Quick facts: Elkhart, IN

Quick Facts

95.3
Cost of Living
below US average
53,801
Population
39.27
Crime Rate per 1000
above US average
$46,534
Median Income
below US average
$199,000
Median House Price
above US average
$1100.0
Average Rent
below US average
12%
Poverty Rate
above US average
5.5%
Unemployment Rate
above US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $46,534.

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Income Needed to Buy

βœ— Stretch
$62k/year
Based on $199,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $62k vs median $46,534
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Income Needed to Rent

⚠ Stretch
$47k/year
Based on $1100.0/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $47k vs median $46,534
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Elkhart, IN

Elkhart, Indiana, located in the northern part of the state, is known for its rich cultural heritage and vibrant community. Often referred to as the "RV Capital of the World," Elkhart is a hub for the recreational vehicle industry, with numerous manufacturers and suppliers contributing to its economy. The city enjoys a picturesque setting along the Elkhart River, offering a variety of outdoor recreational activities, including hiking, fishing, and boating. Elkhart boasts a diverse array of parks and green spaces, such as the popular Island Park and the sprawling Wellfield Botanic Gardens, where visitors can enjoy beautifully curated gardens and natural scenery. The city's downtown area is lively, featuring unique shops, restaurants, and arts venues, including the historic Elkhart Civic Theatre and the Midwest Museum of American Art. Residents and visitors alike can partake in various local events throughout the year, fostering a strong sense of community. With a commitment to arts, culture, and recreation, Elkhart offers a welcoming atmosphere for families and individuals, making it a charming place to live or visit.

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