Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Yuppie population (25-34 with a bachelors or higher): 2,659
$2.1 billion dollars of investment between 2010 and 2012. $339,478,505 or 65 projects are completed.*
Out of a total of 130 projects, 7 residential projects were completed, 6 are under construction, and 8 are in the pipeline (mostly renovations of vacant structures).*
Housing: 26,722 total units. 6,000 units are vacant. 1,300 units were added between 2000 and 2010. 17,000 are renter-occupied.
Median gross rent: $651
*As of October 2012.
Personally, I don't think of it as a residential boom as so much a general construction boom. 1,300 units doesn't seem like a whole lot but there's a butt ton of construction going on.
Average apartment renting price in Indianapolis is around 500-600$ a month.
So ya 850 is not cheap at all.
Plus since Indy has the nations most affordable housing market a 125k home which is the average price in the Indy metro area will run 500-600$ a month for a mortgage payment.
In Shaker Heights, we currently rent the first floor of a 2-family, 2BR/1BA house for $750/mo., and we're looking to upgrade to a 3BR/2BA house for under $1,000......both of which I consider very very cheap! We're also within a half mile of the RTA (light rail).
Yuppie population (25-34 with a bachelors or higher): 2,659
$2.1 billion dollars of investment between 2010 and 2012. $339,478,505 or 65 projects are completed.*
Out of a total of 130 projects, 7 residential projects were completed, 6 are under construction, and 8 are in the pipeline (mostly renovations of vacant structures).*
Housing: 26,722 total units. 6,000 units are vacant. 1,300 units were added between 2000 and 2010. 17,000 are renter-occupied.
Median gross rent: $651
*As of October 2012.
Personally, I don't think of it as a residential boom as so much a general construction boom. 1,300 units doesn't seem like a whole lot but there's a butt ton of construction going on.
Thanks, that's excellent data! (I'm a data nut too!!)
If there are 130 projects and $2.1B in construction going on in downtown, and yet only 15-20 of those 130 projects are for housing, what is the rest for?
Also, what area does your downtown population encompass? 36K is a very high number for any downtown in America, and it'd probably be a top 10 population amongst U.S. cities, which I would be surprised to hear (albeit, pleasantly surprised).
*Edit (per your source): -7.2 sq. miles for "downtown" -Occupancy rate ~96% -Median Rent is $741, Cleveland is $644 (also, it says Mpls is $785, to which I say good luck finding anything for that rate today!) -New construction is asking for ~$1.25-$1.50 per SF rent -88 of 130 projects are renovations, 25 are new construction (the majority of investment is in Midtown: $1.2B, 78 projects)
P.S. I have family in Detroit, so I want to see it succeed.
Last edited by Min-Chi-Cbus; 03-25-2013 at 07:14 AM..
ikr
plus the housing is like the main affordability criteria anyway cuz its the biggest expense
wit that logic u can say nyc is not all dat bad (except housing) lol
Average apartment renting price in Indianapolis is around 500-600$ a month.
So ya 850 is not cheap at all.
Plus since Indy has the nations most affordable housing market a 125k home which is the average price in the Indy metro area will run 500-600$ a month for a mortgage payment.
now thats cheap
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
