A study from SmartAsset, a financial technology company, has compared average rent and home prices to determine which markets in Indiana are the best for buyers.
Kosciusko County ranked number one for best places to own.
For a more detailed look at the rankings in Indiana check the table below:
| Rank | County | Avg. Monthly Mortgage Payment | Avg. Monthly Rent | Avg. Home Price | Breakeven Year | Rent vs. Buy Index |
|---|---|---|---|---|---|---|
| 1 | Kosciusko, IN | $751 | $1,057 | $196,054 | 1.0 | 98.7 |
| 2 | Gibson, IN | $615 | $982 | $160,595 | 1.0 | 98.6 |
| 3 | Porter, IN | $906 | $1,227 | $236,545 | 1.1 | 98.6 |
| 4 | Elkhart, IN | $679 | $1,026 | $177,321 | 1.1 | 98.6 |
| 5 | Greene, IN | $529 | $874 | $137,968 | 1.1 | 98.6 |
| 6 | Spencer, IN | $674 | $923 | $175,831 | 1.1 | 98.6 |
| 7 | Daviess, IN | $675 | $982 | $176,233 | 1.1 | 98.5 |
| 8 | La Porte, IN | $675 | $1,010 | $176,216 | 1.1 | 98.5 |
| 9 | Perry, IN | $638 | $970 | $166,667 | 1.1 | 98.5 |
| 10 | Franklin, IN | $815 | $1,006 | $212,808 | 1.1 | 98.4 |
Especially compared to the west and the northeast, buying and renting in the Midwest are both relatively affordable, the study reports. But because homeownership also increases a person’s net worth over time, buying often makes more sense in the medium- and long-term. The average homebuyer in one of these Midwestern cities should recuperate the upfront costs of closing on a home in just over four years.
