In 2006, the Indianapolis real estate housing market was named the most affordable place to live. As of May 2008, it kept its status as the most affordable place to live for the 11th time in the first quarter of 2008. With this unpredictable economy, that is a great accomplishment.
There were three things that worked to increase affordable housing across the country. The first thing was lower prices for homes. Next was a $2,500 increase in income among families. The third was the low mortgage rates. About a little over 90 percent of homes in the Indianapolis real estate market were affordable to those who earned the median income of $65,100.
In Kokomo, Indiana, it outranked everyone else in the first quarter of 2008 with having affordable housing. This city is smaller than Indianapolis and has less than 500,000 people. However, a little more than 93 percent of homes were sold during that time to people that earned at least $57,400. This amount is the median income for that area. So not only are homes affordable in the Indianapolis real estate market, but they are also affordable here as well. It seems as though the state of Indiana has become an affordable place to live for single people as well as families.
The city of Indianapolis still keeps its top spot as the number one place for affordable housing in the United States. Elsewhere, homes have become more affordable and not just in the Indianapolis real estate market. A little over 96 percent of the homes were affordable for families that made the median income in the area. This percentage amount is pretty high for a lot of the homes.
The least affordable housing market was in White Plains, New York. California wasn't even in the running for that honor. Just a little over 11 percent of New York's housing market was affordable for those residents. This data just proves that Indianapolis real estate is still the most affordable of these areas listed. Nowadays, people are looking for real estate that is not only for living purposes, but also be able to afford to make payments on the mortgage each month.
Although the Indianapolis real estate market is the most affordable in the country, there is also a small metropolitan real estate market that has less than 500,000 residents. It was ahead of Indianapolis in affordability of housing in the second quarter of 2008. The city is Canton-Massillon and it's located in the state of Ohio. Over 96 percent of their homes were affordable to those that earned the local median income of $54,600.
You will find that Indianapolis real estate properties for sale are at an all time high. They are very affordable, even in this fluctuating economy. People are forced to make decisions in regard to their home and investment. When you are looking in this area, you will find many places that have affordable housing. This is why Indianapolis continues to keep their number one rank in the real estate market.
Jordan FeRoss is an expert on Indianapolis IN real estate. Additional credit is given to the Indianapolis relocation team at Indy Metro Homes. For more information visit http://www.indymetrohomes.com
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