The No. 5 Most Affordable Housing Market: Indianapolis, Indiana

The genuine community and cost-friendly houses make Indianapolis the perfect place to call home.

The Midwest is home to some fantastic cities––Chicago, Milwaukee and Columbus, to name a few. But, Indianapolis, Indiana is perhaps the Midwest’s best kept secret when it comes to cities to settle down in because of its marvelous museums, phenomenal parks and thriving housing market. What more could one ask for?

 

Indianapolis’s housing market has remained fairly steady in terms of real estate cost. Even during the recession of 2008, the city didn’t see a similar level of foreclosure as that of many other cities. The market has always been a stable one, which makes Indianapolis a promising locale in which to purchase property. According to Vickie Perry, Executive Director of the Central Real Estate Investors Association, or CIREIA, “Indianapolis is one of those cities that has remained steady and stable when it comes to affordability,” said Perry.

 
The median home price in Indianapolis sits at $144,800, which is a bargain compared to other Midwestern cities such as Chicago, whose average home price is $226,500.
 
 
Perry, who’s originally from Indianapolis, spent 17 years living in Florida and decided to move back to her hometown because of how much she missed it. This writer thinks that Indianapolis must be as good as some say if you’re willing to leave the palm trees.
 
 
“I could have moved anywhere I wanted to, but I love and missed Indianapolis so much that I moved back,” said Perry. “The residents here are really good people and the city has everything you could want.”
 
 
Indianapolis is flourishing thanks to the large number of visitors that make their way to the city each year. According to a 2018 report, bookings for Indiana’s capital are up 256% and are expected to continue to rise. To put this in perspective, Indy was ranked No. 3 in the world for growth––yes, you read that correctly. Plus, Indianapolis is ranked as Airbnb’s 2018 Top Trending U.S. Destination, which goes to show that the city offers its visitors an amazing experience.
 
 
If you’re attracted to the downtown scene, Irvington’s neighborhood exudes nothing but historic vibes. The homes in this neighborhood are all 1900s-inspired and contain styles such as bungalow, colonial, Tudor and Cape Cod.
 
 
Perry says the majority of people moving to Indianapolis are buying single-family and luxury homes. There’s considerable new construction happening in the luxury real estate market around downtown and the suburbs of Indianapolis such as Carmel and Noblesville.
 
 
“The luxury homes in construction stages are going to be two to three stories, with a more traditional feel rather than a contemporary vibe,” said Perry. “These homes will typically start at $750,000. There are many investors who are purchasing property in the Indy area and refurbishing them into these magnificent spaces.”
 
 
But Indianapolis has more to offer than its budget-friendly home prices––and if you don’t take our word for it, the above stats speak for themselves. The city’s tech industry is growing and is home to some major corporations such as Amazon and Angie’s List. Arts and culture also abound—ask any resident and they’ll likely refer you to The Children’s Museum of Indianapolis.
 
 
“I know people who constantly re-purchase memberships even after their kids are all grown up,” said Perry. “It’s a magnificent place.
 
 
Indianapolis has certainly acquired a bunch of buzz within the last year—for good reason. Before locking in a home elsewhere, you may want to book a trip to The Crossroads of America to see what the excitement is all about.