Hancock County Housing Needs Assessment: What the Data Shows

Updated June 2026
Original: 15 June 2025 · Updated to reflect Indiana HEA 1001 (2026), HEA 1210 (2026), and SEA 1 (2025)
Housing | Economic Development

Hancock County is one of Indiana’s fastest-growing counties — and new housing data, combined with significant changes in Indiana state law, make clear that supply, affordability, housing diversity, and workforce attraction must all advance together.

The Hancock Economic Development Council’s Housing Needs Assessment examines housing conditions across the county through six core lenses: demographics and income, housing adequacy, affordability, accessibility, quality, and strategic priorities. This updated version incorporates Indiana’s 2025–2026 legislative changes and expands the strategic framework to address the direct link between housing mix, high-paying job attraction, and quality amenities.

Here is what the data — and the law — now tell us.

Population Growth Is Outrunning Supply

Hancock County’s population reached 90,969 in 2025, up 14% from the 2020 Census count of 79,840, making it one of Indiana’s fastest-growing counties. The demand driven by that growth has widened a housing gap that was already present heading into the decade.

A 2023 report from the Common Sense Institute identified a housing deficit of 2,252 to 3,954 units in the county — representing 6.6% to 11.6% of existing housing stock. The same analysis projected that between 4,629 and 6,404 new permits would be needed by 2028 to close that gap and meet incoming demand.

The county’s permit pipeline is responding. Building permits reached 1,268 in 2025, a 27% increase from the prior year. But production alone does not solve the affordability challenge — and 96% of those permits were for single-family detached homes priced at an average of $482,000. That concentration is both the county’s biggest strength and its most significant strategic gap.

Home Prices Have More Than Doubled Since 2006

The median home sale price in Hancock County stood at $150,000 in 2006. By May 2025, it was $345,497 — a 130% increase over two decades. The American Community Survey (2020–2024) puts the median owner-occupied home value at $274,800, with median monthly owner costs of $1,538 for homes with a mortgage.

Median household income of $93,186 (ACS 2020–2024, in 2024 dollars) provides some cushion. But that income advantage is not evenly distributed, and it does not protect renters or the workforce needed to staff the county’s largest employers.

Renters Are Feeling the Most Pressure

The rental market in Hancock County is critically strained. Market asking rents have risen 44% since 2019, climbing from $811 per month to $1,171. The HUD Fair Market Rent for the area now ranges from $1,118 to $2,338 depending on unit size.

The rental vacancy rate sits at approximately 2% — compared to the 5–7% that indicates a healthy market. At 2%, there is virtually no slack in the system. This is not just a housing problem; it is an employer recruitment and retention problem. When a new hire at Amazon’s Mount Comfort facility or Labcorp’s Greenfield campus relocates to Hancock County and cannot find an apartment, the county loses that worker — and eventually loses the employer’s confidence.

Approximately 6.97% of Hancock County residents are experiencing severe housing problems, according to 2025 County Health Rankings estimates.

Homeownership Is Strong — But Aging Stock Is a Concern

Hancock County’s homeownership rate of 79.5% is 14 percentage points above the national average of 65.2% and well above Indiana’s rate of approximately 71.8%. That reflects a community that values and can access ownership.

However, between 35% and 39% of the county’s housing stock was built before 1980, with a median construction year of 1991. Roughly 10% of homes predate 1940. Older housing stock requires ongoing reinvestment to remain safe, energy-efficient, and competitive. Without targeted rehabilitation programs, these properties risk deterioration — particularly in communities like Shirley and Wilkinson with no new construction and limited private reinvestment capacity.

Indiana’s New Legislative Framework: What It Means for Hancock County

Since the original publication of this study, Indiana enacted two major pieces of legislation in 2026 that directly reshape how Hancock County must approach housing. Understanding these changes is essential for any housing strategy going forward.

HEA 1001 (2026): The Housing Production Reform Act

HEA 1001 is the most consequential housing legislation Indiana has passed in decades. Its key provisions for Hancock County:

Mandatory UDO review by January 1, 2027. Every county and municipality must hold a public hearing to review its Unified Development Ordinance and zoning regulations with a specific goal: increasing housing production. The state explicitly requires consideration of allowing duplexes, triplexes, and fourplexes in single-family zones; accessory dwelling units (ADUs) on any single-family lot; adaptive reuse of commercial buildings for residential or mixed use; increased floor area ratios for multi-family; and reductions or eliminations of setbacks, minimum lot sizes, off-street parking requirements, and other regulatory barriers. Municipalities must submit a report to the Legislative Services Agency documenting changes made. This study qualifies as supporting documentation for that report.

ADUs legally defined statewide. An accessory dwelling unit is now defined in Indiana law as a self-contained unit of up to 1,000 square feet (or 75% of the main home’s square footage, whichever is less) on the same lot as a single-family home. This creates a clear, consistent approval pathway that Hancock County municipalities can now act on immediately.

Building fees capped at cost-recovery after December 31, 2026. Application, inspection, and processing fees for building and planning may no longer exceed what is reasonably necessary to cover actual costs. Fees may only increase once every five years, tied to the Consumer Price Index. This directly lowers the cost of attainable housing development.

Streamlined permitting timelines. Local units now have 3 business days to declare a permit application complete, 7 business days to complete plan review, and must issue certain ministerial permits within 12 business days. Failure to meet stated deadlines means refunding the applicant’s fees.

Residential TIF lifespan extended to 25 years. Housing-focused Tax Increment Financing districts now have a 25-year runway instead of 20, giving Hancock County more time to finance infrastructure supporting attainable housing around employment centers.

Annual housing progress reporting to IHCDA starting 2027. Beginning January 1, 2027, all local units must report to the Indiana Housing and Community Development Authority on: total units submitted, approved, and denied; median sale prices year-over-year; units by type; and the percentage of new units at below 80%, 81–119%, and 120%+ of area median income.

SEA 1 / HEA 1427 (2025): Property Tax Restructuring

SEA 1 phases out the standard homestead deduction from $48,000 in 2025 to $0 by 2031, replacing it with an increasing supplemental deduction (rising to 66.7% of net assessed value). For individual homeowners, the net effect is largely offset. For local governments and developers, the implications are more complex.

Existing TIF allocation areas that include residential or mixed-use properties will see reduced incremental assessed value, potentially impairing TIF revenue. New TIF districts relying primarily on homestead property will have lower revenue potential. Developers and local governments need to model TIF structures carefully under the new regime.

On the employer attraction side, the increase in the business personal property de minimis exemption to $2,000,000 in 2027 significantly lowers equipment taxation costs — a meaningful incentive for manufacturing and logistics employers. Pairing this with a strong housing strategy creates a complete recruitment package.

HEA 1210 (2026): TIF and Finance Changes

HEA 1210 requires a TIF neutralization process to protect existing bonds from the assessed value impacts of SEA 1. It also restructures Indiana’s Local Income Tax framework beginning in 2029, creates new impact fee requirements (advisory committees for any new impact fee ordinance adopted after July 1, 2026 must include builders and realtors), and extends various credits and timelines. Impact fees imposed after June 30, 2026 cannot be collected unless the ordinance complies with new zone requirements under IC 36-7-4-1316.5.

Building for Every Rung: Housing Mix, Amenities, and the Jobs Connection

The most important insight this study offers is one that pure housing data alone cannot convey: who Hancock County houses determines what businesses move here, and what amenities follow.

High-paying employers evaluating a community look at housing availability across all income levels. A logistics director earning $180,000 may find the housing in Hancock County attractive. But if their company cannot also house the warehouse associates at $45,000, the nurses at $65,000, and the engineers at $110,000, the employer looks elsewhere — or struggles with chronic turnover after they arrive.

Retail follows rooftops. Restaurants follow income diversity. Grocery stores follow population density at multiple price points. The county’s current production mix — 96% single-family homes averaging $482,000 — is not building toward the amenity ecosystem that attracts executives, or the workforce depth that attracts employers.

A Target Housing Mix by Price Point

Attainable Tier (≤80% AMI · under $260K for-sale · under $1,000/mo rental)

Workforce rentals, ADUs, small multi-family near employment nodes, and manufactured/modular homes in designated areas. This tier houses Amazon and Labcorp associates, healthcare aides, restaurant workers, and teaching staff. At sufficient density — approximately 3,500+ units — this population supports the opening of a full-service grocery store and drives fast-casual restaurant investment.

How to proceed: Adopt a by-right multi-family zoning path for 60–80% AMI projects near I-70 employment nodes, and launch an ADU ordinance using HEA 1001’s new statewide definition.

Middle Market (80–120% AMI · $260K–$380K for-sale · $1,000–$1,500/mo rental)

Townhomes, cottage-style homes, missing middle housing, build-to-rent communities, and first-time buyer single-family homes. This tier houses nurses, engineers, logistics supervisors, teachers with experience, and young professionals. This demographic is the critical mass that activates downtown Greenfield — it drives demand for specialty coffee, fitness studios, and the casual dining chains that make a community feel alive.

How to proceed: Incentivize townhome and duplex production through fee waivers and expedited permitting under HEA 1001. Target Fortville and McCordsville corridors.

Move-Up Tier (120–160% AMI · $380K–$540K)

Traditional single-family homes and larger new construction — the current dominant production tier. This housing serves mid-level managers, senior engineers, doctors in training, and dual-income households. This income range drives demand for full-service restaurants, specialty retail, upscale grocery, and fitness centers.

How to proceed: Continue approving permits, but add diversity requirements: no subdivision over 200 units can be more than 80% move-up product.

Executive Tier (160%+ AMI · $540K+ for-sale · $2,000+/mo rental)

Custom single-family homes, luxury townhomes, high-end senior living, and walkable urban product. This tier houses C-suite executives, medical directors, attorneys, and remote high-earners who can choose anywhere. This population triggers investment in fine dining, wine bars, premium retail, and cultural amenities — the “quality of place” markers that attract other executives.

How to proceed: Partner with developers on signature residential product in Greenfield’s downtown and New Palestine, paired with cultural and amenity investment to attract remote talent.

Community Assets Are a Strength — Housing Diversity Is the Gap

Hancock County’s community infrastructure is a genuine competitive advantage. Four highly rated school districts serve the county. Hancock Health anchors the healthcare system. Amazon, Labcorp, Walmart, and a growing logistics sector along the I-70 corridor provide employment for tens of thousands. A new Career Center and Amplify Hancock Innovation Center open in August 2026.

What the community currently lacks is a diverse enough housing inventory to serve the full spectrum of workers and residents those assets attract. Entry-level rentals, attainable for-sale homes, ADUs, senior-accessible housing, and workforce housing are all undersupplied relative to demand — and new state law now gives Hancock County both the mandate and the tools to address that gap.

What Should Come Next: Six Priorities with Specific Action Steps

The HEDC’s assessment points to six strategic priorities for Hancock County, updated here with specific “how to proceed” guidance grounded in the new legislative framework.

1. Accelerate Workforce & Attainable Rentals

Adopt zoning allowing multi-family by-right for 60–80% AMI projects near I-70 employment nodes — McCordsville, Fortville, and New Palestine. Submit an application for IHCDA HOME funds by Q3 2026. Launch an ADU ordinance using HEA 1001’s new statewide definition, waiving permit fees for the first two years. Target: 500 net new attainable rental units by 2028.

2. Diversify Housing Types Using HEA 1001 Tools

Use the mandated UDO review (due January 1, 2027) proactively: allow duplexes and triplexes by-right in existing single-family zones, reduce minimum lot sizes by 25% in designated growth corridors, and eliminate off-street parking minimums within a quarter-mile of commercial centers. Partner with Ivy Tech on a resident builder training program to develop local capacity for missing middle construction.

3. Invest in Aging Housing Stock

Use this Housing Needs Assessment to qualify for IHCDA CDBG and HOME rehabilitation funds — the pre-1980 housing stock (35–39% of all units) is direct evidence of need. Identify the three neighborhoods with the highest concentration of pre-1940 housing and launch a Neighborhood Reinvestment Program by Q1 2027, seeded with TIF surplus funds from active districts.

4. Address Senior Housing Needs

With 17.5% of residents aged 65 or older, partner with Hancock Health on a senior-accessible housing development near the hospital campus. Use HEA 1001’s raised housing authority construction cost limits ($4,000 per room, up from $2,000) to fund public senior units. Pilot a shared housing registry connecting seniors with spare rooms to young professionals seeking affordable rentals — addressing two needs simultaneously.

5. Leverage the New Legislative Toolkit

Establish a 25-year residential TIF district (authorized by HEA 1001) near McCordsville and Fortville employment nodes before December 2026. Convene the Municipal Unit Strategic Taskforce (MUST) before October 1, 2026 to align Local Income Tax distribution for the new LIT structure effective in 2029. Audit all building fee ordinances for HEA 1001 compliance before December 31, 2026 — any fee collected after that date that exceeds cost-recovery is legally vulnerable. Explore TIF-funded child care near employment centers, now authorized under HEA 1177.

6. Establish a County Housing Task Force and Fulfill Reporting Requirements

Convene HEDC, county planning, all municipalities, builders, and lenders by September 2026 to align on housing targets. Use this study to satisfy the HEA 1001 requirement to submit housing study documentation to the LSA. Schedule the mandated UDO public hearing for October or November 2026 to meet the January 1, 2027 deadline. Build the data infrastructure needed to produce the annual IHCDA housing progress report beginning in 2027, including tracking units by type, AMI tier, and approval timeline.

Hancock County is well-positioned to meet its housing challenge. The growth is real, the economy is strong, the community assets are in place, and now state law has given local governments both the mandate and the tools to act. What is needed is a coordinated, data-driven plan — and the will to implement it before the next wave of growth arrives.

Download the Hancock County Housing Needs Assessment here

Data sources: U.S. Census Bureau (ACS 2020–2024; QuickFacts V2025); Common Sense Institute Indianapolis MSA Housing Report (2023); CFPB HMDA; Redfin Hancock County Market Report (May 2025); HUD Fair Market Rents; County Health Rankings (2025); Indiana HEA 1001 (2026); Indiana HEA 1210 (2026); Indiana SEA 1 / HEA 1427 (2025); Baker Tilly Municipal Advisors / Cook Government Advisors Legislative Update (April 2026); Hancock Economic Development Council.