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Nursing Care Facilities Market: ZIP 47304

Opportunity Score

51 / 100 Fair

Based on walkability, population density, income levels, and local business competition.

Market Summary

ZIP 47304 is an urban area with low foot traffic. with a population of 31,432 and household incomes near the national median ($67,756). There are 5 nursing care facilities operations in ZIP 47304.

Area Profile

31,432

Population

$67,756

Median Income

-9% vs. national

Urban

Area Type

8.9/20

Foot Traffic

Car-Dependent

Median Age: 36.5 — mixed-age market, broad menu appeal.

College-Educated: 25.8% — balanced market for quality & value.

Competition

Nursing Care Facilities and related businesses in ZIP 47304.

Nursing Care Facilities

Low competition — room to establish

1.6 per 10K residents

Home Health Agencies

1.6 per 10K residents

What this means: Nursing Care Facilities are 50.0% of the relevant market in ZIP 47304 (5 vs. 5 related businesses). Well-established market — differentiation is non-negotiable.

Operating Costs

Local cost levels affect space, labor, and operating expenses.

$1,050

2BR Fair Market Rent

$951

Median Gross Rent

$160 K

Median Home Value

Bank Branches

$1.1 M deposits

Tips for Starting a Elder Care Business in Indiana

State licensing for assisted living takes 6-12 months and involves facility inspections, staffing plans, and background checks. Start early.
Staffing is your #1 cost and #1 challenge. CNA turnover runs 50-75% annually in most markets. Budget for constant recruiting.
Medicare and Medicaid reimbursement rates vary by state. Some states pay well. Others don't cover costs. Know your state's rates before committing.
Start small. A residential care home (6-8 beds) requires far less capital than a 50-bed facility and lets you prove your model.