CNNMoney.com published their quarterly ‘Affordable Cities’ report recently and listed Indianapolis as the Most Affordable! CNNMoney.com notes that the average American family can easily afford to purchase a median-priced home in Indianapolis.
Median home price: $106,000
Median income: $68,100
Affordability score: 95.7%America’s most affordable housing market is the 33rd largest metro area in the United States, with 1.7 million people.
The median family income is fairly high — $68,100 — and median home prices are a very reasonable $106,000, according to the National Association of Homebuilders and Wells Fargo Housing Opportunity Index.
The turmoil in the auto industry, which Indianapolis had been closely associated with, has hurt the city. But increased diversification, which has made pharmaceutical companies, banks, government agencies and insurers all important employers, has helped keep job losses in check. The unemployment rate was just 8.5% in December, according to the Bureau of Labor Statistics, well below the national rate of 10% that month.
November 2009, when the previous quarterly report was published, Indianapolis was at the top of the list as well. Indianapolis is well known as a very affordable city. On the November report, the median home price was $105,000 and median income was $68,100 with an affordability score of 94.5%. In the three months following the November report, the median home price has increased and the affordability score has gone up as well signaling Indianapolis as even more affordable today.
Source: CNNMoney.com
Suggested by: Melissa McGill