Metro area · Indiana

Indianapolis-Carmel-Greenwood, IN metro: mortgages and home buyers

2025 home-purchase and refinance statistics for the 11-county Indianapolis-Carmel-Greenwood, IN area (OMB code 26900), from official HMDA records.

In 2025, lenders reported 27,455 home-purchase mortgages for owner-occupied, single-family homes in the Indianapolis-Carmel-Greenwood, IN metro area. The median buyer borrowed $285,000 on a home valued at $335,000 and reported a household income of $100,000.

Buyers financed a median 92.2% of the home's value (roughly 7.8% down), paid a median 6.625% on 30-year fixed conventional loans and faced median conventional loan costs of $3,550.

Lenders denied 8.6% of completed home-purchase applications.

Purchase loans

27,455

11 counties

Buyer income

$100,000

U.S. $116,000

Loan amount

$285,000

U.S. $335,000

Down payment

7.8%

U.S. 10%

30-yr fixed rate

6.625%

U.S. 6.625%

Denial rate

8.6%

Purchase · U.S. 8.5%

Key facts

Home buyers' median income ($100,000) is 14% lower than the U.S. median ($116,000).
Median conventional loan costs ($3,550) were 36% lower than the U.S. median ($5,570).
The most common age bracket among borrowers was 25–34 (35.4% of purchase loans).
55.0% of purchase mortgages had a single borrower with no co-applicant.
The most-cited reason for denial was debt-to-income ratio (42.5% of denials with a stated reason).

Counties in the metro area

County	Purchase loans	Median loan	Buyer income	30-yr rate	Loan costs	Conforming limit	FHA limit
Marion County, IN	9,552	$245,000	$82,000	6.625%	$3,460	$832,750	$541,287
Hamilton County, IN	5,777	$375,000	$145,000	6.625%	$3,620	$832,750	$541,287
Hendricks County, IN	2,940	$315,000	$105,000	6.500%	$3,580	$832,750	$541,287
Johnson County, IN	2,648	$295,000	$104,000	6.625%	$3,760	$832,750	$541,287
Hancock County, IN	1,857	$315,000	$107,000	6.500%	$3,700	$832,750	$541,287
Madison County, IN	1,407	$195,000	$73,000	6.750%	$3,330	$832,750	$541,287
Boone County, IN	1,360	$345,000	$133,000	6.625%	$3,440	$832,750	$541,287
Morgan County, IN	1,074	$275,000	$93,000	6.625%	$3,620	$832,750	$541,287
Shelby County, IN	539	$235,000	$81,000	6.575%	$3,470	$832,750	$541,287
Tipton County, IN	163	$205,000	$84,000	6.750%	$3,150	$832,750	$541,287
Brown County, IN	138	$285,000	$110,000	6.625%	$3,600	$832,750	$541,287

Who bought homes in Indianapolis

Home-purchase mortgages for owner-occupied, single-family (1–4 unit) site-built homes, first liens, originated in 2025.

Purchase loans

27,455

of 30,863 applications

Buyer income

$100,000

Middle half $71,000–$153,000

Home value

$335,000

Middle half $255,000–$445,000

Loan amount

$285,000

Middle half $215,000–$385,000

Down payment

7.8%

35.0% put 20%+ down

Single borrower

55.0%

No co-applicant

Values are medians; "middle half" is the 25th to 75th percentile.

Loan type

Conventional 71.4% 19,591

FHA 21.0% 5,760

VA 7.1% 1,949

USDA 0.6% 155

What the homes were for

Primary residence 96.2% 27,908

Second home 0.9% 264

Investment property 2.9% 836

All first-lien, closed-end purchase mortgages, including second homes and investors.

Borrower age

Under 25 7.7%

25–34 35.4%

35–44 25.0%

45–54 15.0%

55–64 9.8%

65–74 5.2%

75 and over 1.8%

Debt-to-income ratio

Under 20% 4.3%

20–29% 15.3%

30–35% 16.7%

36–42% 26.3%

43–49% 29.9%

50–60% 7.2%

Over 60% 0.3%

Monthly debts (including the new payment) as a share of income, as used in underwriting.

What borrowing cost in Indianapolis

Medians for 2025 home-purchase loans. Total loan costs are section D of the Loan Estimate/Closing Disclosure (lender and third-party loan charges, excluding taxes, prepaids and escrow). FHA and VA costs include the upfront mortgage insurance premium or VA funding fee, so compare like with like.

Measure	Indianapolis	U.S.
30-year fixed rate · conventional	6.625%	6.625%
30-year fixed rate · FHA	6.250%	6.250%
30-year fixed rate · VA	6.250%	6.125%
15-year fixed rate · conventional	5.875%	5.875%
Rate spread vs. APOR · conventional	+0.15 pts	+0.13 pts
Total loan costs · conventional	$3,550	$5,570
Total loan costs · FHA	$8,960	$11,310
Total loan costs · VA	$4,740	$6,490
Origination charges (all loan types)	$1,590	$1,860
Borrowers paying discount points	53.7%	51.3%
Points paid, when paid (% of loan)	0.88%	0.87%
Borrowers receiving lender credits	29.6%	33.1%
Adjustable-rate mortgages	6.7%	7.4%
Jumbo loans (above conforming limit)	2.1%	3.8%

Medians are shown only when at least 30 loans report the field. Rates are those reported at closing; market rates changed during 2025, which the rate spread (APR minus the average prime offer rate on the lock date) adjusts for.

Approvals and denials

Indianapolis: 2,665 of 30,863 completed home-purchase applications were denied (8.6%).

Denial rate

Application	Indianapolis	U.S.
Home purchase	8.6%	8.5%
Conventional	6.4%	7.1%
FHA	15.5%	12.5%
VA	8.8%	8.0%
USDA	11.5%	12.5%
Refinance	15.1%	17.9%
Cash-out refinance	32.1%	33.6%

Main reason for purchase denials

Debt-to-income ratio 42.5%

Credit history 15.1%

Collateral (appraisal/property) 10.2%

Credit application incomplete 8.5%

Other 8.1%

Employment history 5.4%

Insufficient cash (down payment/closing costs) 5.2%

Unverifiable information 5.0%

First reason the lender reported.

Denial rate = denied ÷ (originated + approved but not accepted + denied). Withdrawn and incomplete applications are excluded. Differences between places reflect who applies, not only lender behavior.

Refinancing in Indianapolis

Refinances

5,879

Median loan $285,000

Refi rate

6.375%

30-yr fixed, conv.

Refi loan costs

$3,450

Conventional

Cash-out refis

5,105

Median loan $195,000

Cash-out rate

6.875%

30-yr fixed, conv.

Cash-out income

$81,000

Median borrower

Source: FFIEC/CFPB HMDA 2025 public LAR (derived MSA/MD); OMB July 2023 delineations via the U.S. Census Bureau. Methodology