Is Boone County, IN good for real estate investing?

Boone County has an investment score of 57/100, rated as "Hold". The county ranks #451 nationally among 1000 counties analyzed.

What is the rent-to-price ratio in Boone?

The rent-to-price ratio in Boone County is 5.46% annually, which ranks in the 37th percentile nationally. Higher ratios indicate better cash flow potential.

What is the median home price in Boone?

The median home price in Boone County is $423,125. This ranks #887 in affordability among all US counties.

Can you cash flow on rental properties in Boone?

Based on median values with 20% down at current rates, a typical rental in Boone County would generate negative cash flow of $966/month. Individual property performance varies based on purchase price, rent, and operating expenses.

Boone County

IndianaPopulation: 71,235

/100

Hold

#451 of 1,000 counties

#82 in Indiana (92 counties)

Analysis by RentalCalcs ResearchIndependent data + algorithm-driven scoring

Updated August 31, 2026Sources: Zillow ZHVI, Zillow ZORI, US Census ACS, Tax Foundation

Market Snapshot

$423,125

Median Home Price

85% above national median

$1,926/mo

Median Rent

33% above national median

5.46%

Rent-to-Price Ratio

Top 63% nationally

-$966

Est. Monthly Cash Flow

With 20% down at 6.9% rate

Scenario comparison

Same $1,926/mo rent assumption, 20% down, 6.85% rate. What changes is the acquisition price.

Scenario	Purchase price	Monthly cash flow	Cap rate	Cash-on-cash
75% of median value-add or distressed	$317,344	-$411/mo	4.7%	-6.8%
Median typical MLS deal	$423,125	-$966/mo	3.5%	-11.9%
125% of median newer / premium	$528,907	-$1,520/mo	2.8%	-15.0%

Price History

Median Home Price

Median Rent

Historical data from Zillow ZHVI/ZORI

Quick Investment Calculator

Down Payment20%

5%50%100%

Purchase

Purchase Price$423,125

Down Payment (20%)$84,625

Loan Amount$338,500

Interest Rate6.85%

Monthly Cash Flow

Gross Rent+$1,926

Monthly P&I-$2,218

Est. Expenses (35%)-$674

Net Cash Flow-$966/mo

3.5%

Cap Rate (all cash)

-11.9%

Cash-on-Cash Return

5.46%

Rent-to-Price Ratio

Negative leverage: At 6.85% rates, borrowing costs exceed the 3.5% cap rate. All-cash buyers may see better returns.

* Based on county median values. 35% expenses include taxes, insurance, maintenance, vacancy, and property management. Actual results vary by property.

Run Full Analysis Try House Hack Strategy

Score Breakdown

Overall Investment Score

57/100

Cash Flow(30%)

52/100

Based on 5.46% rent-to-price ratio. Higher ratios indicate stronger cash flow potential.

Appreciation(25%)

83/100

Based on 4.0% YoY price growth. Moderate growth (3-8%) scores highest.

Stability(25%)

50/100

Population data not available.

Affordability(20%)

40/100

Based on price relative to estimated local incomes.

Scores are calculated using real Zillow home value and rent data, Census population data, and economic indicators. The weighted average produces the overall investment score. Markets with missing rent data use estimated values based on regional averages.

Investment Outlook

Strengths

+Complete rent data available

Challenges

-Negative cash flow at typical financing (-$966/mo)
-Negative leverage (cap rate 3.5% < mortgage rate 6.9%)

Economic Indicators

Population

71,235

Median Income

—

Data pending

Unemployment Rate

—

Data pending

Price-to-Income

—

Data pending

Who this market fits

Best for

+Patient holders willing to accept negative carry for equity gains
+All-cash buyers: removing debt service flips the cap rate to actual yield

Skip if

−You need positive cash flow on day one at typical leverage
−You can't tolerate negative leverage (cap rate below mortgage rate today)

Compare to Nearby Counties

County					Verdict
TippecanoeIN	61	$288,669	$1,526	6.35%	Buy	View
HendricksIN	61	$334,633	$1,740	6.24%	Buy	View
HamiltonIN	59	$450,547	$1,832	4.88%	Hold	View
PorterIN	59	$320,190	$1,469	5.50%	Hold	View
KosciuskoIN	58	$272,509	$1,108	4.88%	Hold	View
CurrentBooneIN	57	$423,125	$1,926	5.46%	Hold

The Bottom Line

HoldBoone is a neutral market. Consider house hacking or targeting below-market deals.

Boone County in Indiana scores 57/100, ranking #451 of 1,000 US counties (top 58%). At 20% down and current rates, a median-priced rental loses about $966/month; the 5.46% gross rent-to-price ratio doesn't survive debt service. The thesis here is appreciation, value-add, house hacking, or all-cash.

Monthly Cash Flow

$-966/mo

Cap Rate

3.5%

Cash-on-Cash

-11.9%