indiana.
📈 Price Trend (2017 → 2024)
📊 Recent Market Momentum (FHFA HPI)
FHFA House Price Index — All-Transactions, Annual (2000 = 100) · Latest: 2025
📍 Economic Snapshot
Employment & Wages
- Avg weekly wage: $1,035
- Establishments: 1,352
- BLS QCEW, 2025
Housing Supply
- Single-family: 370
- Multi-family: 6
- U.S. Census Bureau, Building Permits Survey
Migration Patterns
- Inflow: 30,604 (avg $74,760)
- Outflow: 29,312 (avg $74,738)
- IRS Statistics of Income
📍 Sub-Market Activity
Top 1 active ZIP codes in Morgan County · Latest: 2025
| # | ZIP Code | HPI | YoY Change | Latest Year |
|---|---|---|---|---|
| 1 | 46120 | 222.4 | +5.00% | 2025 |
Source: FHFA HPI for Five-Digit ZIP Codes (All-Transactions Index, 2000 = 100).
This product uses FHFA Data but is neither endorsed nor certified by FHFA.
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💰 Mortgage Guide → 🧾 Property Tax Data →How Morgan County Compares
| Metric | Morgan County | Indiana Average | U.S. Average |
|---|---|---|---|
| Median Home Value | $237,600 | $191,898 | $227,706 |
| Median Gross Rent | $1,042 | $910 | $968 |
| Owner Occupancy Rate | 82.1% | 76.3% | 73.3% |
| Price/Rent Ratio | 19.0 | 17.5 | 18.7 |
Market Analysis
The median home value in Morgan County is 23.8% above the Indiana state average and 4.3% above the U.S. national average. The median rent of $1,042/month is 14.5% above the state average.
With a price-to-rent ratio of 19.0, the buy-vs-rent decision in Morgan County is balanced. Whether buying or renting makes more sense depends on your time horizon, down payment capacity, and local market conditions.
Morgan County has an owner-occupancy rate of 82.1%, compared to 76.3% in Indiana and 73.3% nationally. This indicates a more homeowner-heavy market than the U.S. average.
Similar Counties by Home Value
| County | State | Median Home Value | Median Rent |
|---|---|---|---|
| Las Animas County | Colorado | $237,600 | $891 |
| Lake and Peninsula Borough | Alaska | $237,500 | $936 |
| Beltrami County | Minnesota | $237,500 | $1,053 |
| Oktibbeha County | Mississippi | $237,700 | $915 |
| Codington County | South Dakota | $237,700 | $938 |
Other Counties in Indiana
| County | Median Home Value | Median Rent | Owner Occ. |
|---|---|---|---|
| Tippecanoe County | $239,300 | $1,124 | 53.4% |
| Bartholomew County | $232,800 | $1,127 | 69.3% |
| Warrick County | $242,500 | $1,061 | 82.4% |
| Dearborn County | $243,400 | $845 | 85.2% |
| Lake County | $230,600 | $1,131 | 71.7% |
Data Source: U.S. Census Bureau, American Community Survey (ACS) 2024 5-Year Estimates (2017–2024). Variables: B25077 (Median Home Value), B25064 (Median Gross Rent), B25003 (Tenure). Data collected on 2026-10-14. The price-to-rent ratio is calculated as Median Home Value ÷ (Median Monthly Rent × 12).