Indianapolis, through design or by happenstance, is one of the more smartly developed larger cities in that nothing is more than a half hour’s drive away. But more importantly, the city is embracing redevelopment of central locations within the city in order to appeal to younger residents. If not to entice residents to stay within the city, Indianapolis offers some of the best suburban neighborhoods in the country to boot.
For many years, Indy was considered a Rust Belt city, up until recently. It faced the challenges of declining population, the erosion of economic opportunity and lack of an identity. But some of that has changed for the better. Its low cost of doing business is helping to attract companies to expand in Central Indiana and create more higher-paying jobs, albeit slowly but surely. The town has built attractions such as the Circle Center Mall, the Banker’s Life Fieldhouse and Lucas Oil Stadium, home of the Colts football team. Given the recent redevelopment that the city is undertaking, it looks like the town is shaking off its stigma and is moving in the right direction in general.
Figures from Trulia show that the median sales price of homes currently listed in the Indianapolis area is $177,000, with the average listing going for $165,094
Freddie Mac’s current average rate for a 30-year fixed-rate mortgage is 4.28 percent. Based on this average rate, payments for a $250,000 property in Indianapolis would range from $1,050 to $1,350 each month (according to Zillow’s mortgage calculator). According to a sample of mortgage rates from Zillow rates in Indianapolis currently range from 4.26 percent to 4.56 percent for a 30 year loan on a $250,000 property with a 20 percent down payment.
If Indianapolis itself is not appealing to buyers, its suburbs will definitely appeal to even the most fickle tastes; Westfield, Noblesville, Plainfield and Brownsburg appeared in Money Magazine’s “Top 100 Places To Live”. Zionsville, Carmel, Fishers, Meridian Hills and Southport also rank as highly desirable family neighborhoods. Buyers will also find a great selection of inventory and great neighborhoods in Clermont, McCordsville, Pike Township and New Palestine.
For buyers looking to stay close to the city, buyers can find options in Eagle Creek, Broad Ripple and Center Grove. For those looking for historical buildings, they can be found in Chatham Arch and Fletcher Place, while Lockerbie Square and University Heights provide a convenient urban option for students and families. Downtown is very popular with students and professionals for its convenience and vicinity to Butler University and satellite campuses of Indiana University and Purdue University. Well-heeled buyers in Indianapolis proper should look at Woodruff Place as a good starting point.
Like many Midwestern cities, Indianapolis is still trying to find its niche appeal after revitalizing itself. However by not only redeveloping much of the city but by the merits of affordability and accessibility, Indianapolis might reestablish itself as an alternative to Chicago. With many friendly locals, a regional vibe and plenty of family friendly neighborhoods, Indianapolis should be on a buyer’s short list.