CNNMoney.com named Indianapolis the most affordable city in the US.

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.

Affordability in Indianapolis, the 33rd largest metro area in the United States with 1.7 million people, was buoyed by fairly high median income of $65,100 and rock-bottom home prices. The median price for a home sold during the quarter was just $103,000, according to the National Association of Home Builders report.

Those prices, combined with reasonable mortgage interest rates, make home-buying in the area a snap. A buyer of a median-priced home putting 20% down would pay only about $450 a month in mortgage expenses.

This entry was posted on Thursday, February 26th, 2009 at 10:29 am and is filed under Greenwood Real Estate News, Greenwood, IN Real Estate News, Indianapolis Real Estate News, Indianapolis, IN Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “Indy is the Most Affordable City in the Nation”

  1. David Brenton on March 13th, 2009 at 12:01 pm

    The Indianapolis area is a great place to live. When you compare all of the amenities we have and the ease of commuting we certainly have a nice place to call home.

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