{"area":{"county":"Boone County","state":"IN","stateName":"Indiana","slug":"boone-in","metro":"Indianapolis-Carmel, IN HUD Metro FMR Area"},"homeValue":{"series":[{"date":"2021-04-01","value":321006},{"date":"2021-07-01","value":333985},{"date":"2021-10-01","value":346347},{"date":"2022-01-01","value":359571},{"date":"2022-04-01","value":376783},{"date":"2022-07-01","value":376200},{"date":"2022-10-01","value":376270},{"date":"2023-01-01","value":382800},{"date":"2023-04-01","value":388678},{"date":"2023-07-01","value":393156},{"date":"2023-10-01","value":405004},{"date":"2024-01-01","value":401540},{"date":"2024-04-01","value":406438},{"date":"2024-07-01","value":412572},{"date":"2024-10-01","value":412444},{"date":"2025-01-01","value":421995},{"date":"2025-04-01","value":425108},{"date":"2025-07-01","value":426100},{"date":"2025-10-01","value":433295},{"date":"2026-01-01","value":434542},{"date":"2026-04-01","value":434076}],"latest":434076,"yoy":2.1095815651552074,"fiveYr":35.22364067961347,"sinceStart":272.22998756592204,"modeled":true},"rent":{"series":[{"date":"2026-11-01","value":1536}],"latest":1536,"yoy":null,"fiveYr":null,"sinceStart":null,"modeled":true},"census":{"medianIncome":111250,"population":74718,"povertyRate":4.507974395139416,"medianHomeValue":376200,"medianGrossRent":1359,"medianPropertyTax":2919},"hud":{"county":"Boone County","year":"2027","perUnit":1536,"bedrooms":2,"estimated":false,"baseBedrooms":2},"crime":{"scope":"state","state":"Indiana","period":"10-2024 to 09-2026","window":{"from":"10-2024","to":"09-2026","fellBack":false},"violentCrime":{"total":29043,"ratePer100k":208.24331779365764},"propertyCrime":{"total":123972,"ratePer100k":888.900616104236},"note":"State-level totals from the FBI CDE summarized offense endpoint."},"crimeVintage":{"from":"10-2024","to":"09-2026","fellBack":false},"priceToRentRatio":23.6,"ratioVerdict":"Favors renting — price is high relative to rent","priceCagr":6.221911737689156,"rentCagr":3,"cashFlow":{"price":434076,"monthlyRent":1536,"grossRent":1536,"downPct":20,"ratePct":6.75,"units":1,"state":"IN","down":86815.20000000001,"loan":347260.8,"mortgagePI":2252.326938927558,"monthlyTax":280.70248,"taxRatePct":0.776,"taxRateSource":"Census ACS county effective rate 0.78% ($2,919 tax ÷ $376,200 ACS median), applied to current value","monthlyInsurance":195.3342,"insuranceRatePct":0.54,"insuranceBasis":"Insurance: state-level estimate (IN avg 0.54%/yr)","insuranceHighRisk":false,"vacancyPct":5,"vacancyLoss":76.80000000000001,"egi":1459.2,"mgmtPct":10,"monthlyMgmt":153.60000000000002,"maintenancePct":5,"monthlyMaint":76.80000000000001,"capexPct":5,"monthlyCapex":76.80000000000001,"hoaMonthly":0,"monthlyHoa":0,"operatingExpenses":783.23668,"noi":675.9633200000001,"totalExpenses":3035.563618927558,"cashFlow":-1576.3636189275578,"annualCf":-18916.363427130695,"cocReturn":-21.78922979746714,"capRate":1.8686957675614408},"resilience":{"scenarios":[{"id":"rentDown","label":"Rent drops 10%","kind":"standard","detail":"Standard assumption","cashFlow":-1691.5636189275576,"delta":-115,"survives":false},{"id":"vacancy","label":"Vacancy stretches to 8%","kind":"standard","detail":"Standard assumption","cashFlow":-1622.443618927558,"delta":-46,"survives":false},{"id":"insurance","label":"Insurance costs rise 25%","kind":"standard","detail":"Standard assumption","cashFlow":-1625.1971689275579,"delta":-49,"survives":false},{"id":"rateReset","label":"If financed at 8.25% instead","kind":"standard","detail":"Fixed-rate comparison — the deal if you'd borrowed at a higher rate today; your actual fixed payment never resets","cashFlow":-1932.8910993600732,"delta":-357,"survives":false},{"id":"historyHome","label":"Worst market shock in available history (since 1991-01-01) (home values −6.5% over 12 months)","kind":"history","detail":"History-derived proxy: worst decline found in any window of up to 12 months in the state FHFA home-value series, 2007-10-01 → 2008-10-01, applied to rent","cashFlow":-1651.4226401044443,"delta":-75,"survives":false}],"survived":0,"total":5,"score":0,"worstCashFlow":-1932.8910993600732,"baselineCashFlow":-1576.3636189275578,"framing":"underwater","confidenceLabel":"crosscheck","omitted":[],"note":"Each scenario re-runs the same verified cash-flow engine with one shock applied, then re-checks the cash-flow identity before display. Standard shocks are fixed assumptions; the history-derived scenario is this market's own worst observed 12-month decline. Estimates only — not a guarantee of performance."},"rentVsBuy":{"years":7,"priceCagr":6.221911737689156,"rentCagr":3,"totalRentPaid":141234.50291704014,"totalCashOutlay":362949.5926778704,"insuranceBasis":"Insurance: state-level estimate (IN avg 0.54%/yr)","homeValueAfter":662314.9653309082,"equityBuilt":347045.65921186475,"netCostOfBuying":102719.13346600567,"buyingCheaper":true,"savings":38515.369451034465},"priceToIncome":{"ratio":3.9018067415730338,"price":434076,"medianIncome":111250,"label":"Moderate (3–5x — tighter budgets)"},"countyTaxRatePct":0.776,"countyTaxSource":"Census ACS county effective rate 0.78% ($2,919 tax ÷ $376,200 ACS median), applied to current value","dataCheck":{"status":"crosscheck","checks":[{"metric":"home value (vintage update)","primary":434076,"secondary":376200,"primarySource":"current estimate (ACS county median × FHFA metro HPI growth)","secondarySource":"raw ACS 2023 county median (as measured ~2021)","ratio":1.15,"grade":"crosscheck","consistent":false,"hidePoint":false},{"metric":"HUD fair market rent","primary":1536,"secondary":1359,"primarySource":"HUD FMR (county)","secondarySource":"Census ACS (county gross rent)","ratio":1.13,"grade":"verified","consistent":true,"hidePoint":false}],"confidence":{"homeValue":{"label":"crosscheck","ratio":1.15,"sources":["current estimate (ACS county median × FHFA metro HPI growth)","raw ACS 2023 county median (as measured ~2021)"],"hidePoint":false,"range":{"low":376200,"high":434076}},"rent":{"label":"verified","ratio":1.13,"sources":["HUD FMR (county)","Census ACS (county gross rent)"],"hidePoint":false,"range":{"low":1359,"high":1536}},"income":{"label":"estimate","sources":["Census ACS"]},"crime":{"label":"estimate","sources":["FBI CDE"]}},"note":"Every headline metric is checked against a second figure, and each check names its own basis. The rent and property-price checks pair genuinely independent datasets (HUD FMR vs Census ACS gross rent; your price vs the county estimate). The home-value check compares our current estimate (ACS county median updated by the FHFA state index) against the raw ACS 2023 median — its spread reflects price movement since the ACS measurement period (~2021), not disagreement between unrelated sources. 'Verified' means the two figures agree within 15%; 'Cross-checked' means they diverge more than 15%; 'Divergent' flags a >2x difference. A spread beyond 35% is too wide to defend a single point — the headline shows the source range instead, flagged 'sources disagree'."},"integrity":{"status":"pass","checks":[{"name":"home value freshness","status":"pass","detail":"latest 2026-04-01 (227d old — current for quarterly cadence)"},{"name":"home value card↔chart","status":"pass","detail":"card matches chart"},{"name":"home value growth window","status":"pass","detail":"growth matches the 5.0yr available window"},{"name":"rent freshness","status":"pass","detail":"latest 2026-11-01 (13d old — current for monthly cadence)"},{"name":"rent card↔chart","status":"pass","detail":"card matches chart"},{"name":"cash flow identity","status":"pass","detail":"NOI − P&I = cash flow"},{"name":"cash-on-cash","status":"pass","detail":"annual CF ÷ down matches"},{"name":"cap rate","status":"pass","detail":"NOI×12 ÷ price matches"},{"name":"price-to-rent","status":"pass","detail":"price ÷ (rent×12) matches"},{"name":"income plausibility","status":"pass","detail":"within expected range"},{"name":"price-to-income","status":"pass","detail":"price ÷ income matches"},{"name":"buy-vs-rent: home value at term","status":"pass","detail":"compounds at 6.2%/yr"},{"name":"buy-vs-rent: total rent paid","status":"pass","detail":"geometric series matches"},{"name":"buy-vs-rent: equity built","status":"pass","detail":"home value − loan balance matches"},{"name":"buy-vs-rent: net cost","status":"pass","detail":"outlay − equity gain matches"},{"name":"buy-vs-rent: savings & verdict","status":"pass","detail":"savings = rent − net cost, verdict matches"}],"summary":"16/16 verified","freshness":{"homeValue":{"date":"2026-04-01","ageDays":227,"cadence":"quarterly","current":true},"rent":{"date":"2026-11-01","ageDays":13,"cadence":"monthly","current":true}}},"confidence":{"homeValue":{"label":"crosscheck","ratio":1.15,"sources":["current estimate (ACS county median × FHFA metro HPI growth)","raw ACS 2023 county median (as measured ~2021)"],"hidePoint":false,"range":{"low":376200,"high":434076}},"rent":{"label":"verified","ratio":1.13,"sources":["HUD FMR (county)","Census ACS (county gross rent)"],"hidePoint":false,"range":{"low":1359,"high":1536}},"income":{"label":"estimate","sources":["Census ACS"]},"crime":{"label":"estimate","sources":["FBI CDE"]}},"verdict":"Boone County, IN is appreciation-driven for owning: at a 23.6x price-to-rent ratio, the math favors renting — monthly investor cash flow is typically thin or negative unless you buy below median or add units.","faqs":[{"q":"Is Boone County, IN a good rental market?","a":"Tough for cash flow. At 23.6x, Boone County is appreciation-driven — most investors here bank on equity growth, not monthly rent spread."},{"q":"What is the median home value in Boone County?","a":"The typical home value in Boone County is about $434,076 (county-level, Census ACS & FHFA metro HPI), up 2.1% year-over-year, and up 35.2% over five years."},{"q":"What is the median rent in Boone County?","a":"The typical rent in Boone County is about $1,536/mo (county-level, HUD 2-bedroom benchmark bridged from Census ACS gross rent), a current modeled estimate."},{"q":"Is it cheaper to rent or buy in Boone County?","a":"Over a 7-year horizon, buying is cheaper in Boone County — roughly $38,515 ahead of renting, with about $347,046 in equity built."},{"q":"Is Boone County affordable for homebuyers?","a":"Boone County's median home value is 3.9x the local median household income — Moderate (3–5x — tighter budgets)."},{"q":"What is the property tax rate in Boone County?","a":"Boone County's effective property tax rate is about 0.78% of home value (Census ACS county effective rate 0.78% ($2,919 tax ÷ $376,200 ACS median), applied to current value), which on a $434,076 median home is roughly $281/mo."}],"takeaways":["The median home value in Boone County, IN was $434,076 as of April 2026, up 2.1% year over year (FHFA HPI applied to the Census ACS county median).","The typical market rent in Boone County, IN was $1,536/mo as of November 2026, a current modeled estimate (HUD Fair Market Rent, FY2027, bridged from Census ACS gross rent).","Boone County, IN has a price-to-rent ratio of 23.6 — a high reading that favors renting over buying at the median. (Computed by Areal from the figures above.)"],"citationSources":[{"name":"U.S. Census Bureau — ACS ACS 2024 5-year estimates","url":"https://www.census.gov/programs-surveys/acs/"},{"name":"FHFA House Price Index","url":"https://www.fhfa.gov/data/hpi"},{"name":"HUD Fair Market Rent","url":"https://www.huduser.gov/portal/datasets/fmr.html"},{"name":"FBI Crime Data Explorer","url":"https://cde.ucr.cjis.gov/"}],"jsonApi":{"function":"getCountyReport","query":"slug=boone-in","url":"https://areal.studio/functions/getCountyReport?slug=boone-in"},"assumptions":{"downPct":20,"ratePct":6.75,"years":7},"dataVintage":{"pulledAt":"2026-11-14T11:11:23.556Z","homeValueBasis":"FHFA metro HPI (quarterly, Indianapolis-Carmel, IN HUD Metro FMR Area) × ACS county anchor","rentBasis":"HUD county FMR — flat current estimate (modeled, no public trend)","zhviThrough":null,"zoriThrough":null,"fhfaHpiThrough":"2026-04-01","hpiLevel":"metro","hpiMetro":"Indianapolis-Carmel, IN HUD Metro FMR Area","acsVintage":"ACS 2024 5-year estimates","acsVintageMisses":[],"hudFy":"2027","safmrFy":null},"zipAnchors":{"homeValueTier":"county-fhfa-acs","rentTier":"county-acs-hud","zhvi":null,"zori":null,"safmr":null,"countyHomeEstimate":434076,"countyFmr":1536,"countyRatio":null,"hpiLevel":"metro","hpiMetro":"Indianapolis-Carmel, IN HUD Metro FMR Area"},"links":{"stateDir":"IN","stateName":"Indiana","cityPages":[],"zips":[]},"sources":["Census ACS 5-year","FHFA HPI","HUD Fair Market Rent","FBI CDE (state-level context)"]}