Are $50k houses normal for Indianapolis, or are these ghetto prices? (Columbus: low income, section 8)

[max.b]

I've never been to Indiana, but someone mentioned these in the Real Estate forum, which piqued my curiosity:

4648 STRATFORD, Indianapolis, IN 46201 - Indianapolis Real Estate
445 N Drexel Ave, Indianapolis, IN 46201 - Zillow

Are these, and $50k houses in Indianapolis in general, necessarily in bad parts of town?

[grmasterb]

Generally, you're talking hood at those prices.

[sweetana3]

Even if the area is quiet and safe, it has a reputation and with IPS being the school district, makes prices very low. It is also probable that there are or have been a large number of foreclosures and/or Section 8 rentals in the area.

You wont find a $50,000 house in Broad Ripple or probably in Fishers, and maybe Greenwood.

These are areas you have to walk around in and talk to residents and the police.

[max.b]

I found this race and ethnicity US Census 2010 map: Race and ethnicity 2010: Indianapolis | Flickr - Photo Sharing!



Are areas that are overwhelming white, like e.g. the south of Indianapolis, also potentially bad?

"Bad" to me means worrying about going for a walk at night. I don't care about schools, personally.

[Toxic Toast]

445 N Drexel is blocks from Irvington in the heart of Bosart Brown, it is unquestionably a city neighborhood but hardly qualifies as hood. Christian Park is low income, but hood? C'mon now.

[Valker]

Yes, $50k houses are somewhat normal in Indianapolis; I say somewhat, because often times they can be located in less than desirable areas. Sometimes you will find a $50k house in a decent area, especially since the housing crash.

I'm not 100% too sure about the N Drexel address; I do know that the east side of Indianapolis does have pockets of "bad areas". If you are white, you may be-able to live "comfortably" in this area, but I do know of some neighborhoods on the east side that you will not feel welcomed.

The Christion Park (Stratford Ave) listing is in a fairly safe area; it is a low income area.

Both address will have the risk of a house robbery, especially the Stratford Ave listing being there is an ally behind the house.

As for your question about the South Side
I consider South Indy very safe. Although it can get "rougher" when you go north of Troy Avenue, its nothing you will read in the papers. Garfield Park has made me feel a little uneasy in the past.

[max.b]

I'm curious why houses in Indianapolis are so cheap? They seem to be cheaper even than comparable houses in smaller towns in Indiana, and, say, Idaho.

[Chicago76]

Originally Posted by max.b

I'm curious why houses in Indianapolis are so cheap? They seem to be cheaper even than comparable houses in smaller towns in Indiana, and, say, Idaho.

Houses in Indianapolis are cheap because there is plenty of developable flat land available for new construction and the outlying municipalities aren't particularly concerned with growth and development limitations. Supply is easy to come by. I wouldn't say housing is cheap compared to other towns in Indiana or cities in similar circumstances such as Columbus OH or Kansas City though. At least not when you control for crime and school district quality, which may not matter to you, but does for a lot of buyers.

Regarding safety and your original question: I like to look at violent crime per 10,000 residents as a reasonable barometer for safety.

The east side location you were referring to is roughly 150 per 10K
The near south side around Garfield Park is roughly 125 per 10K.

Where I live in St. Louis is roughly 125 per 10K within a mile of my house although my actual neighborhood is 90 per 10K.

Where I lived in Chicago is roughly 60 per 10K (near northwest side).

I felt very safe in Chicago. Given the number of people out and about at all hours, there are likely witnesses if anyone is causing trouble, and there are a lot more opportunities for criminals to strike on an evening walk, given the number of people walking, yet crime is very low.

In St. Louis, there are far fewer people out, which to me indicates that it is much more than twice as dangerous where I live today, despite the pure numbers telling me otherwise. I don't go walking around the neighborhood late. To a friends down the street or to the local bar within a block? Sure, but there is no reason to go further.

The Indy neighborhoods are even more residential and quiet than my neighborhood in STL, which suggests to me that they are even more dangerous, again, due to the fact that fewer people are out at night, yet the violent crime rate is the same or greater than where I live now.

The areas where these houses are far from being located in a war zone, but I just wouldn't feel comfortable walking around for anything more than a quick and direct trip down the street.

[max.b]

Hmm... I have to say I don't really trust the "violent crime" stats, because they are easy to manipulate (what counts as violent crime varies, and how much of it is reported varies too). I prefer looking at the murder rates. For Indianapolis, it's 10 per 100,000 residents per year, if Wikipedia isn't lying, which it often is.

[JessMartin]

Ive seen a number of $50,000 houses recently, but they don't typically sell for $50,000. Right now Indy is seeing a resurgence in the housing market and investors have noticed. Houses that are listed for $50,000 are typically foreclosure's and short-sales, its been the norm for us to see multiple offers on houses like this and they almost always sell for over list price. If you are considering purchasing a house at that price range it will take patience and persistence. You may put offers on 3 houses before actually "winning" in a bidding war.