Builders Patch | HousingCount: Indiana affordable housing data and latest news
Indiana
Summary
Indiana state is facing challenges to housing affordability. For every 100 low-income renter households, there are 65 units available that are affordable to them. The median household income in the state is $36,140 whereas the median rent in the state is $709. Currently, the state is short over 66,654 low-income housing units, meaning rental units that are affordable to households earning ≤60% of AMI.
- 30.1% share of renter households
- 40.1% share of low-income households
- 42.5% share of rent-burdened households
Renter population data
Renters vs homeowners
| Households | % share |
|---|---|
| Renter households | 790,648 |
| Homeowner households | 1,831,953 |
| Total households | 2,622,601 |
Low-income renter households
| Households | % share |
|---|---|
| Extremely low-income | 104,265 |
| Very low-income | 87,600 |
| Low-income | 125,397 |
| All low-income | 317,262 |
Rent-burdened households
| Households | % share |
|---|---|
| Moderately rent-burdened | 172,778 |
| 30.0–34.9% | 65,552 |
| 35.0–39.9% | 45,446 |
| 40.0-49.9% | 61,780 |
| Severely rent-burdened | 163,080 |
| All rent-burdened | 335,858 |
Affordable housing shortage
Rent vs median household income
| Year | Median household income | Amount ($) | Median rent | Amount ($) |
|---|---|---|---|---|
| 2010 | 26,333 | 542 | ||
| 2021 | 36,140 | 709 | ||
| Increase (2010–2021) | 37.2% | 30.8% |
Affordable housing stock
| Supply | Demand | Shortage |
|---|---|---|
| Current stock | 125,211 | 191,865 |
| Supply/demand ratio | 65.3% |
Finance institutions
Indiana Housing and Community Development Authority
Address: 30 South Meridian, Suite 900, Indianapolis, IN 46204
List of loan programs:
- Community Housing Development Organizations (CHDO)
- Development Fund (DF)
- HOME Investment Partnerships American Rescue Plan Program (HOME-ARP)
- HOME Investment Partnerships Program (HOME)
- Housing Trust Fund
- Moving Forward Program
- Rental Housing Tax Credits (RHTC)
- Supportive Housing
Housing news
How Fed Rate Cuts Impact the Housing Market
The Federal Reserve’s recent rate cuts will influence the housing market, but the effects won't be immediate. Although lower rates make borrowing more affordable, the ongoing housing shortage and existing conditions in the market remain tough obstacles.
Key Takeaways:
- Lower Mortgage Rates: Fed rate cuts have already reduced the average 30-year mortgage rate, which dropped from a peak of 7.79% in late 2023 to around 6.2%.
- Home Sales: As rates decline, more homeowners might be encouraged to sell, which could help alleviate some of the housing market’s stagnation.
- Ongoing Supply Issues: Despite lower rates, housing supply shortages will persist, especially in high-demand areas.
States With the Largest Homeless Populations
In 2023, the number of homeless individuals in the U.S. reached approximately 653,000, the highest since such records began in 2007. This figure represents a significant 12% increase compared to 2020, as reported by the U.S. Department of Housing and Urban Development in their Annual Homelessness Assessment Report to Congress.
The homebuying affordability gap is widening across the country
The worsening housing affordability crisis in the U.S. has broken several records, approaching a 10-year high. The median home price surpasses expectations, creating vast disparities in affordability for median-income households.