Miami County

Miami County, Indiana sits at a median home price of $162,402, up 7.3% year-over-year, with an affordability index of 95 out of 100. That combination places it 4th nationally out of 1,000 counties scored and first in Indiana, which tells you something about the entry price relative to what the market can realistically support. The appreciation score of 93 is the headline number here. The cash flow score, however, is 0, and the cap rate and cash-on-cash return fields are both zero in the underlying data, meaning this county does not pencil as a yield play at current financing rates. With a 6.85% rate on a $162,402 purchase and a $32,480 down payment, the math on monthly carry likely compresses or eliminates any net cash flow, so investors coming in expecting a spread between rent and expenses need to stress-test that assumption carefully before committing.

The investor profile this market fits is almost entirely the appreciation buyer, not the cash-flow buyer or, on the surface, the value-add operator looking to force yield through renovation. The 7.3% annual price growth at a $162,402 median creates a compelling total-return case if that trajectory holds, and the affordability index of 95 suggests the market is not yet pricing in scarcity, which means there is likely room for continued upward movement without pricing out the local buyer or renter pool. A cash-flow buyer should look elsewhere. At a 6.85% rate with a stability score of only 50, the risk-adjusted income picture is too uncertain to rely on rent as the primary return driver. An appreciation buyer with a three-to-five year hold horizon and enough reserves to carry a potentially break-even or slightly negative monthly position is the right operator for this county.

The data does not include economic anchors or employer detail for Miami County, so no conclusions about job concentration or demand drivers can be drawn from the underlying figures. What the stability score of 50 does signal is that this market carries meaningful cyclical or demographic risk, and investors should conduct their own diligence on local employment before committing capital. A county with price appreciation outpacing stability is often one where demand is partially speculative or where the population base is thin enough that any economic disruption translates quickly into softening rents.

On carry costs, the combined monthly tax and insurance figure is $153, based on a state-average effective property tax rate of 0.85% and an insurance rate of 0.28%. To be clear, that 0.85% is a state-average estimate from Tax Foundation 2024 data, and actual county and township rates in Miami County may differ. The flag on the tax rate is "normal," meaning it does not represent a meaningful headwind or tailwind relative to Indiana peers. At $153 per month, the combined figure is manageable and not a distinguishing underwriting consideration, but it still needs to sit on the expense side of any pro forma alongside maintenance reserves, management, and vacancy assumptions, all of which matter more when the yield is thin to begin with.

The primary risk here is the combination of a low stability score (50) and a population of 35,952. Small, low-density counties with limited documented economic anchors are more exposed to employer concentration risk and demographic contraction. If a single large employer contracts or relocates, rental demand in a market this size can shift quickly and with little warning. The 7.3% price appreciation is an encouraging signal, but appreciation in small markets can reverse sharply when macro conditions tighten or local demand softens, and there is no yield cushion here to absorb that scenario.

Against its neighbors, Miami County carries the highest overall score at 81, ahead of Greene County at 78, Grant at 75, Delaware at 75, Orange at 73, and Newton at 73. Its median home price of $162,402 is below Greene ($198,077), Orange ($182,101), Newton ($218,351), and roughly in line with Delaware ($160,460), making it a cheaper entry point than most neighbors while scoring higher. Delaware County is the most useful comparison for a cash-flow buyer: its rent-to-price ratio of 0.080 (roughly $1,071 median rent on a $160,460 median price) suggests better income coverage than Miami at a similar price point. An investor who needs the monthly numbers to work should look at Delaware County instead. An investor who is comfortable carrying a break-even or modest negative position in exchange for 7.3% annual appreciation in Indiana's top-ranked county by overall score, and who has the reserves and holding period to let that play out, is the one for whom Miami County is the right call over any of its neighbors.