I saw the 08/22/06 reports that Indianapolis was the most affordable housing market in the US: (http://money.cnn.com/2006/08/22/real_estate/most_affordable_metro_areas/index.htm?postversion=2006082217)
"Indianapolis has retained its status as the most affordable large city in the United States for home buyers and Springfield, Ohio was No. 1 when smaller cities were included in the rankings..."
What does this say for investing there? More affordable housing means fewer people need to rent. On the other hand, a more affordable housing market could continue to draw business and be good over the long term...
I'd really appreciate some thoughts on this city, thanks. :D
Great questions. Indianapolis has been very affordable for quite a while. According to the Wall Street Journals Smart Money Magazine, we're 19% undervalued and we're not growing very fast in the area of appreciation, but that's not bad in my opinion.
You can buy multi-unit properties for low here, so that when you rent them out, there's an incredible amount of cash flow to be made. There are plenty of renters because we've had so much mortgage, appraisal and investor fraud. People who shouldn't have been qualified for homes, were anyways, and then they lost them into foreclosure.
So, as a result, we've also got over 1,000 new foreclosures and bankruptcies every MONTH! Our investors are making a great deal of money here because they can get so many renters and we've got a great property management company as well.
There are tons of new jobs being developed that have been announced just recently and it's becoming more and more exciting to have property anywhere in Indy. Some areas are definitely worth your time more than others, but overall it's a great place to be investing right now.
There's my two cents.
That might be a valid point if you're looking for flips or for quick returns, but that's exactly why it's perfect for those looking for cash flow and who can see the long term value of the city. We still have three of the top 50 fastest growing counties in the country and that's only going to help our values when the foreclosures finally level out.
I agree with chasers. I'm not in Indy but more the NE suburbs. If you're looking for long-term cash flow investments, the Indy metro area is a great place.
City has really taken off in last 10-15 years and a lot to come.
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