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Morgan County, IN

RANK #542 / 996  ·  POP 71,757  ·  IN

PROJECTED GROWTH: +0.5%

Morgan County shows below-average economic momentum. Growth signals are flat or softening.

[01] Why Morgan County?

Martinsville, the county seat of Morgan County, earned the nickname "City of Mineral Water" due to its historic mineral springs and sanitariums that attracted visitors for decades. Located southwest of Indianapolis, Morgan County offers a blend of flat plains and rolling hills, a unique landscape shaped by ancient glaciers. Commuting to Indianapolis or Bloomington is common, with major highways like I-69 and State Road 67 providing connections. The county also features extensive woodlands and waterways, including the White River, offering opportunities for hiking, fishing, and kayaking.

Life in Morgan County often involves a small-town, family-centered atmosphere with access to parks and outdoor activities. The public schools in Morgan County are above average, and there are several public and private school options. The local economy is rooted in agriculture, manufacturing, and healthcare. Recent economic developments include significant investment in data center projects, with hundreds of acres rezoned for these facilities. The county also focuses on infrastructure improvements and regional collaboration to enhance its communities.

[02] Market Snapshot

Housing Ratio
6.1x

Above national median (4.7x)

GDP Growth
+18.0%

Well above national median

Home Prices
+1.3%

Below national median

Climate & Terrain
-0.9

Below-average climate & terrain

Price/Rent
12x

Below national median (13x)

Housing is fairly valued at 6.1x relative to local economic output. The typical U.S. county is 4–6x.

[03] Signal Profile

[04] Home Value Growth vs National

Morgan County U.S. National

The Numbers

DEMOGRAPHICS
Population
71,757
+0.51% YoY
Median Household Income
$79,134
Median Home Value
$200,600
+1.34% 12mo
Median Rent
$952
Average Annual Pay
$49,967
+4.0% YoY
Employment
15,502
+1.1% YoY
Income-to-Home-Value
0.3945
More affordable than average
Migration Inflow
4.31%
of pop. from another state

Market Activity

REAL ESTATE
Median Sale Price
$270,000
Days on Market
81
Slower market
Months of Supply
3.4
Balanced market
Sale-to-List Ratio
96.3%
Negotiation room for buyers
Sold Above List
14.0%
Listings w/ Price Drops
25.9%
Building Permits (2024)
330
Single-Family Permits
328

Source: Redfin · Census BPS — Browse sales on Redfin →

[05] Capital Investment

$1,068M
TOTAL
PROJECT AMOUNT STATUS
Google Data Center Campus (Project Louie)
Google
$1,000M Planned
AES Indiana Substation for Data Center
AES Indiana
$68M Planned

Source: public records, news, corporate announcements. Amounts are estimates where noted.

[06] Score Breakdown

GDP Growth +18.0% 100 percentile
Population Growth +0.5% 53 percentile
Income Growth +10.1% 81 percentile
Vacancy Rate 1.1% 45 percentile
Home Price Change +1.3% 50 percentile
Rent Growth +2.3% 39 percentile
Price/Rent 12x 66 percentile

Bars show percentile rank among all 996 counties.

[07] Frequently Asked Questions

Is Morgan County, IN a good place to move to?

Morgan County has a Boom Town Index score of 46/100, ranking #542 among 996 U.S. counties. With job growth at +1.1% and a median household income of $79,134, it faces some economic headwinds compared to faster-growing counties.

Is Morgan County affordable?

The median home value in Morgan County is $200,600 with median rent at $952/month. The income-to-home-value ratio is 0.3945, which is more affordable than the national average.

Is Morgan County growing or shrinking?

Population growth: +0.5% year-over-year. Job growth: +1.1%. Home values changed +1.3% in the past 12 months.

Are people moving to Morgan County?

Yes — 4.31% of Morgan County's population moved from another state, which is above the national average and indicates strong in-migration.

[08] Similar Metros

Oldham County, KY 56 Wicomico County, MD 56 Anderson County, TX 56 Rutland County, VT 56 Skagit County, WA 56 New Castle County, DE 56 Houston County, GA 56 Woodbury County, IA 56