Great News -- Indy Still Most Affordable Place to Live!
It's not often that Indiana makes the national news, but recently we've been getting a lot of attention -- and not for the right reasons! Yes, it's been in the papers and on the news -- Elkhart Indiana has the highest unemployment rate in the Country. Even President Obama visited the area to market his economic stimulus package.
Well, here’s some good news that you may have missed, Indiana also has the most affordable housing. According to the National Association of Home Builders/Wells Fargo Housing Opportunity Index released Thursday, falling home prices have led to the most affordable housing market in at least five years and CNNMoney.com confirms:
“Topping the list of most affordable U.S. metro areas, which ranks areas with more than 500,000 in population, was Indianapolis. This is the city's 14th consecutive quarter in first place; it boasts a full 93% of all homes sold being affordable to median family households.” (read more)
Sure, some industries are struggling and unfortunately jobs in areas like Elkhart may be shaky, but that is not the case across much of Indiana. Many Hoosiers are in stable careers in cities with much lower unemployment rates. For those, it may be an excellent time to take advantage of Indiana’s affordable housing prices. Rates are lower than we have seen in years, loans are available with as little as 3.5% down payment and if you’re a first time buyer there is an excellent chance you qualify for the $8000 tax credit incentive. Yes, you'll receive $8000 which is yours to keep unless you sell your home in the next 3 years. This is an opportunity that requires serious consideration.
And not only are Indiana's housing prices affordable, our communities provide fantastic amenities to our residents. Do you know that Fishers Indiana was recently named the 10th best place to live in the country! Now that's more good news!
Is it the right time for you to buy? Do you have questions about the Indianapolis area real estate market, mortgage rates, down payments or the $8000 tax credit? – Post them here and we’ll respond!