Indy is ranked #1 most affordable city! (Indianapolis, Atlanta: 2009, foreclosures, townhouse)

[gtrman]

Exciting news in hard times ...

Big boost for housing affordability - Feb. 19, 2009

Indianapolis is rated #1 for affordability. The foreclosure situation is still deeply distressing, but I'm glad to see the ratings here nonetheless.

[Randomdude]

Originally Posted by gtrman

Exciting news in hard times ...

Big boost for housing affordability - Feb. 19, 2009

Indianapolis is rated #1 for affordability. The foreclosure situation is still deeply distressing, but I'm glad to see the ratings here nonetheless.

I wish things like this wouldnt come out. I fear that Indianapolis will no longer be affordable by the time I can afford to move there, and Ill have to find some other place to go.

[cobolt]

Originally Posted by Randomdude

I wish things like this wouldnt come out. I fear that Indianapolis will no longer be affordable by the time I can afford to move there, and Ill have to find some other place to go.

It's usually that way. These studies/rankings come out. There's a huge influx of people making their new home much like the place they just fled, and then they leave the mess behind for greener pastures.

[Randomdude]

Originally Posted by cobolt

It's usually that way. These studies/rankings come out. There's a huge influx of people making their new home much like the place they just fled, and then they leave the mess behind for greener pastures.

I spent countless hours over the span of 4 years researching the perfect place, and I found Indianapolis. Now, just last year, it seems that all these magazines have suddenly started picking up on Indy's affordable housing, low cost of living, decent job opportunities, and decent pay in combination with cost of living.

So, Ive finally gotten to a point where I can save money, and by the time I can move, there will probably be no jobs and the housing will be unaffordable.

[Toxic Toast]

Originally Posted by Randomdude

So, Ive finally gotten to a point where I can save money, and by the time I can move, there will probably be no jobs and the housing will be unaffordable.

I wouldn't be too worried about that. Indianapolis has been touted as a cheap place to live for years and years. I don't think you'll ever see the sprawl associated issues on a large scale here like you see in places like Atlanta.

[gtrman]

God you guys are negative. Ridiculous.

[LIS123]

I wouldn't worry about it much. As noted, Indy has been considered affordable for years and continues to be viewed in that light. People move heavily (or primarily) based on employment, so that is going to dictate where they live. Certain professions (Nursing, Education, etc) offer almost ubiquitous employment opportunities, so people in those fields may be more likely than others to move to places like Indy. If I remember correctly, the Indy area was having a big problem with foreclosures without having had a major rise in prices, so the economy is unlikely to be that strong. Indiana is now one of the top 10 states for unemployment, so I don't see people flooding to Indy without solid employment lined up.

The area is spacious, so lack of land is less of a problem than in places like SF. Prices in Indy may rise a bit on a steady basis, but I don't see it being too expensive anytime soon. If prices become out of touch with the local market, they'll come down as they have in other places.

[Randomdude]

Originally Posted by LIS123

Certain professions (Nursing, Education, etc) offer almost ubiquitous employment opportunities, so people in those fields may be more likely than others to move to places like Indy. If I remember correctly, the Indy area was having a big problem with foreclosures without having had a major rise in prices, so the economy is unlikely to be that strong. Indiana is now one of the top 10 states for unemployment, so I don't see people flooding to Indy without solid employment lined up.

I think it depends on what you are doing. For instance, on any given day, I can find 6+ pages of accounting jobs less then 10 days old in the Indy area on Monster.com all starting in the high 30's at lowest. That is opposed to the Norfolk, VA area, where there is maybe 1, on a good day, and starting in the high 20's and low 30's. This is dispite both metro areas being about equivalent in population. 35-40k in Indy will get you a decent single family house in the posher northern Indy suburbs. That amount here wont buy you a townhouse in a bullet riddled complex.

I do keep hearing about all the unemployment, and the huge Indiana foreclosure rates, but honestly, in my field, I am in the full belief that employment prospects are much greater there for me, then here in the Norfolk, VA area, which has a foreclosure rate, and unemployment rate far lower then the average for the country.

[Randomdude]

Originally Posted by DC 38

I wouldn't be too worried about that. Indianapolis has been touted as a cheap place to live for years and years. I don't think you'll ever see the sprawl associated issues on a large scale here like you see in places like Atlanta.

Maybe, but I havent started seeing it pop up in Forbes,Money and what not until the last couple years.

[MikiJayne]

RandomDude, I heard this morning that this is our 14th quarter in a row of being named "Most Affordable" that 3.5 years! I think you'll be ok. We'll still be affordable when you get here. I lived in Chesapeake for a while, and I would give up almost all the affordability to be within 20 minutes of the ocean!