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By: Kevin Pryor June. 28, 2018

A recent study discovered that mortgage-holding residents in Indiana pay the lowest percentage of income towards homeownership costs compared to the rest of the nation. In other words, Indiana has the lowest cost of living in the United States in terms of percentage of income spent on housing costs.

This study conducted by Gavop used data collected by the United States Census Bureau. The results showed that homeowners with a mortgage in Indiana paid a median value of 24.5 percent of their income to housing costs in 2016. A detailed analysis showed that Indiana has statewide housing costs of $12,840, a median income of $52,314, and a median home value of $134,800 - all of which are less than the corresponding national values.

Further, Indiana is the only state in which the median proportion of income spent on housing costs is below 25.0 percent for mortgage holders; the next lowest proportion is 25.3 percent for Iowa, followed by 26.1 percent for North Dakota. In comparison, the nationwide value of income spent on housing costs is 30.9 percent.

Housing costs refers to the proportion of income allocated toward homeowner expenses such as the sum of mortgage payments, real estate, taxes, insurance, and utilities.

The table below shows a comparison of housing costs for Indiana and the whole of the US.

Location % of Income Spent on Housing by Homeowners with a Mortgage Annual Housing Costs for Homeowners with a Mortgage Median Income Median Home Value
Indiana 24.5$12,840$52,314$134,800
United States 30.9$17,832$57,617$205,000

Taking a more localized view of the data, the study found that Hendricks County residents with a mortgage on their home pay the lowest proportion of income toward housing costs at 20.1 percent. The location with the next lowest value is Johnson County at 20.6 percent, followed by Hamilton County at 20.7 percent, LaPorte County at 21.6 percent, and Morgan County at 22.0 percent.

Ranking of Counties by Lowest Housing Costs as a Percentage of Income

Rank (Lowest to Highest)County % of Income Spent on Housing by Homeowners with a Mortgage Annual Housing Costs for Homeowners with a Mortgage Median Income Median Home Value Number of Housing Units
1Hendricks 20.1$15,744$78,307$174,10060275
2Johnson 20.6$13,572$65,991$151,50059835
3Hamilton 20.7$18,564$89,823$244,100123948
4LaPorte 21.6$11,544$53,507$124,20048829
5Morgan 22$13,332$60,530$147,10028081

On the other hand, residents of Marion County pay the largest proportion of income towards housing costs in Indiana at 29.3 percent, followed by Monroe County at 29.2 percent, Grant County at 28.0 percent, and Delaware and Lake counties tied at 26.0 percent.

Ranking of Counties by Highest Housing Costs as a Percentage of Income

Rank (Highest to Lowest)County % of Income Spent on Housing Costs by Homeowners with a Mortgage Annual Housing Costs for Homeowners with a Mortgage Median Income Median Home Value Number of Housing Units
1Marion 29.3$13,128$44,874$128,300420900
2Monroe 29.2$12,720$43,582$169,00060803
3Grant 28$10,404$37,117$94,10030287
4Delaware 26$10,688$41,041$91,90052426
5Lake 26$13,944$53,681$148,100211477

The table below represents the median housing costs for all counties in Indiana.

Housing Costs as a Percentage of Income in Indiana [Highest to Lowest]

Location Median Housing Costs as a % of Income for Mortgage HoldersMedian Housing Costs with a Mortgage (Annual)Median IncomeMedian Home ValueTotal Homes
Marion County29.3$13,128$44,874$128,300420900
Monroe County29$12,720$43,582$169,00060803
Grant County28$10,404$37,117$94,10030287
Delaware County26$10,668$41,041$91,90052426
Lake County26$13,944$53,681$148,100211477
Vanderburgh County25.7$11,820$46,064$124,70083708
Clark County25.3$12,984$51,401$136,80049765
Howard County25.3$11,544$45,702$109,40039100
Vigo County25.1$11,028$43,910$100,10046750
Wayne County25$10,860$43,401$98,70031172
Tippecanoe County24.9$12,768$51,361$151,10075119
Floyd County24.3$14,232$58,586$164,90032539
St. Joseph County23.9$11,556$48,358$126,900115986
Madison County23.9$10,860$45,495$92,90058715
Bartholomew County23.6$13,920$59,102$147,50033880
Porter County23.5$15,540$66,196$177,40067861
Allen County22.9$11,736$51,173$121,300156232
Hancock County22.6$15,336$67,799$169,00029547
Kosciusko County22.6$12,180$53,963$142,40037908
Elkhart County22.4$12,144$54,216$129,30078179
Morgan County22$13,332$60,530$147,10028081
LaPorte County21.6$11,544$53,507$124,20048829
Hamilton County20.7$18,564$89,823$244,100123948
Johnson County20.6$13,572$65,991$151,50059835
Hendricks County20.1$15,744$78,307$174,10060275


ABOUT THE AUTHOR

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Kevin Pryor

Kevin Pryor currently works as a data analyst and public relations associate where he takes pride in analyzing data and sharing the amazing insights it presents to various target audiences. Kevin graduated from the University of Connecticut with a bachelor’s degree in communication and has a passion for the results that can come from effective communications. While at school, he interned with Total Mortgage, Stafford Motor Speedway and UConn Community Outreach. In his free time, Kevin enjoys outdoor activities, cinema, traveling, and spending time with friends and family.

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