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Cold rust belt areas are most affordable, warm coastal areas are least affordable. I hope they didnt pay for that survey result....seems pretty obvious
I don't know if there's really a MAJOR desirability difference there. Metro Detroit is a pretty nice place to live. Many of the suburbs are comparable or better than than anything Indy has to offer. An area can be losing people and still be a nice place to live.
The 10 Most Affordable and 10 Least Affordable - BusinessWeek
This also gives the list of the 10 worse housing markets.
Indianapolis my hometown is number one which is nice . Average price is 108,000$
Youngstown Ohio is right behind Indy.
The Worse Housing market is New York City with an average home price of 481,000$
Majority of the worse housing markets are either in the south in Flordia or along the west Coast in California.
Interesting list i have to say
And on the flip side, it speaks volumes about Indy when a fairly large city is more affordable than Youngstown, Toledo and Scranton, doesn't it?
I'm still surprised at the extreme stereotypes people have of the 4.5 million people living in metro Detroit because of what they see in the central areas of the city that have basically been abandoned by people. Over 85% of the people live removed from the ghetto areas of the city, and the suburbs are actually quite nice compared to many burbs around the country. I've been through Detroit area many times and it's pretty attractive overall.
It's the ignorant ones who assume all of Metro Detroit is a burnt out ghetto. Royal Oak, The Gross Pointes, Birmingham and Troy are just a few of the nice areas you are talking about. Then there is Ann Arbor if you want to include that, and who doesn't love Eastern Market?
I don't know if there's really a MAJOR desirability difference there. Metro Detroit is a pretty nice place to live. Many of the suburbs are comparable or better than than anything Indy has to offer. An area can be losing people and still be a nice place to live.
Speaks volumes of something...but I'm not sure what
very simple if you think about it
Indianapolis is surrounded by farmland in all directions. there is no natural barriers to development.
So its very easy to develop out in any direction and fill in any gaps.
Unlike Chicago which can only expand west/north/south hence why housing is way to expensive there.
Its easy to convert farmland to subdivisions/suburbs.
Also Indy has made leaps and bounds to revitalize the intercity core over the past 30 years so alot of homes that were junk before are being renovated and put on the market. excess supply=lower price.
so a combination of all those factors plus the fact Indiana has one of the lowest property tax rates in the nation with the 1% that just helps affordability.
But as some friends of mine were saying homes were selling in like a week or 2 in the metro area. Home Building is up in Indy/new home sales and startup/permits are too. existing home sales also are up. All of that is contributing to the price going up now Median price of homes in Indy are at 115k.
If you watch Househunters a couple that relocated from San Fransico to Indianapolis bought a 1950s renovated home with recently updated features/appliances for 167k. Very nice location/big yard too. That doesnt mention their cost of living is 50% lower than San Francisco .
I have to say that couple was spot on though about Hoosier Hospitality
very simple if you think about it
Indianapolis is surrounded by farmland in all directions. there is no natural barriers to development.
So its very easy to develop out in any direction and fill in any gaps.
Unlike Chicago which can only expand west/north/south hence why housing is way to expensive there.
That Chicago cannot expand eastward isn't why housing is more expensive there than Indy...
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. Average price is 108,000$
Median price of homes in Indy are at 115k.
