Elkhart, IN—46516
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Elkhart, IN
As of Oct '25, the median home price in Elkhart, IN is $177,000, with a year-over-year change of 5.5%. This indicates that home prices in Elkhart, IN are increasing. According to Zillow, the 1-year price projection is 2.4%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $177,000 | 5.5% |
| Single Family | $178,000 | 5.3% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $100,000 | 6.4% |
2 Bed | $132,000 | 4.8% |
3 Bed | $195,000 | 6.0% |
4 Bed | $234,000 | 5.4% |
| 5 Bed | $260,000 | 4.0% |
% of Housing Stock
Rental Trends — Elkhart, IN
As of July '25, Rentcast reports the average rent in Elkhart, IN is $1,040, with a year-over-year rent change of 0.0%. Per bedroom, the median rent as of July '25 in Elkhart, IN is 1-bedrooms: $797, 2-bedrooms: $977, 3-bedrooms: $1,680, 4-bedrooms: $1,950. The most common rental property sizes in Elkhart, IN are 2-bedroom and 3-bedroom, accounting for 35.5% and 28.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $975 | $1,040 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $750 | $797 |
| 2 Bed Rent | $995 | $977 |
| 3 Bed Rent | $1,400 | $1,680 |
| 4 Bed Rent | $1,500 | $1,950 |
% of Rental Stock
Property Listings — Elkhart, IN
As of Oct '25, Realtor.com reports that the median days on market for a home in Elkhart, IN is 47. This is a increase of 14.0% 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 24.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $210,000 | 19.0% |
Listing Count | 98 | 42.0% |
| Listings as % of Homes | 0.3% | 42.0% |
Days on Market | 47 | 14.0% |
Demographics — Elkhart, IN
As of the latest ACS Survey released in 2023, Elkhart, IN has a population of 32,000, which has remained stable by -0.0% over the past 5 years. Elkhart, IN is a popular place for families, as children make up 26.5% of the population. The area has a poorly educated workforce, with 18.0% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 2.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 32,000 | 0.0% |
% Under 18 | 26.5% | -8.3% |
% Seniors | 13.6% | 22.5% |
% WFH | 2.6% | 18.2% |
% w/ College Degree | 18.0% | 29.5% |
As of the latest ACS Survey released in 2023, Elkhart, IN is a predominantly white area, with 59.8% of the population identifying as white. The white population has shrunk by 4.2% in the last 5 years. The second most common race or ethnicity in Elkhart, IN is hispanic, making up 26.2% of the population. Foreign-born residents account for 15.1% of the population in Elkhart, IN, and this percentage has increased by 84.1% 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 | 59.8% | -4.2% |
% Black | 9.1% | -40.5% |
% Hispanic | 26.2% | 45.6% |
% Asian | 1.4% | 75.0% |
% Foreign Born | 15.1% | 84.1% |
Mortgage and Risk — Elkhart, IN
According to HUD data as of 2023, there were 547 mortgage originations in Elkhart, IN, of which 78.0% of loans were conventional mortgages. The average loan-to-value was 62.0%, with 34.0% above 90% LTV (very high). This implies large mortgage risk in Elkhart, IN. Investor activity is low, as 2.0% 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 | 547 |
% Conventional Loans | 78.0% |
% Government Loans | 22.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 14.0% |
Loan Activity
Rentals and Section 8 — Elkhart, IN
As of 2024, the percent of homes in Elkhart, IN under the Section 8 program is 7.4%. 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. 1-bedroom and 2-bedroom units appear to be good home sizes to consider for Section 8 housing in Elkhart, IN, because HUD payments exceed market rent, while 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 931 |
Total Units Section 8 | 340 |
% Rentals under Section 8 | 7.4% |
% Occupied Section 8 | 94.3% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $80 | $750 | $830 |
| 2 Bedroom | $15 | $995 | $1,010 |
| 3 Bedroom | -$80 | $1,400 | $1,320 |
| 4 Bedroom | -$160 | $1,500 | $1,340 |
Affordability — Elkhart, IN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.8 |
| Median Home Price | $177,000 |
| Median Household Income | $54,900 |