Michigan City, IN—46360
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Michigan City, IN
As of Oct '25, the median home price in Michigan City, IN is $223,000, with a year-over-year change of 4.3%. This indicates that home prices in Michigan City, IN are increasing. According to Zillow, the 1-year price projection is 2.5%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $223,000 | 4.3% |
| Single Family | $218,000 | 3.8% |
| Condos | $312,000 | 5.8% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $173,000 | 2.4% |
2 Bed | $167,000 | 5.0% |
3 Bed | $221,000 | 4.2% |
4 Bed | $331,000 | 4.7% |
| 5 Bed | $619,000 | 3.0% |
% of Housing Stock
Rental Trends — Michigan City, IN
As of July '25, Rentcast reports the average rent in Michigan City, IN is $1,690, with a year-over-year rent change of 15.8%. Per bedroom, the median rent as of July '25 in Michigan City, IN is studios: $1,200, 1-bedrooms: $1,100, 2-bedrooms: $1,540, 3-bedrooms: $1,940, 4-bedrooms: $2,130. The most common rental property sizes in Michigan City, IN are 2-bedroom and 1-bedroom, accounting for 39.6% and 29.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,250 | $1,690 |
| Studio Rent | $1,200 | $1,200 |
| 1 Bed Rent | $900 | $1,100 |
| 2 Bed Rent | $1,200 | $1,540 |
| 3 Bed Rent | $1,600 | $1,940 |
| 4 Bed Rent | $1,600 | $2,130 |
% of Rental Stock
Property Listings — Michigan City, IN
As of Oct '25, Realtor.com reports that the median days on market for a home in Michigan City, IN is 69. This is a increase of 35.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 25.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $270,000 | 8.0% |
Listing Count | 227 | 78.0% |
| Listings as % of Homes | 0.4% | 78.0% |
Days on Market | 69 | 35.0% |
Demographics — Michigan City, IN
As of the latest ACS Survey released in 2023, Michigan City, IN has a population of 44,000, which has remained stable by 0.7% over the past 5 years. Michigan City, IN is a moderately popular place for families, as children make up 19.9% of the population. The area has a poorly educated workforce, with 22.6% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 7.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 44,000 | 0.7% |
% Under 18 | 19.9% | -10.8% |
% Seniors | 20.4% | 18.6% |
% WFH | 7.6% | 123.5% |
% w/ College Degree | 22.6% | 21.5% |
As of the latest ACS Survey released in 2023, Michigan City, IN is a predominantly white area, with 66.8% of the population identifying as white. The white population has shrunk by 1.8% in the last 5 years. The second most common race or ethnicity in Michigan City, IN is black, making up 20.3% of the population. Foreign-born residents account for 3.3% of the population in Michigan City, IN, and this percentage has increased by 6.5% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 66.8% | -1.8% |
% Black | 20.3% | -8.1% |
% Hispanic | 8.1% | 65.3% |
% Asian | 0.9% | 12.5% |
% Foreign Born | 3.3% | 6.5% |
Mortgage and Risk — Michigan City, IN
According to HUD data as of 2023, there were 722 mortgage originations in Michigan City, IN, of which 79.0% of loans were conventional mortgages. The average loan-to-value was 63.0%, with 24.0% above 90% LTV (very high). This implies large mortgage risk in Michigan City, IN. Investor activity is low, as 5.0% of loans were by investors. 14.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 722 |
% Conventional Loans | 79.0% |
% Government Loans | 21.0% |
% Investor Loans | 5.0% |
% Second Loans | 7.0% |
% Cash Out Refinance | 14.0% |
Loan Activity
Rentals and Section 8 — Michigan City, IN
As of 2024, the percent of homes in Michigan City, IN under the Section 8 program is 12.9%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Michigan City, IN, none of the tracked home sizes currently have HUD payment amounts above market rent, suggesting limited Section 8 opportunity.
Section 8 Market Size
Total Units under HUD | 933 |
Total Units Section 8 | 747 |
% Rentals under Section 8 | 12.9% |
% Occupied Section 8 | 74.9% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$60 | $900 | $840 |
| 2 Bedroom | -$180 | $1,200 | $1,020 |
| 3 Bedroom | -$310 | $1,600 | $1,290 |
| 4 Bedroom | -$110 | $1,600 | $1,490 |
Affordability — Michigan City, IN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.2 |
| Median Home Price | $223,000 |
| Median Household Income | $59,600 |