Indy real estate - Columbus commute (Fishers, Greenwood: sales, real estate market, to rent) - Indianapolis - Indiana (IN) - City-Data Forum

traveler73 · 02-03-2008, 03:00 PM

Hello. Couple of questions....I'm considering a job in Columbus and I love the big city life, thank goodness Indy is just up the road. I'd probably be looking to buy something in southern Indy. How many people commute from Indy to Columbus, or any other smaller town in the area?

Where I am now in the Black Hills of SD, someone forgot to tell them the US is in a real estate crisis. $150,000 gets you an old 2/2 in a rougher area or a 3/2 fixer or a small condo. Rents are sky high too. The real Estate market here is still great, the problem is wages don't correspond because it's touristy and full of retirees. And forget about anything nice in the mountains unless you have over $500,000.

I've noticed the real estate values in Indy and the surrounding towns are dirt cheap for a big city. Seems like, $150,000 will get you a nearly new 4/3 home in a great neighborhood, it's the American dream for a 30-something like me. The question, in Indy and the surrounding areas, are the average wages lower because housing is so affordable? Are there jobs for people or is Indy becoming like Detroit? There's got to be a catch!

Thanks...

JulieL · 02-03-2008, 04:52 PM

Dear Traveler 73,
Commute is not bad it is only about 35-45 minutes if you are looking at moving to southern Indy. There are plenty of commuters both ways from Columbus to Indy and Indy to Columbus. I don't know a lot about the Indy housing market, but I do know that they are not doing as good in the housing market that Columbus is doing. As far as the wages, it has to do with where you are looking for employment...whether you are a blue collar or white collar worker. If you are going to be looking for a home in South Indy I can get you set up with a Realtor just let me know..
Good Luck!!!
JulieL

domergurl · 02-03-2008, 06:50 PM

You'll probably get more for your money in Southern Indy/Greenwood. Gas prices may eat into your budget a bit. We considered Greenwood, but after driving 65 miles one way for a year (we lived in Fishers), we decided that a 10 minute commute would be aces and so far, it is. Housing is more expensive here, but we made up for it in less gas and mileage/wear and tear on a car.

traveler73 · 02-09-2008, 01:36 AM

Thanks for the help so far. Domergurl brings up a good point about gas prices so maybe looking in Columbus is a better bet, even though it seems as if home prices are slightly higher there when compared to the Indy metro. Don't think I have ever seen where a smaller city is priced a little higher than a nearby huge metro. There are some GREAT deals in Indy! Anyway, thanks again for the help!

Michelle Morris · 02-09-2008, 08:28 AM

Way down in the Black Hills of South Dakota there lived a young boy named Rocky Raccoon...

I am a realtor on the west side of Indy, and you are right that $150,000 would get you a nice home in a nice neighborhood. I'm not talking about high-end detail work, marble countertops, jacuzzi tubs and full finished basements, but a decent home.

traveler73 · 02-10-2008, 12:35 AM

Ahh yes...the Beatles from 1968....before my time but I know the song.

I'm glad that housing is reasonable in the area, but it probably works both ways with minimal appreciation and resale. How is the market appreciation or is Indy still in a depreciation correction phase like most of the country? Would a person be better off to rent for a bit and wait for the market to bottom out?

domergurl · 02-10-2008, 08:44 AM

Quote:

Originally Posted by traveler73

Ahh yes...the Beatles from 1968....before my time but I know the song.

I'm glad that housing is reasonable in the area, but it probably works both ways with minimal appreciation and resale. How is the market appreciation or is Indy still in a depreciation correction phase like most of the country? Would a person be better off to rent for a bit and wait for the market to bottom out?

I'd rent for a year to not only see how the market does, but to also get used to your new surroundings.

Southside Shrek · 02-13-2008, 07:39 AM

I just looked at some numbers published by FC Tucker Realty and it appears that only about 1/10th of the homes listed around Indy have been selling. There is still a lot of unsold inventory out there.

traveler73 · 02-16-2008, 07:18 PM

The Fed might cut rates again to boost sales so renting for a while might make sense, as Domergurl has suggested. With only 1/10 of the homes selling, we could be nearing the bottoming out point any time now. The worst thing I could do is buy a house before we hit the bottom and have it be worth $10,000 less by this time next year.