Median home price, when used with Median Family Income, can give a valid estimate of housing affordability. The State of Indiana, and especially this area, has historically enjoyed a low cost of living relative to other parts of the country, in part due to the relatively low cost of housing in the state. The UPSTAR - the Upstate Alliance of REALTORS supplies information on the total number of existing single family homes sold in this area (Allen County) in a given month, and calculates the median price. The median is the value in an ordered set in which there is an equal number of values below and above this number (or if there is an equal number of values in a set, the median is the average of the two middle values). The median is not the same as the mean, which can be greatly influenced by extreme values, which is highly possible in house sales in a given month.
Median Price for August 2014 for Allen County was $116,500.