HomeMy WebLinkAbout02 Data SupplementLEVERAGING HOUSING
FOR ECONOMIC WELL-BEING
Housing for All:
DATA SUPPLEMENT
JANUARY 2022
image source: National Archives
Adrienne Keeling, Carmel Community Services
Aimee Jacobsen, Noblesville Housing Authority
Alexia Lopez, Carmel Community Services
Andrea Davis, HAND
Brad Coffing, MIBOR
Chris Pryor, MIBOR
Cindy Benedict, Stones3 Resources
Corrie Meyer, Innovative Planning LLC
Courtney Zaugg, Plaka Associates
Danielle Carey Tolan, Trustee Westfield Washington Township
Denise Aschleman, Noblesville Planning
Jen Higgenbothem, Indianapolis MPO
Justin Moffitt, Old Town Group
Kate Collins, BAGI
Megan Vukusich, Fishers Planning and Development
Mike Thibideau, Hamilton County Economic Development Corporation
Nancy Ramsey, Family Promise of Hamilton County
Patricia Gamble-Moore, PNC
Traci Kapsalis, JLL Indianapolis
Special Thanks to
Aspire, Inc
BAGI
Carmel Clay Schools
City of Carmel
City of Fishers
City of Noblesville
City of Westfield
Delaware Township Trustee
Family Promise of Hamilton County
Good Samaritan Network
Great Indy Habitat for Humanity
Hamilton County Commissioners
Hamilton County Community Foundation
Hamilton County Council
Hamilton County Economic Development Corp.
Hamilton County Jail - COPE/TOWER pgrms
Hamilton County Tourism
Hamilton County Youth Assistance
HAND, Inc
IHCDA
Inclusivity Institute
Indianapolis MPO
Merciful HELP Center
MIBOR
Noblesville Chamber of Commerce
Noblesville Housing Authority
Noblesville Township Trustee
Old National Bank
Old Town Companies
OneZone
Pedcor & United Fidelity Bank
PNC Bank
Prevail, Inc
Prosperity Indiana
Pulte Home Builders
Radiant CDC
Salvation Army
Shepherd Center of Hamilton County
Stones3 Resources
United Way of Central Indiana
Westfield Chamber of Commerce
Westfield Washington Township Trustee
Woda Cooper
Hamilton County Housing Collaborative Membership
Acknowledgments
Supporting Organizations
Noblesville Housing Authority
HAND
Hamilton County Housing Collaborative
Builders Association of Greater Indianapolis (BAGI)
Metropolitan Indianapolis Board of Realtors (MIBOR)
Hamilton County Economic Development Corporation
Westfield Washington Township
TABLE OF CONTENTS
06... Population Trends
08... Income Trends
10... Employment Trends
11... Housing Trends
15... Attainability Trends
18... Data, Assumptions, and Conventions
Housing for All: Leveraging Housing for Economic Well-Being
Hamilton County is the state’s fastest growing county by population, and one of the top fifty fastest growing counties
in the nation according to US Census data. The demand for housing is likely to increase given the low vacancy rates
across the county. Between 2010 and 2019 (the most current year data was available), Hamilton County’s population
increased by nearly 62,000 people and added almost 24,000 new households. (ACS, 2019)
As of 2019, Hamilton County was home to 323,117 residents and 119,798 households. The majority of households
are located in the county’s four largest municipalities – Carmel (36,954 households), Fishers (32,794), Noblesville
(23,161), and Westfield (14,217). (ACS, 2019)
According to Stats Indiana, Hamilton County’s population is expected to grow by an additional 184,000 people over
the next thirty years – that equates to approximately 50 percent growth rate. Much of that growth (approximately
61%) is expected to come from seniors (65+) and older adults (45-64 years of age). (Stats Indiana, 2021) Given this
demographic change, housing demand is likely to change as well. Housing types needed to accommodate seniors differ
from the larger, single-family homes currently making up much of the production in Hamilton County.
POPULATION TRENDS
__________________________
HOUSEHOLD POPULATION & AVERAGE ANNUAL GROWTH RATE
The associated chart indicates
household population totals
in each Hamilton County
municipality along with the
average annual growth rate
between 2011 and 2019.
Source
US Census Bureau, ACS
5-Year Est.
Period
2010-2019
Hamilton County is rapidly growing. This growth is unlikely to slow;
projections indicate similar growth rates over the next decade.
2.5%
3.1%
2.7%
2.9%
4.3%
1.3%
0.2%
4.4%
-
20,000
40,000
60,000
80,000
100,000
120,000
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
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Greenstreet, Ltd. 2022 l 7
Total
Population
Preschool
0-4
School Age
5-19
College
20-24
Young Adult
25-44
Mature Adult
45-64
Seniors
65+
Net New
Population
Net New
Population
(2020-2050)
+ 184,403 + 10,734 + 27,043 + 7,358 + 27,536 + 43,350 + 68,382 --
2020 343,179 22,439 75,155 17,848 93,145 89,147 45,445 --
2025 379,478 26,850 76,444 17,378 104,584 95,579 58,643 + 36,299
2030 417,754 32,077 81,260 17,307 112,926 101,679 72,505 + 38,276
2035 452,289 31,653 91,998 16,801 122,903 104,131 84,803 + 34,535
2040 479,841 31,058 100,708 17,760 121,435 113,723 95,157 + 27,552
2045 503,823 31,230 103,920 21,233 117,795 125,419 104,226 + 23,982
2050 527,582 33,173 102,198 25,206 120,681 132,497 113,827 + 23,759
Percent of
Growth 6%15%4%15%24%37%--
__________________________
POPULATION PROJECTIONS BY AGE COHORT (bottom)
The associated chart indicates estimated future population of
Hamilton County, both in total and by various age cohorts. The
table also documents the percent of growth each age cohort
represents between 2020 and 2050.
Source Period
Stats Indiana 2020-2050
Hamilton
County Carmel Fishers Noblesville Westfield Cicero Sheridan Arcadia Atlanta Non Incorp.
2010 95,835 28,023 25,876 17,898 9,740 2,146 1,042 586 236 10,288
2011 98,959 28,487 26,712 18,634 10,308 2,273 1,044 546 218 10,737
2012 101,203 29,134 27,255 19,659 10,569 2,228 1,001 539 216 10,602
2013 103,234 30,062 27,427 20,467 10,983 2,079 1,111 521 263 10,321
2014 105,578 30,594 28,216 20,952 11,491 1,943 1,277 500 249 10,356
2015 108,253 31,462 29,366 21,262 11,794 1,901 1,162 489 261 10,556
2016 111,443 32,433 30,735 21,796 11,716 1,958 1,176 520 312 10,797
2017 114,282 33,158 31,469 22,130 12,520 1,974 1,159 532 307 11,033
2018 116,982 33,738 32,017 22,532 13,368 2,064 1,196 557 299 11,211
2019 119,789 36,954 32,794 23,161 14,217 2,127 1,145 593 333 8,465
__________________________
HOUSEHOLD POPULATION BY MUNICIPALITY (top)
The associated table indicates household population totals in
Hamilton County as well as in each municipality.
Source Period
US Census Bureau, ACS 5-Year Est. 2010-2019
Housing for All: Leveraging Housing for Economic Well-Being
INCOME TRENDS
Stagnant incomes and concentration of lower-paying jobs creates demand for
lower-cost housing options to meet the housing needs of the workforce.
Median household incomes ($98,173 in 2019) in Hamilton County are the highest in the state. (ACS, 2019)
However, not all Hamilton County households are high earning. Low- and moderate-income households (those earning
below 80 percent Area Median Income (AMI), $81,600 for Hamilton County in 2022) often cannot afford housing in
Hamilton County.
The Department of Housing and Urban Development (HUD) reports 26,670 households earning below 80 percent
AMI. An additional 1,965 households earn between 80 and 100 percent AMI. One-third (36,915 households) of all
Hamilton County households earn below the area median income. (CHAS, 2013-2017)
In Hamilton County, household income is highly related to homeownership. Higher income households are more likely
to be homeowners. While the exact reasons are undocumented, higher incomes create greater opportunities to take on
debt in the form of mortgages, more likely to have sufficient savings for down payments, more likely to absorb higher
cost housing. Higher income households are more likely to have good credit scores needed to access mortgages and
other lending products. Less than half (48 percent) of households earning below 30 percent AMI are homeowners
compared to the majority (78 percent) of households earning above 100 percent AMI. Approximately three-quarters
(78 percent) of all households in Hamilton County are homeowners. (CHAS, 2013-2017) This is a much higher
percentage than in nearby Marion County (54 percent) or the US in general, which is around 65 percent as of 2021.
30%
AMI
50%
AMI
80%
AMI 100% AMI 120% AMI 150% AMI 200% AMI 250% AMI
$24,480 $40,800 $65,280 $81,600 $97,920 $122,400 $163,200 $204,000
__________________________
AREA MEDIAN INCOME & INCOME LIMITS
The associated tables
document the area median
income set by HUD for the
Indianapolis-Carmel Metro
as well as the income limits
based on family size.
Source
US Department of Housing
and Urban Development
Period
2021
1-person 2-person 3-person 4-person 5-person 6-person 7-person
30% AMI $17,150 $19,600 $22,050 $26,500 $31,040 $35,580 $40,120
50% AMI $28,600 $32,650 $36,750 $40,800 $44,100 $47,350 $50,600
80% AMI $45,750 $52,250 $58,800 $65,300 $70,550 $75,750 $81,000
Greenstreet, Ltd. 2022 l 9
2021 Jobs 2019 Jobs Avg. Annual
Openings
Avg. Hourly
Wage
Fast Food and Counter Workers 4,928 5,371 1,010 $10.88
Retail Salespersons 4,707 5,112 663 $15.25
Customer Service Representatives 4,278 4,110 578 $19.89
Office Clerks, General 3,786 3,732 438 $19.17
Laborers and Freight, Stock, and Material Movers, Hand 2,975 3,014 381 $17.80
General and Operations Managers 2,918 2,996 254 $63.55
Cashiers 2,777 2,853 482 $11.23
Waiters and Waitresses 2,734 3,280 566 $12.33
Home Health and Personal Care Aides 2,700 2,362 493 $13.49
Registered Nurses 2,327 2,000 266 $35.18
Janitors and Cleaners, Except Maids and Housekeeping Cleaners 2,307 2,245 308 $13.56
Software Developers and Software Quality Assurance Analysts and Testers 2,039 1,965 157 $47.33
Stockers and Order Fillers 1,944 1,912 243 $15.35
Insurance Sales Agents 1,842 1,770 187 $32.79
Cooks, Restaurant 1,787 1,985 285 $13.12
Accountants and Auditors 1,769 1,638 201 $41.27
First-Line Supervisors of Office and Administrative Support Workers 1,646 1,637 166 $31.58
Bookkeeping, Accounting, and Auditing Clerks 1,599 1,588 182 $22.37
Elementary School Teachers, Except Special Education 1,493 1,499 115 $27.12
Maintenance and Repair Workers, General 1,480 1,477 147 $21.72
Miscellaneous Assemblers and Fabricators 1,455 1,505 146 $18.44
Teaching Assistants, Except Postsecondary 1,443 1,461 153 $12.57
Sales Representatives, Wholesale and Manufacturing, Except Technical and Scientific Products 1,414 1,422 143 $48.30
Sales Representatives of Services, Except Advertising, Insurance, Financial Services, and Travel 1,389 1,416 161 $35.99
Maids and Housekeeping Cleaners 1,380 1,408 216 $12.96
Childcare Workers 1,359 1,354 232 $12.78
Landscaping and Groundskeeping Workers 1,349 1,325 183 $17.71
Secretaries and Administrative Assistants, Except Legal, Medical, and Executive 1,290 1,300 147 $19.00
Construction Laborers 1,217 1,243 126 $20.56
Nursing Assistants 1,187 1,085 165 $15.17
First-Line Supervisors of Retail Sales Workers 1,130 1,198 118 $21.40
Management Analysts 1,117 964 162 $43.01
Secondary School Teachers, Except Special and Career/Technical Education 1,098 1,155 83 $25.97
First-Line Supervisors of Food Preparation and Serving Workers 1,085 1,235 175 $17.87
Project Management Specialists and Business Operations Specialists, All Other 1,083 897 177 $37.04
Heavy and Tractor-Trailer Truck Drivers 1,054 997 132 $24.93
Insurance Claims and Policy Processing Clerks 1,003 955 111 $20.63
__________________________
EMPLOYMENT AND AVERAGE WAGES BY OCCUPATION
The associated table indicates employment and average wages by occupation for the top occupations (1,000 or more employees.)
Source Period
EMSI 2019-2021
Housing for All: Leveraging Housing for Economic Well-Being
EMPLOYMENT TRENDS
Continued employment growth linked to housing choices for large and
growing sectors of the workforce — healthcare and retail.
No longer just a bedroom community to Indianapolis,
Hamilton County continues to add and diversify its
employment base. Between 2010 and 2019 Hamilton
County added 36,517 jobs, with an average of just over
4,000 net new jobs each year. (CLS, 2019) Job growth
generates new housing demand, but given the rate of
job growth, Hamilton County’s housing supply has not
kept pace creating a potential housing shortage.
The majority of jobs (96,921) are located in the two
largest municipalities – Carmel and Fishers. Noblesville
and Westfield have sizable job centers (30,744
combined jobs) but the northern communities of Cicero,
Sheridan, Arcadia, and Atlanta lack job opportunities.
There are just 1,147 reported jobs as of 2019. It is
important to co-locate jobs and housing to reduce
commutes and dependencies on personal automobiles
given the lack of public transit available in the county.
(Census on the Map, 2019)
The industries with the highest employment numbers
are Health Care and Social Assistance (14%), Retail
Trade (13%), and Finance and Insurance (12%).
(Census on the Map, 2019) Health Care and Social
Assistance and Retail Trade employ many lower wage
positions. In 2019, 20 percent of jobs in Hamilton
County had annual salaries below $15,000 and another
32 percent of jobs at salaries below $40,000. (Census
on the Map, 2019) While a critical part of the economy,
these positions may struggle to pay for housing in
higher priced markets like Hamilton County. Moreover,
these positions are easily found in lower cost markets
which may attract workers from Hamilton County.
Hamilton County attracts a significant number of
commuters (66%) – employees working inside the
county but living elsewhere. Approximately one-third
(34%) of commuters travel in from Marion County each
day. (Census on the Map, 2019) While it is unknown of
the reasons why, one potential explanation is access to
attainable housing options found in Marion County.
Employment and job growth will continue to be a
driving factor for housing demand in Hamilton County.
It will be important to explore the relationship between
workers and their housing needs – looking closing at
incomes, job openings, and labor shortages.
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
__________________________
TOTAL EMPLOYMENT (top)
The associated table documents employment growth in Hamilton
County from 2010 to 2020.
Source Period
Bureau of Labor Statistics 2010-2020
Industry Count Share
Health Care and Social Assistance 18,698 14%
Retail Trade 17,303 13%
Finance and Insurance 16,039 12%
Accommodation and Food Services 13,731 10%
Professional, Scientific, and Technical Services 13,026 10%
Waiters and Waitresses 2,734 3,280
EMPLOYMENT BY INDUSTRY (bottom)
The associated table documents employment in Hamilton County’s
top 5 industry sectors and indicates the share of the total
employment.
Source Period
Census on the Map 2019
Greenstreet, Ltd. 2022 l 11
HOUSING TRENDS
Hamilton County’s housing inventory lacks diversity. Homogeneous new
construction unlikely to support workforce housing needs.
Hamilton County has consistently added to their housing inventory over the last decade, adding approximately
3,000 net new housing units annually. As of 2019, the county had 126,526 housing units. This equates to
24,156 net new units created between 2010 and 2019. (ACS, 2019) However, this growth has likely not kept up
with housing demand in Hamilton County and the creation of housing has been very unequal across the county.
Much of the housing growth has occurred in Carmel (9,895 net new units), Fishers (6,641) and to a lesser
extent Noblesville (5,352) and Westfield (4,491). Very little housing construction has occurred in the northern
communities of Cicero, Sheridan, Arcadia, and Atlanta. Some have even experienced a net loss of housing. (ACS,
2019)
The majority (77%) of housing in Hamilton County is single-family detached. The next largest product type
category is multi-family apartments with 10 or more units. This product type accounts for approximately 9
percent of the 2019 housing inventory. (ACS, 2019)
Analysis of recent building permits shows this trend is likely to continue. Between 2015 and 2020, single-family
(detached or attached) permits accounted for, on average, 74 percent of residential building permits. Between
2010 and 2020, 22,477 single-family permits were issued in Hamilton County compared to just 642 permits
for two- to four-family units – which average just 1 percent of the residential building permits issued annually.
Multi-family units (5+ family units) vary year to year, averaging approximately 24 percent of residential building
permits between 2015 and 2020. (STATS Indiana, 2021)
The vast majority of housing inventory in Hamilton County is single-family detached. An analysis of the single-
family detached pipeline during the second quarter of 2021 indicates there are 1,682 units awaiting occupancy,
2,426 vacant developed lots, and 10,185 platted undeveloped lots.
Carmel, 9,895 Fishers, 6,641 Noblesville, 5,352 Westfield, 4,491
0%10%20%30%40%50%60%70%80%90%100%
__________________________
NET NEW HOUSING
The associated chart shows net new housing between 2010 and 2019
by Hamilton County municipality.
Source Period
US Census Bureau, ACS 5-year Estimates 2010-2019
Northern Communities, 275
Housing for All: Leveraging Housing for Economic Well-Being
The sales prices of new construction homes have
continued to climb across Hamilton County due to many
factors including labor shortages and rising material costs
associated with COVID-19. The price per square foot
increased from $146.34 in the third quarter of 2020 to
$167.75 during the second quarter of 2021 – reflecting a
$21 per foot price increase. During that same time square
footages decreased from an average of 2,703 to 2,683
square feet per single-family detached home. Sales price
of single-family detached homes increased by $71,534
between the third quarter of 2019 and second quarter of
2021, reflecting a 19 percent increase. Final sales prices
of attached single-family product did not experience the
same increases – increasing by just $21,202 or 8 percent
during that same period. (Zonda, 2021)
Resale prices for existing homes in Hamilton County are
following similar trends. Over the last decade (2010-
2021) sales prices for existing homes in Hamilton County
have grown by 88 percent, increasing by $170,462 per
home. The median sales price of a home at the start of
2010 (January 2010) was $202,000. By January 2021
the median sales price had climbed to $335,000 and
continued to climb through 2021, reaching $379,062
in October (the last month data was available.) (BAGI,
2021) Prices vary across the county with the northern
communities offering more attainable prices but showing
greater percentage increases in price year over year.
(MIBOR, 2021)
Count Share
1 unit, detached 92,216 77.0%
1 unit, attached 4,672 3.9%
2 apartment units 1,156 1.0%
3 or 4 apartment units 3,175 2.7%
5 to 9 apartment units 6,157 5.1%
10 or more apartment units 10,658 8.9%
Total Units 1-Family 2-Family 3-4-Family 5 or More
Family
2020 3,807 2,567 70 46 1,124
2019 3,122 2,402 16 24 680
2018 3,005 2,694 14 - 297
2017 3,089 2,457 10 18 604
2016 2,553 2,161 48 87 257
2015 4,047 1,916 26 47 2,058
2014 3,684 1,832 14 90 1,748
2013 3,635 2,046 22 7 1,560
2012 2,137 1,644 28 15 450
2011 1,891 1,408 26 16 441
2010 1,975 1,350 6 12 607
Total
Inventory
Vacant
Developed
Lots
Future
Lots
Single-Family Detached 1,682 2,426 10,185
Single-Family Attached 317 431 3,313
__________________________
TOTAL EMPLOYMENT (top left)
The associated table indicates building permits in
Hamilton County between 2010 and 2020 broken down
by the number of units in the structure.
Source Period
Stats Indiana 2010-2020
INVENTORY (top right)
The associated table documents the number of occupied
units broken down by the number of units per structure
regardless of ownership status.
Source Period
US Census Bureau, ACS 5-year Est. 2019
FUTURE PIPELINE (bottom right)
The associated table indicates the potential housing
pipeline given recent permits and residential plat
approvals in Hamilton County.
Source Period
Zonda 2Q 2021
Greenstreet, Ltd. 2022 l 13
In October of 2021, the active inventory was 259 homes in Hamilton County with an average days on the market
of 15 days and the median days on market at 4. Furthermore, the available listings are primarily too high value
for households earning below the area median income of $81,600, with just 10 homes listed below $200,000.
(MIBOR, 2021)
While there has been growth in construction of new multi-family rental housing options, occupancy rates nearing
100 percent indicate demand is likely in line with or greater than the supply. There are only four properties in the
Hamilton County with average rent per square foot rates below $1.00 with the lowest at $0.87 per square foot for
a Class C property built in 1974. Newer Class A residential units rent between $1.47 per square foot to $1.82 per
square foot with average rents exceeding $1,500 a month in many cases. Occupancy of stabilized properties is
approximately 97 percent indicating very few vacancies regardless of class or condition of the units. (JLL, 2021)
Diversity in housing options and choices will continue to be lacking if new construction continues to reflect
the inventory already available in Hamilton County. The relationship between what is planned and built and the
development standards across the county should be explored to understand what levers could be manipulated to
increase diversity in housing choice and price.
3Q 2020 Avg.4Q 2020 Avg.1Q 2021 Avg.2Q 2021 Avg.
Price SqFt $/SF Price SqFt $/SF Price SqFt $/SF Price SqFt $/SF
Single-Family
Detached $390,498 2,703 $146.34 $383,711 2,658 $146.44 $412,213 2,663 $156.77 $445,569 2,683 $167.75
Single-Family
Attached $282,905 1,831 $156.53 $278,636 1,754 $160.73 $286,101 1,754 $164.60 $297,321 1,704 $177.73
3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21
Single-Family
Detached $374,035 $377,879 $378,253 $385,988 $390,498 $383,711 $412,213 $445,569
Single-Family
Attached $276,119 $274,733 $273,619 $274,338 $282,905 $278,636 $285,101 $297,321
__________________________
AVERAGE SALES PRICE (top)
The associated table indicates the average price of new construction housing units in Hamilton
County over the last four quarters. Data reflects average prices, square footage, and price per
square foot of single-family attached and detached products.
Source Period
Zonda 2Q 2021
AVERAGE SALES PRICE (bottom)
The associated table indicates the average price of new construction housing units in Hamilton
County between 3Q 2019 to 2Q 2021 for both single-family attached and detached products.
Source Period
Zonda 2Q 2021
Housing for All: Leveraging Housing for Economic Well-Being
Active Listings Median Sales
Price
Year over Year Change
Median Sales Price
Avg. Days on
Market
Median Days on
Market
Carmel 59 $480,000 6.2%12 4
Fishers 54 $365,000 12.3%15 4
Noblesville 49 $330,100 17.9%12 5
Westfield 76 $424,690 21.3%15 4
Jackson Twp - Arcadia, Atlanta, Cicero 11 $337,000 46.0%19 10
Adams Twp - Sheridan 3 $226,250 46.0%20 3
Hamilton County 259 $379,900 11.4%15 4
__________________________
REAL ESTATE SNAPSHOT
The associated chart shows active listings, median sales prices,
change in sales price, as well as average and median days
on the market for all product types. Individual statistics for
municipalities are provided where available.
Source Period
MIBOR REALTOR Association October 2021
__________________________
MEDIAN SALES PRICE (top)
The associated table indicates the median sales price by month
between January 2010 and October 2021.
Source Period
MIBOR REALTOR Association 2010-2021
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
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Hamilton County Indy MSA
Greenstreet, Ltd. 2022 l 15
ATTAINABILITY
Stagnant incomes and rising housing cost make housing
attainability in Hamilton County difficult for many.
Housing costs in Hamilton County make housing attainability difficult for many low-
and moderate-income households as well as portions of the workforce who earn lower
wages or salaries. Most households earning below 80 percent of the area median
income ($65,280) have limited access to attainable housing choices – 1 percent of
new construction homes, 2 percent of active listings, and 89 percent of multi-family
rentals are affordable to these households. Even higher earning households, those
earning around 1.5 times the AMI ($122,400) have a somewhat limited access to
housing – 71 percent of new construction, 30 percent of active listings, and 100
percent of multi-family rentals. This analysis does not consider competition, financial
ability and health, or product type. (Greenstreet, 2021)
Given the higher housing costs, compared to most parts of the Indianapolis Metro,
nearly one-third (63% or 16,770 households) of households earning below 80 percent
of the area median income are cost burdened. Cost burdened is defined by spending
greater than 30 percent of your household income on housing costs. HUD defines
housing costs – “For renters, housing cost is gross rent (contract rent plus utilities).
For owners, housing cost is "select monthly owner costs", which includes mortgage
payment, utilities, association fees, insurance, and real estate taxes.” (CHAS, 2017)
30%
AMI
50%
AMI
80%
AMI 100% AMI 120% AMI 150% AMI 200% AMI 250% AMI
$24,480 $40,800 $65,280 $81,600 $97,920 $122,400 $163,200 $204,000
__________________________
AREA MEDIAN INCOME (top) & INCOME LIMITS (bottom)
The associated tables document the area median income set by HUD for the Indianapolis-Carmel Metro as
well as the income limits based on family size.
Source Period
US Department of Housing and Urban Development 2021
1-person 2-person 3-person 4-person 5-person 6-person 7-person
30% AMI $17,150 $19,600 $22,050 $26,500 $31,040 $35,580 $40,120
50% AMI $28,600 $32,650 $36,750 $40,800 $44,100 $47,350 $50,600
80% AMI $45,750 $52,250 $58,800 $65,300 $70,550 $75,750 $81,000
Housing for All: Leveraging Housing for Economic Well-Being
Renters are more likely experienced some level of cost burden. In Hamilton County 73 percent of renters earning
below 80 percent of the area median income are cost burdened compared to 55 percent of homeowners with the
same incomes. Households living in the northern communities of Arcadia and Atlanta are less likely to be cost
burdened (38% and 49% respectively) compared to households living the other municipalities. (CHAS, 2017)
However, costs related to transportation and access to opportunity may “cost” these households more in the long
term. Without additional analysis it is unclear how those costs compare.
Expectedly, lower income households are more likely to be cost burdened. Three quarters (75%) of households
earning between $20,000 and $34,999 are cost burdened and one-third (34%) are spending more than 50
percent of their annual income on housing indicating severe cost burdened. A household earning $33,228 (average
childcare worker-led household) that spends the recommended 30 and 15 percent of their annual income on
housing and transportation would have just $18,275 left over for an entire year’s worth of expenses including
medical expenses, education, childcare, food, and savings. This household would not be considered cost burdened.
Owners Renters
Cost burden >
30%
Cost burden >
50% Total Cost burden >
30%
Cost burden >
50% Total
Household Income <= 30% HAMFI 2,160 1,860 2,855 2,510 2,195 3,055
Household Income >30% to <=50% HAMFI 2,885 1,690 4,025 2,960 1,490 3,335
Household Income >50% to <=80% HAMFI 2,860 395 5,030 2,860 395 5,030
Household Income >80% to <=100% HAMFI 1,405 230 7,095 560 0 3,150
Household Income >100% HAMFI 2,905 315 66,835 410 70 10,525
Total 12,745 4,860 89,185 9,300 4,150 25,100
__________________________
HOUSING COST BURDENED (top)
The associated table indicates the number of households
meeting the HUD-defined criteria for housing cost burdened at
the 30% and 50% levels for owners and renters.
Source Period
HUD User, CHAS 2013-2017
30% AMI Childcare Worker-
led Household 50% AMI 80% AMI 100% AMI
Income $24,480 $33,228 $40,800 $65,280 $81,600
% on housing 30%30%30%30%30%
assumed housing spend $7,344 $9,968 $12,240 $19,584 $24,480
% spent on transportation 15%15%15%15%15%
assumed transportation spend $3,672 $4,984 $6,120 $9,792 $12,240
remaining income $13,464 $18,275 $22,440 $35,904 $44,880
remaining income as %55%55%55%55%55%
remaining income as monthly $1,122 $1,523 $1,870 $2,992 $3,740
__________________________
BUDGET ANALYSIS (bottom)
The associated chart shows the impacts housing and
transportation have on annual household budgets of hypothetical
households earning various incomes.
Source Period
Greenstreet Analysis 2021
Greenstreet, Ltd. 2022 l 17
Earlier in this report, resale and new construction sales prices were
discussed and found to be increasing making attainability difficult for
many. In general, median housing values, not considering availability in
the market, reflect similar trends. Between 2010 and 2019 home values in
Hamilton County increased by 25 percent – from $211,200 to $263,300.
Similar increases are occurring across the county but are more prominent
in the faster growing communities Fishers (27%), Westfield (26%), and
Noblesville (25%). (US Census, 2019)
Median gross rents are experiencing similar trends with the median gross
rent having increased by 30 percent between 2010 and 2019. Rent
increases appear more common across the county likely given the lack
of variation in rents compared to housing values. Westfield (55%) and
Sheridan (37%) showed the largest increase during that time. Most housing
units (87%) with households paying rent, have median contract rents below
$1,500 – making them attainable to much of the population. However,
comparing data from 2010 to 2019 shows that a larger percentage of units
(13% in 2019 compared to 5% in 2010) are renting above the $1,500
mark reflecting the growth in median gross rent previously discussed. (US
Census, 2019)
Housing affordability and attainability will continue to be an issue as
housing cost increase faster than incomes and new construction favors
towards the higher end of the market. Housing options for low- and
moderate-income households as well as workers essential to growing the
Hamilton County economy will take thoughtful, strategic actions by a variety
of partners and players.
Attainable
Housing Value
Max
Monthly
Rent
% of
Total New
Construction
Starts
% of Active
Listings
% of All
Multi-Family
Rental Units
30% AMI $73,440 $612 0%0%0%
50% AMI $122,400 $1,020 0%1%5%
80% AMI $195,840 $1,632 1%2%89%
100% AMI $244,800 $2,040 6%6%100%
120% AMI $293,760 $2,448 28%12%100%
150% AMI $367,200 $3,060 71%30%100%
200% AMI $489,600 $4,080 86%59%100%
Ham Co.Carmel Fishers Noblesville Westfield Cicero Sheridan Arcadia Atlanta
Median Housing Values for Owner-Occupied Housing Units
2010 $211,200 $286,300 $207,600 $167,700 $203,000 $139,300 $93,900 $103,400 $101,800
2019 $263,300 $333,200 $264,200 $209,100 $254,800 $148,000 $128,500 $108,100 $96,700
Median Gross Rent for Rental-Occupied Housing Units
2010 $903 $976 $979 $816 $780 $833 $526 $640 $740
2019 $1,176 $1,207 $1,250 $1,039 $1,207 $907 $719 $802 $809
__________________________
ATTAINABILITY ANALYSIS (top)
The associated table indicates attainable
housing values and rents for household
earning various incomes. Additionally, the
table shows the percent of inventory (new
construction, active listings, and multi-
family rentals) that fall within the attainable
housing values.
Source Period
Greenstreet Analysis 2021
HOUSING VALUES & RENTS (bottom)
The associated table indicates values for
owner-occupied housing and median rental
rates for renter-occupied units.
Source
US Census Bureau, ACS 5-Year Est.
Period
2010-2019
Housing for All: Leveraging Housing for Economic Well-Being
Definitions
Area Median Income – AMI is the mid-point of a region’s income distribution. This number is set by the US Department of Housing and
Urban Development (HUD). AMI is calculated for the entire Indianapolis-Carmel, IN Metro which includes Marion County as well Boone,
Brown, Hancock, Hendricks, Johnson, Morgan, and Shelby counties. Income limits will vary depending on family size. Details on how
HUD calculates the AMI for each region can be found on their webpage at huduser.gov.
Low- and Moderate-Income Households – a household earning below 80% of the area median income.
Housing Cost Burdened – a household spending more than 30% of their annual household income on housing-related costs.
Subsidized Unit – assumes all units with federal, state, or local subsidies as reported by the National Housing Preservation Database.
Throughout the report subsidized housing may also be referred to as income-based housing which better reflects the needs of tenants
versus development community.
DATA, ASSUMPTIONS, & CONVENTIONS
Household Income Data
Median Household Income: $98,173 (2019, Hamilton County)
source: US Census Bureau, 5-Year Estimates
Median Household Income: $22,415 unadjusted (1984, US)
Median Household Income: $69,560 unadjusted (2019, US)
source: US Census Bureau, historic datasets
Area Median Income: $81,600 (2021, Hamilton County)
source: US Department of Housing and Urban Development (HUD)
note: AMI is calculated and reflected of the entire Indianapolis-Carmel MSA. AMI is used to
determine eligibility for many federal and local grants, subsidy programs, and income-based
housing units. Income limits for qualification in income-based units is determined by the number
of household members.
Number of Workers per Household: 1.3 workers (2019, Central Indiana)
source: SAVI
note: Data specific to Hamilton County was not available, however, research indicates that workers
per household varies. A 2015 study by the US Census Bureau showed that as incomes increase,
workers per household increase. National data shows that for the lowest fifth of households by
income have just 0.43 earners compared to the highest fifth which have 2.05 mean workers. The
middle fifth households have a mean number of workers at 1.36.
Housing Data
Median Value for All Owner-Occupied Housing: $263,300 (2019, Hamilton County)
source: US Census Bureau, 5-Year Estimates
Total Housing Units: 135,064 (2019, Hamilton County)
source: US Census Bureau, 5-Year Estimates
Median Sales Price of Existing Resale Homes: $379,062 (Oct. 2021, Hamilton County)
source: MIBOR REALTOR Association
Average Sales Price of New Construction Home: $385,970 (2019, Hamilton County)
Average Sales Price of New Construction Home: $439,300 (2Q2021, Hamilton County)
source: Zonda
Greenstreet, Ltd. 2022 l 19
Median Sales Price of New Construction Home: $79,000 unadjusted (1984, US)
Median Sales Price of New Construction Home: $321,500 unadjusted (2019, US)
source: US Census Bureau, historic datasets
Total Multi-Family Rental Units: 28,615 (2021, Hamilton County)
Total Subsidized Units: 2,185 (2021, Hamilton County)
Average number of Subsidized Units Constructed: 60 (2000-2020 average, Hamilton County)
Average number of Subsidized Units Anticipated to Expire*: 33 (2020-2040, Hamilton County)
source: National Housing Preservation Database, 2021
note: *Expiration reflects units where at least one subsidy has reached the expiration of its affordability compliance
period. This does not guarantee that the unit will leave the affordable housing stock, but does have the potential to
increase rates at the owner’s discretion based on compliance of other existing requirements.
Other Data
Total Population: 323,117 (2019, Hamilton County)
source: US Census Bureau, 5-Year Estimates
Number of Low- and Moderate-Income Households (earning 80% AMI and below): 26,670 (2017, Hamilton County)
Number of Cost Burdened Low- and Moderate-Income Households: 16,770 (2017, Hamilton County)
Number of Cost Burdened Household earning below 100% AMI: 18,735 (2017, Hamilton County)
source: Comprehensive Housing Affordability Strategy (CHAS), HUD
note: Updated 2014-2018 data became available after the study began but was released with several disclosures. A
decision was made to continue using the 2013-2017 data given much of the analysis was already complete.
Methodologies
Approximate Annual Household Income – To determine the approximate annual household income of multi-worker/earner
households, Greenstreet used the following assumptions. Each household, regardless of income, contains 1.3 workers/
earners. All workers in the same household earned the same hourly rate and/or salary. If hourly rates were used, a 40-
hour work week was used and a general assumption of 50 working weeks per year. Wage information came from EMSI
and reflects 2019 wages, unless noted.
Attainable Housing Value – To determine the high end of an attainable housing value, Greenstreet used the following
assumptions and varies depending on rental and homeownership. For homeownership, Greenstreet assumed an attainable
housing value equal to three times a household’s annual household income. For rental housing, Greenstreet assumed a
household would spend 30 percent of their pre-tax income divided over 12 months.
Note on Data Sources and Uses
Throughout the report, Greenstreet relied on the most current and reputable data sources possible. In most cases, 2019 to 2021
data was used, when possible, with every attempt made to create fair comparisons between unrelated data sources. Please note
that given the disruptions caused COVID-19, the US Census Bureau announced for the first time they would delay releasing the
American Community Survey five-year data. Data from the 2020 Census was unavailable for this study.