Indiana cities offer affordable homeownership options
Indianapolis, Indiana – A new study has highlighted that affordability remains a critical factor for potential homebuyers nationwide. This factor becomes particularly relevant in certain cities within Indiana, which offer an exceptional value proposition.
WalletHub has released a report indicating that two Indiana cities may offer more affordable homeownership options for those deterred by escalating prices elsewhere in the state or nationwide.
To reach these conclusions, WalletHub employed data sourced from the U.S. Census Bureau, National Association of Realtors, the Council for Community and Economic Research, and the Insurance Information Institute. The report is a comprehensive ranking of 300 U.S. cities, gauging them across ten fundamental metrics. These include factors such as housing affordability, insurance expenditure, real estate taxes, and property appreciation rates. (Details about the weighting of each criterion in the methodology can be found here.)
Following a weighted average calculation across all metrics, WalletHub determined the overall scores for each city, subsequently determining the rankings. (Please note, these scores are limited to the city proper and do not encompass surrounding metropolitan areas.)
According to the report, the top ten most affordable cities for homebuyers in the U.S. are as follows:
- Montgomery, AL
- Flint, MI
- Toledo, OH
- Detroit, MI
- Akron, OH
- Warren, MI
- Pittsburgh, PA
- Yuma, AZ
- Springfield, IL
- Palm Bay, FL
Furthermore, WalletHub separated the list by the size of the city, defining large cities as those with a population exceeding 300,000, midsize cities with populations between 100,000 and 300,000, and small cities as those with populations under 100,000.
Within Indiana, Fort Wayne in Allen County secured the 44th position in the overall WalletHub ranking. When assessed against midsize cities, it moved up to the 16th position. Following closely was Indianapolis, which ranked 45th overall but climbed to the 11th spot among large cities.
Based on data from real estate brokerage Redfin, it appears that home prices in Fort Wayne have remained stable since 2022, with a median selling price of $180,000 in April. On the other hand, Indianapolis witnessed a marginal decline of 1.3% in housing prices from the previous year, with properties selling at a median price of $223,000.
