New Castle, Indiana.
Typical home $166,998 (+2.4% in a year), asking rent $854 (+5.4%). New Castle, IN metro.
to buy the typical home at today's mortgage rate — +$513 (+141%) since Jan 2020.
- 1 year
- Up $3,847 +2%
- $163,151$166,998 since Sep 2025
- 5 years
- Up $42,309 +34%
- $124,690$166,998 since Sep 2021
Monthly payment to buy the typical home
Home value × that month's 30-year mortgage rate, 20% down, principal and interest. This is the line households feel: prices and rates compound each other.
- New Castle$877
- Indiana$1,350
- United States$1,922
At the last five years' pace, a typical home here doubles in price every 12 years.
Typical home values in New Castle, IN rose 2.4% over the past year — faster than the nation's +1.2%.
Asking rents in New Castle, IN rose 5.4% over the past year — faster than the nation's +2.7%.
Owning the typical home in New Castle runs $302/mo more than renting one. The gap peaked at $334 in Jun 2025.
That is $1,157 a month against $854 rent: a $877 mortgage payment, plus $101 property tax and $179 insurance & upkeep.
Owning vs renting — New Castle
The owning line is the typical home's monthly payment at that month's rate, plus property tax and insurance & upkeep; the renting line is the typical asking rent; the grey line is the mortgage payment on its own. Same homes, same months, both ways of paying for a roof.
- Owning all in$1,157
- Renting$854
- Mortgage only$877
Property tax · $101/mo 0.73% of value a year — the ACS 2020-2024 median bill over the median home value for Henry County, IN
Insurance & upkeep · $179/mo insurance, maintenance and repairs together, from the BLS Consumer Expenditure Survey — the national figure for mortgaged homeowners, scaled to this market's home value. BLS publishes the three bundled and they cannot be split.
Both are priced off the same month's home value, so they rise with the market. Neither is a quote — a specific home's bill depends on its assessment, its age and its insurer.
Living in New Castle, Henry County, Indiana
New Castle is a city of 17,396 people in Henry County. Half its households earn more than $51,606 a year and half less, against $63,150 across Henry County; 20% of its people live below the poverty line. 62% of its homes are lived in by their owners and 38% are rented. Unemployment in Henry County was 3.3% in August 2026, and the county had 1.5% more jobs in 2025 than the year before. The most residents work in schools and health care, then manufacturing.
Written by AI Claude Sonnet 5.5 wrote this on 23 October 2026 from the figures here, a list of nearby places and what it knows. It can be wrong or out of date.
What it’s like
The place. New Castle is a small city in Henry County, where most homes are lived in by their owners and typical home values and rents sit at a modest level. Incomes run below the county's, and the share of adults with a four-year degree is low. Winters are cold, with snow most years, and summers are warm.
Work. Residents work mostly in schools, hospitals and social care, with manufacturing, shops, and professional and business services close behind. The largest workplaces in New Castle include New Castle Community School, Crown Equipment, which makes forklifts, and Kroger. Most people get to work in a fairly short commute, and relatively few work from home.
Things to do. Summit Lake State Park is a protected area a short drive away, and Guyer Opera House, a theatre, is also a short drive. Mount Lawn Speedway, a race track, is close by as well. For a longer outing, Mounds State Park is a protected area a longer drive away.
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- 7,188households
- 13%of adults have a degree
- 20%below the poverty line
- 21 mintypical commute
- 9%work from home
What residents work in
Employed residents by industry, from the Census survey. Henry County had 13,967 jobs in 2025, 1.5% more than the year before (Bureau of Labor Statistics).
Weather through the year
Coldest in January, with highs near 34° and lows near 17°; warmest in July, with highs near 83° and lows near 61°. About 25 inches of snow and 44 inches of rain and melted snow a year.
Average daily high and low, 1991–2020, at the New Castle Southwest weather station, 2 miles away (NOAA).
Largest workplaces in New Castle
- New Castle Community School CorpSchool district574FTE
- Crown Equipment New Castle, IndianaForklifts manufacturing397
- Kroger Central KMASupermarkets and other grocery except convenience stores120
- Trilogy Health ServicesNursing care facilities skilled nursing facilities87
- Culver's of KeystoneRestaurants, fast food65
- Culver's of New CastleRestaurants, fast food54
- New CastleMail and parcel delivery46
- Discovery LakehouseAssisted-living facilities without on-site nursing care facilities45
Staff on average in 2025, as each workplace reported it to OSHA with its injury records: 14 workplaces with 20 or more staff, 1,061 people in all. School districts come from the Common Core of Data (NCES, 2023–24); FTE marks full-time equivalent staff. Not listed: many offices and banks, which need not report to OSHA; military bases, whose staff OPM withholds; and, in about half the states, city and county governments.
Natural hazards
- TornadoesRelatively high
- HailRelatively moderate
- Strong windRelatively moderate
- Winter weatherRelatively moderate
- LightningRelatively moderate
FEMA’s National Risk Index (December 2025) rates the risk each natural hazard poses to the people, buildings and farms in New Castle’s census tracts, against the rest of the country; all of them together, relatively low. It is meant for planning, not a substitute for a local risk assessment or a flood map: FEMA’s index.
From the U.S. Census Bureau’s 2020 census and its American Community Survey (2020–2024 five-year estimates), and the Bureau of Labor Statistics. A survey, so each figure has a margin of error, and figures it is not sure of are left out. More on Henry County and the New Castle, IN metro.
New Castle home values
Zillow measures a city over its municipal boundary. Against the state and national figures, mid-tier homes, smoothed and seasonally adjusted.
- New Castle$166,998
- Indiana$257,165
- United States$366,157
Sellers are cutting prices on about 1 in 3 New Castle listings, and the typical home goes pending in 17 days — the market is roughly in balance.
When this market ran hot
Each cell is that month's year-on-year home-value growth. Read left to right, top row is the latest year — the 2021–22 band is the boom.
Market heat, inside the city limits
Share of listings with a price cut
The early-warning dial: sellers cut when buyers stop reaching. Rising cuts cool a market months before prices notice.
- New Castle31.45%
- United States26.90%
Days to pending
How long the typical listing takes to go under contract.
- New Castle17
- United States27
Homes for sale
Active for-sale inventory. More supply hands power to buyers.
- New Castle125
New listings per month
Sellers arriving at the market.
- New Castle38
Median sale price
What buyers actually paid — closed sales, not asking prices.
- New Castle$152,609
- United States$371,407
Sale-to-list ratio
Above 100%, homes sell over asking; below, buyers negotiate wins.
- New Castle95.82%
Zip codes with a New Castle address
A different geography, not a breakdown. The figure above covers the municipality; these zips cover everywhere the Post Office calls New Castle — often including townships beyond the city limits. Both come straight from Zillow, and they are not expected to average out.