Marshall County, Indiana: commercial real estate data.
Marshall County, Indiana has a population of 46,284 across 444 square miles, up 0.8 percent since the 2020 census base. County output reached $2.38 bn in 2024, 1,108 establishments operate here, and the SBA record carries 64 7(a) approvals worth $22.0 m.
122 sourced county values · tier FULL · 11 sections
Marshall County
How many people live in Marshall County
- Population46,284
- Households17,758
- Average household size2.61
- Median household income$71,808
- Median age39.8
- Median gross rent$938 per month
- Median owner-occupied home value$204,900
- Home value to household income2.9 times
- Annual rent as a share of median income15.7 percent
- Adults 25 and over with a bachelor degree or higher20.9 percent
- Adults 25 and over with a graduate degree7.0 percent
- Adults 25 and over31,055
- Population under 1811,317
- Share under 1824.5 percent
- Population 65 and over8,786
- Share 65 and over19.0 percent
- Working age population, 18 to 6426,181
- Civilian labor force22,868
- Unemployment rate2.6 percent
- Labor force participation, adults 18 and over65.4 percent
- Rank by population among Indiana counties32nd of 92
- Rank by population among US county-equivalents1070th
Marshall County is the 32nd largest of 92 Indiana counties by population. A median home costs 2.9 times median household income, which is an affordable ownership market by national standards. Residents under 18 outnumber those 65 and over, at 24.5 percent against 19.0 percent, a household formation profile rather than a retirement one.
US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Marshall County
Is Marshall County growing
- Population change since the 2020 census base0.83 percent
- Census 2020 base population46,083
- Births, 2024544
- Deaths, 2024570
- Natural change, 2024-26
- Net domestic migration, 2024100
- Net international migration, 202470
- Total net migration, 2024170
- Cumulative net domestic migration, 2021 to 2024320
- Rank by growth among US county-equivalents1538th
The county has grown 0.83 percent since the 2020 census base. Deaths exceeded births in 2024, so all of the growth came from people moving in. A market held up by migration alone is more sensitive to a change in relative cost than one growing from household formation.
US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
Marshall County
Where people moving to Marshall County come from
- Tax returns filed by households arriving1,097
- People arriving, from those returns2,059
- Adjusted gross income arriving$65.6 m
- Net adjusted gross income movement$0
- Average income of an arriving household$59,840
- Largest single originMarshall County Non-migrants (17,958 households)
- Largest single destination (17,958 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Marshall County Non-migrants | 17,958 | 37,897 | $1.38 bn |
| Other flows - Different State | 281 | 563 | $25.0 m |
| St. Joseph County | 234 | 443 | $12.1 m |
| Other flows - Same State | 138 | 232 | $7.8 m |
| Elkhart County | 105 | 192 | $5.4 m |
| Starke County | 105 | 212 | $4.5 m |
| Other flows - Midwest | 104 | 200 | $8.3 m |
| Other flows - South | 104 | 198 | $11.1 m |
The largest single source of arrivals is Marshall County Non-migrants, which is the catchment a retail or multifamily study should look at first.
US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Marshall County
What the Marshall County economy runs on
- County GDP, 2024$2.38 bn
- County GDP, 2023$2.28 bn
- GDP change, 2023 to 20244.0 percent
- GDP change over five years38.7 percent
- Rank by GDP among Indiana counties38th
- Rank by GDP among US county-equivalents1140th
- GDP per resident$51,327
Output grew 4.0 percent in the latest year and 38.7 percent over five, which is the trend line a lender will read behind any single year figure.
US Bureau of Economic Analysis, Regional, table CAGDP2, CAGDP2, through 2024.
Marshall County
Who employs people in Marshall County
- Covered employment, annual average19,549
- Establishments reporting1,155
- Average annual pay$51,442
- Average weekly wage$989
- Sector 31-33, employment7,129
- Sector 31-33, average annual pay$62,001
- Sector 44-45, employment2,077
- Sector 44-45, average annual pay$30,537
- Sector 62, employment1,775
- Sector 62, average annual pay$47,657
- Sector 72, employment1,478
- Sector 72, average annual pay$20,264
- Sector 61, employment775
- Sector 81, employment710
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Sector 31-33 | 7,129 | 137 | $62,001 |
| Sector 44-45 | 2,077 | 156 | $30,537 |
| Sector 62 | 1,775 | 90 | $47,657 |
| Sector 72 | 1,478 | 89 | $20,264 |
| Sector 61 | 775 | 16 | $47,800 |
| Sector 81 | 710 | 94 | $50,352 |
| Sector 56 | 704 | 54 | $45,912 |
| Sector 23 | 689 | 121 | $60,569 |
The largest sector is the biggest private employer group at 7,129 jobs, 36.5 percent of covered employment. Average pay per job sits below median household income, so households here typically need more than one earner.
US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
Marshall County
What businesses operate in Marshall County
- Establishments, all industries1,108
- Employment at those establishments18,275
- Annual payroll$876.1 m
- Establishments per 1,000 residents23.9
These are counts of establishments physically operating in the county, not listings, so they are the supply side a feasibility study measures demand against.
US Census Bureau, County Business Patterns, 2023.
Marshall County
What is being built in Marshall County
- Housing units authorised by permit, 2024147
- Declared construction value permitted$46.7 m
- Single family units authorised147
- Multifamily units authorised0
- Multifamily share of units0.0 percent
- Average declared value per unit$317,942
- Units authorised per 1,000 households8.3
Multifamily is 0.0 percent of units authorised, so the pipeline is predominantly for sale product.
US Census Bureau, Building Permits Survey, 2024 annual.
Marshall County
How much SBA lending happens in Marshall County
- 7(a) approvals recorded64
- 7(a) gross approval dollars$22.0 m
- Average 7(a) approval$343,038
- Median 7(a) approval$133,000
- 10th percentile approval$28,000
- 90th percentile approval$900,000
- Largest single approval$4,100,000
- Jobs reported supported, 7(a)589
- Jobs per approval9.2
- Distinct 7(a) lenders active16
- Distinct industries receiving approvals34
- Median 7(a) term120 months
- Share of loans on real estate terms, 240 months or longer9.4 percent
- Loans on real estate terms6
- Loans on working capital terms, 120 months or shorter54
- Franchise loans23
- Franchise share of approvals35.9 percent
- Leading industry by approval countAll Other Miscellaneous Fabricated Metal Product Manufacturing (7)
- Most active lender1st Source Bank (33)
- 504 approvals recorded33
- 504 gross approval dollars$21.5 m
- Average 504 approval$651,606
- Median 504 approval$506,000
- Distinct CDCs active5
- 504 jobs per approval16.6
- 504 jobs per million dollars approved25.5
- Most active CDCBusiness Development Corporation (BDC) (19)
- 7(a) share of SBA approvals66.0 percent
- Combined SBA approval dollars$43.5 m
The average approval of $343,038 sits well above the median of $133,000, so a small number of large deals is pulling the mean up. The median is the better guide to what a typical borrower here actually gets. Only 9.4 percent of approvals run on real estate terms, so SBA credit here is mostly working capital and equipment rather than property acquisition.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30. US Small Business Administration, 504 FOIA release, FY2010 to FY2026 year to date, as of 2026-06-30.
Marshall County
Do SBA loans in Marshall County get paid back
- Loans with a final outcome recorded19
- Paid in full19
- Charged off0
- Charge off rate on resolved loans0.0 percent
- Status: Exempt from disclosure35
- Status: Paid in full19
- Status: Cancelled8
- Status: Committed, not yet disbursed2
Of the 19 loans that have reached a final outcome, 0.0 percent were charged off. This is computed only over resolved loans, because a loan still running has not yet succeeded or failed and counting it either way would be wrong.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Marshall County
Which parts of Marshall County get the lending
- Places in the county with recorded lending8
- Plymouth, approvals27
- BREMEN, approvals15
- ARGOS, approvals10
- Nappanee, approvals5
- CULVER, approvals3
- Mentone, approvals2
| Place | Approvals | Gross approval dollars |
|---|---|---|
| Plymouth | 27 | $11,612,500 |
| BREMEN | 15 | $4,770,700 |
| ARGOS | 10 | $699,900 |
| Nappanee | 5 | $3,550,600 |
| CULVER | 3 | $723,100 |
| Mentone | 2 | $351,800 |
| ELKHART | 1 | $195,800 |
| BOURBON | 1 | $50,000 |
Plymouth accounts for 27 approvals against 15 in BREMEN. County level figures average over that gap, which is why a site decision is made at the submarket rather than the county.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Marshall County
How big is Marshall County
- Land area444 sq mi
- Rank by land area among Indiana counties24th of 92
- Width, east to west21.4 mi
- Height, north to south21.2 mi
- Geographies sharing a boundary5
- Residents per square mile of land104
- Establishments per square mile2.50
US Census Bureau county boundary geometry, TIGER, adjacency computed from shared boundary vertices, TIGER county boundaries. US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year. US Census Bureau, County Business Patterns, 2023.
Coverage
What this page does not hold.
Every item below could be filled with a plausible figure. None of them is. On a page a lender may read, a number that cannot be traced is worse than an absence, so the absences are named.
- No NFIP communities are listed for this county in the FEMA Community Status Book.
- Flood zone record counts are not held. The flood coverage export has not landed, so no count is shown rather than an estimated one.
- Traffic counts resolve in the platform, not in this dataset, so no AADT figure is printed here.
- Zoning is in build. Parcel level zoning is not published on this page.
Feasibility studies
When a Marshall County site needs a document a lender will accept.
The same data layer behind this page is the one the studies are written from. A study for a Marshall County site starts with the figures you are reading, carrying the same source and period into the credit file.
- Population46,284
- Households17,758
- Average household size2.61
- Median household income$71,808
- Median age39.8
Common questions
Marshall County questions, answered from the record.
How many people live in Marshall County, Indiana?
46,284, in 17,758 households, ranking 32nd of 92 Indiana counties. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Is Marshall County growing?
The population has grown 0.83 percent since the 2020 census base. In 2024 there were 544 births against 570 deaths, with net migration of 170. Source: US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
What is the median household income in Marshall County?
$71,808. The median owner-occupied home is valued at $204,900, which is 2.9 times income, and median gross rent is $938 per month. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
How many businesses are there in Marshall County?
1,108 establishments, employing 18,275 people with an annual payroll of $876.1 m. These are establishments physically operating in the county, not listings. Source: US Census Bureau, County Business Patterns, 2023.
What is the average wage in Marshall County?
Average annual pay is $51,442, or $989 a week, across 19,549 covered jobs. Source: US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
How much SBA lending happens in Marshall County?
64 7(a) approvals totalling $22.0 m since FY2020, across 16 lenders, with a median approval of $133,000, plus 33 504 approvals worth $21.5 m. These are approvals recorded in the release, not loans disbursed.
Do SBA loans in Marshall County get paid back?
Of the 19 loans that have reached a final outcome, 19 were paid in full and 0 charged off, a charge off rate of 0.0 percent. Loans still running are excluded, because they have not yet succeeded or failed.
What is being built in Marshall County?
147 housing units were authorised by permit in 2024, with a declared construction value of $46.7 m. Multifamily was 0.0 percent of units. Source: US Census Bureau, Building Permits Survey, 2024 annual.
What is the radon zone for Marshall County?
Zone 1, a predicted average indoor radon screening level greater than 4 pCi/L. Source: US EPA, Map of Radon Zones, county spreadsheet, 2024-05 publication, EPA 402/A-16/001.
Where do people moving to Marshall County come from?
The largest single origin is Marshall County Non-migrants, with 17,958 households. Arriving households report an average income of $59,840 against null for those leaving. Source: US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Are traffic counts available for Marshall County on this page?
No. Annual average daily traffic resolves in the platform rather than in this dataset, so no AADT figure is printed here. It is a gap we know about rather than a figure we estimated.
Is zoning published for Marshall County?
Not yet. The zoning layer is in build. Nothing on this page presents parcel level zoning, and where a statutory framework applies it is marked as the statewide frame with confirm locally attached.