Indianapolis sure is cheap
Topic: Indianapolis Living
Posted: Fri, Feb 24, 2006 
Our site got a shout-out on the Torpor Indy blog for our tagline, which they referenced while linking to an article on Indianapolis housing rates. According to the National Association of Home Builders, Indianapolis jumped back to the top of the list as the nation's most affordable housing market for the last quarter of 2005.
In the nation’s most affordable major housing market of Indianapolis, Ind., 88.7 percent of new and existing homes that were sold in the fourth quarter were affordable to households earning the area’s median income of $64,000. The median sales price of all Indianapolis homes sold in that time frame was $120,000. Also near the top of the list for affordable major metros were Youngstown-Warren-Boardman, Ohio-Pa., followed by Detroit-Litonia-Dearborn, Mich.; Grand Rapids-Wyoming, Mich.; and Dayton, Ohio, in that order.
I get a laugh every time I read about New Yorkers paying $1,000,000 for a two-bedroom apartment, when I own a 2,300 square foot, four-bedroom house, and my girlfriend has a 2,000 square-foot house of her own. At least on this one thing we can say: eat it, New York!
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Comments
1. Feb 24, 06 01:43 PM | Marti Abernathey said:
That would be because no one wants to live here :)
2. Feb 24, 06 01:46 PM | Steph Mineart said:
I am apparently the only one who lives here by choice, then.
3. Feb 25, 06 03:23 AM | Norm said:
Steph ... You're not the only one, but for what ever reason ... most of the US population is concentrated along the coastline. I figure it's one of those primal connections to our amphibian days where there the was a need to crawl back into the water for protection ... and by that logic ... the most advanced forms of the species live the furthest away from the coast. :-)
4. Jan 23, 07 12:30 AM | Cathy Moen said:
I am thinking about moving from colorado springs, co to indianapolis. Mainly cause after looking at realtor.com there are listing of houses-big beautiful turn of the century houses for under $20,000. What's the catch? Is there areas to avoid or is it just real cheap. My back yard here in the springs is worth more than the houses and property there. Thanks.
5. Jan 23, 07 05:28 AM | Steph Mineart said:
If it's an historic home in a downtown neighborhood, $20,000 is either a sign that it's not renovated and needs to be gutted and redone, or it's a sign that there's something strange going on. The completely renovated historic homes in downtown Indianapolis are going to be priced between $150,000 and $500,000 - depending on how large they are (some are over 4,000 square feet) how nice the interior is.
6. Jan 28, 07 05:18 AM | Cathy Moen said:
What do you mean by "something strange"? And these were all over Indianapolis. I am talking about houses built in the 1900s. Thanks.
7. Jan 29, 07 08:46 AM | Steph Mineart said:
I was thinking "something strange" like real estate scam - could you post some MLS numbers - the listing number? I'd like to look at some of these myself.