Morgan County, Indiana: commercial real estate data.
Morgan County, Indiana has a population of 72,659 across 404 square miles, up 2.9 percent since the 2020 census base. County output reached $3.06 bn in 2024, 1,248 establishments operate here, and the SBA record carries 65 7(a) approvals worth $20.1 m.
122 sourced county values · tier FULL · 11 sections
Morgan County
How many people live in Morgan County
- Population72,659
- Households28,279
- Average household size2.57
- Median household income$79,429
- Median age41.7
- Median gross rent$1,042 per month
- Median owner-occupied home value$237,600
- Home value to household income3.0 times
- Annual rent as a share of median income15.7 percent
- Adults 25 and over with a bachelor degree or higher21.1 percent
- Adults 25 and over with a graduate degree6.6 percent
- Adults 25 and over50,950
- Population under 1816,023
- Share under 1822.1 percent
- Population 65 and over13,177
- Share 65 and over18.1 percent
- Working age population, 18 to 6443,459
- Civilian labor force36,026
- Unemployment rate4.2 percent
- Labor force participation, adults 18 and over63.6 percent
- Rank by population among Indiana counties24th of 92
- Rank by population among US county-equivalents770th
Morgan County is the 24th largest of 92 Indiana counties by population. A median home costs 3.0 times median household income, which is an affordable ownership market by national standards. Residents under 18 outnumber those 65 and over, at 22.1 percent against 18.1 percent, a household formation profile rather than a retirement one.
US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Morgan County
Is Morgan County growing
- Population change since the 2020 census base2.85 percent
- Census 2020 base population71,781
- Births, 2024751
- Deaths, 2024883
- Natural change, 2024-132
- Net domestic migration, 2024810
- Net international migration, 202451
- Total net migration, 2024861
- Cumulative net domestic migration, 2021 to 20242,459
- Rank by growth among US county-equivalents910th
The county has grown 2.85 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.
Morgan County
Where people moving to Morgan County come from
- Tax returns filed by households arriving2,417
- People arriving, from those returns4,489
- Adjusted gross income arriving$153.1 m
- Net adjusted gross income movement$0
- Average income of an arriving household$63,341
- Largest single originMorgan County Non-migrants (27,777 households)
- Largest single destination (27,777 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Morgan County Non-migrants | 27,777 | 57,283 | $2.11 bn |
| Marion County | 793 | 1,529 | $46.9 m |
| Other flows - Different State | 410 | 744 | $28.6 m |
| Hendricks County | 381 | 698 | $24.8 m |
| Johnson County | 299 | 610 | $20.4 m |
| Other flows - Same State | 238 | 380 | $12.8 m |
| Other flows - South | 200 | 370 | $15.8 m |
| Other flows - Midwest | 102 | 171 | $5.9 m |
The largest single source of arrivals is Morgan 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.
Morgan County
What the Morgan County economy runs on
- County GDP, 2024$3.06 bn
- County GDP, 2023$2.54 bn
- GDP change, 2023 to 202420.3 percent
- GDP change over five years52.7 percent
- Rank by GDP among Indiana counties32nd
- Rank by GDP among US county-equivalents967th
- GDP per resident$42,106
Output grew 20.3 percent in the latest year and 52.7 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.
Morgan County
Who employs people in Morgan County
- Covered employment, annual average15,502
- Establishments reporting1,396
- Average annual pay$49,967
- Average weekly wage$961
- Sector 31-33, employment2,363
- Sector 31-33, average annual pay$67,329
- Sector 62, employment2,068
- Sector 62, average annual pay$48,789
- Sector 44-45, employment1,961
- Sector 44-45, average annual pay$33,074
- Sector 72, employment1,637
- Sector 72, average annual pay$21,679
- Sector 23, employment1,284
- Sector 81, employment623
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Sector 31-33 | 2,363 | 71 | $67,329 |
| Sector 62 | 2,068 | 100 | $48,789 |
| Sector 44-45 | 1,961 | 159 | $33,074 |
| Sector 72 | 1,637 | 102 | $21,679 |
| Sector 23 | 1,284 | 214 | $74,836 |
| Sector 81 | 623 | 105 | $36,640 |
| Sector 56 | 554 | 85 | $40,132 |
| Sector 52 | 401 | 86 | $66,397 |
The largest sector is the biggest private employer group at 2,363 jobs, 15.2 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.
Morgan County
What businesses operate in Morgan County
- Establishments, all industries1,248
- Employment at those establishments13,063
- Annual payroll$594.4 m
- Establishments per 1,000 residents17.2
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.
Morgan County
What is being built in Morgan County
- Housing units authorised by permit, 2024330
- Declared construction value permitted$97.3 m
- Single family units authorised328
- Multifamily units authorised2
- Multifamily share of units0.6 percent
- Average declared value per unit$294,820
- Units authorised per 1,000 households11.7
Multifamily is 0.6 percent of units authorised, so the pipeline is predominantly for sale product.
US Census Bureau, Building Permits Survey, 2024 annual.
Morgan County
How much SBA lending happens in Morgan County
- 7(a) approvals recorded65
- 7(a) gross approval dollars$20.1 m
- Average 7(a) approval$308,949
- Median 7(a) approval$150,000
- 10th percentile approval$30,100
- 90th percentile approval$749,000
- Largest single approval$2,900,000
- Jobs reported supported, 7(a)527
- Jobs per approval8.1
- Distinct 7(a) lenders active23
- Distinct industries receiving approvals42
- Median 7(a) term120 months
- Share of loans on real estate terms, 240 months or longer13.8 percent
- Loans on real estate terms9
- Loans on working capital terms, 120 months or shorter54
- Franchise loans5
- Franchise share of approvals7.7 percent
- Leading industry by approval countFull-Service Restaurants (4)
- Most active lenderThe Huntington National Bank (14)
- 504 approvals recorded17
- 504 gross approval dollars$7.9 m
- Average 504 approval$465,118
- Median 504 approval$320,000
- Distinct CDCs active3
- 504 jobs per approval7.4
- 504 jobs per million dollars approved15.8
- Most active CDCPremier Capital Corporation (11)
- 7(a) share of SBA approvals79.3 percent
- Combined SBA approval dollars$28.0 m
The average approval of $308,949 sits well above the median of $150,000, 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 13.8 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.
Morgan County
Do SBA loans in Morgan County get paid back
- Loans with a final outcome recorded11
- Paid in full11
- Charged off0
- Charge off rate on resolved loans0.0 percent
- Status: Paid in full11
- Status: Exempt from disclosure45
- Status: Cancelled6
- Status: Committed, not yet disbursed3
Of the 11 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.
Morgan County
Which parts of Morgan County get the lending
- Places in the county with recorded lending12
- Martinsville, approvals22
- Mooresville, approvals20
- Camby, approvals11
- Avon, approvals2
- Morgantown, approvals2
- Paragon, approvals2
| Place | Approvals | Gross approval dollars |
|---|---|---|
| Martinsville | 22 | $9,577,100 |
| Mooresville | 20 | $5,725,900 |
| Camby | 11 | $1,684,000 |
| Avon | 2 | $700,000 |
| Morgantown | 2 | $100,000 |
| Paragon | 2 | $1,444,500 |
| Moorseville | 1 | $138,900 |
| Cloverdale | 1 | $50,000 |
Martinsville accounts for 22 approvals against 20 in Mooresville. 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.
Morgan County
How big is Morgan County
- Land area404 sq mi
- Rank by land area among Indiana counties41st of 92
- Width, east to west23.3 mi
- Height, north to south20.3 mi
- Geographies sharing a boundary7
- Residents per square mile of land180
- Establishments per square mile3.09
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 Morgan 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 Morgan County site starts with the figures you are reading, carrying the same source and period into the credit file.
- Population72,659
- Households28,279
- Average household size2.57
- Median household income$79,429
- Median age41.7
Common questions
Morgan County questions, answered from the record.
How many people live in Morgan County, Indiana?
72,659, in 28,279 households, ranking 24th of 92 Indiana counties. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Is Morgan County growing?
The population has grown 2.85 percent since the 2020 census base. In 2024 there were 751 births against 883 deaths, with net migration of 861. Source: US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
What is the median household income in Morgan County?
$79,429. The median owner-occupied home is valued at $237,600, which is 3.0 times income, and median gross rent is $1,042 per month. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
How many businesses are there in Morgan County?
1,248 establishments, employing 13,063 people with an annual payroll of $594.4 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 Morgan County?
Average annual pay is $49,967, or $961 a week, across 15,502 covered jobs. Source: US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
How much SBA lending happens in Morgan County?
65 7(a) approvals totalling $20.1 m since FY2020, across 23 lenders, with a median approval of $150,000, plus 17 504 approvals worth $7.9 m. These are approvals recorded in the release, not loans disbursed.
Do SBA loans in Morgan County get paid back?
Of the 11 loans that have reached a final outcome, 11 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 Morgan County?
330 housing units were authorised by permit in 2024, with a declared construction value of $97.3 m. Multifamily was 0.6 percent of units. Source: US Census Bureau, Building Permits Survey, 2024 annual.
What is the radon zone for Morgan County?
Zone 2, a predicted average indoor radon screening level from 2 to 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 Morgan County come from?
The largest single origin is Morgan County Non-migrants, with 27,777 households. Arriving households report an average income of $63,341 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 Morgan 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 Morgan 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.