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Honest-to-Goodness Indiana

Home Mortgage Rates in Indiana

Cuyahoga Valley Scenic Steam Railroad in Fort Wayne, Indiana.

Indiana has been long known for being the crossroads of America. Unfortunately, like many areas of the Midwest, Indiana has been hit particularly hard in terms of the real estate market. With a higher than average number of foreclosure properties in Indiana, residential and commercial property values have plummeted.

Getting a Mortgage in Indiana

Even though mortgage restrictions have tightened recently, many people are still in good position to buy a home. New laws have been instituted by the federal government in order to protect home buyers from predatory lending as well as to reduce the risk of foreclosure.

Investors face harsher restrictions in terms of how many properties they can have a mortgage on at any given time. Previously, sole owners could own up to 10 properties under mortgage at any given time. Since the rule change, an investor can now only mortgage up to 4 properties at the same time. If a sole investor is not part of a corporate structure, Fannie Mae will decline a sole investor’s loan application after the 4 property threshold has been met.

Like in most other states, no matter if the home buyer is an investor or plans on using a property as their primary residence, proof of funds and or lender pre-approval is required before a real estate transaction can begin to take place.

Why Purchase Real Estate Property in Indiana?

No matter if a person is seeking to move their family to Indiana or setup a business, many areas of the state offer the average person as well as the entrepreneur with a great opportunity to realize their dreams. List pricing for most commercial and residential sites all over the state of Indiana are at an all time low. People seeking the slower pace of country living can find their dream home while others looking for a busier city lifestyle can find their calling within the several highly populated metropolitan areas of the state. Indiana boasts a healthy and diverse population while facilitating many different cultures and nationalities.

Indiana Real Estate Prices

Home values can differ from area to area; however, the average residential sale price in the state of Indiana as of this writing is $94,300 for a single family dwelling. Many homes located in sprawling urban areas sell for much less. Suburban areas are amongst the most desirable in the state and have the largest amount of newly constructed homes. Property taxes in certain suburban areas can be at a premium; however, the school systems, as well as other social programs, are identified as being rated higher in terms of quality.

Many homes located in heavily populated urban areas can be purchased for considerably less money than the national average. Although some of these homes may require extensive remodeling, finding a home in these areas for less than $50,000 is not uncommon.

Metropolitan Areas

IN Rank US Rank Metropolitan Area 2016 Pop 2010 Pop Change % △
1 3 Chicago-Naperville-Elgin, IL-IN-WI Metro Area 9,512,999 9,461,105 51,894 0.55%
2 28 Cincinnati, OH-KY-IN Metro Area 2,165,139 2,114,580 50,559 2.39%
3 34 Indianapolis-Carmel-Anderson 2,004,230 1,887,877 116,353 6.16%
4 44 Louisville/Jefferson County, KY-IN Metro Area 1,283,430 1,235,708 47,722 3.86%
5 125 Fort Wayne 431,802 416,257 15,545 3.73%
6 156 South Bend-Mishawaka, IN-MI Metro Area 320,740 319,224 1,516 0.47%
7 158 Evansville, IN-KY Metro Area 315,948 311,552 4,396 1.41%
8 204 Lafayette-West Lafayette 216,679 201,789 14,890 7.38%
9 219 Elkhart-Goshen 203,781 197,559 6,222 3.15%
10 245 Terre Haute 170,687 172,425 -1,738 -1.01%
11 254 Bloomington 166,336 159,549 6,787 4.25%
12 346 Muncie 115,603 117,671 -2,068 -1.76%
13 356 Michigan City-La Porte 110,015 111,467 -1,452 -1.30%
14 435 Kokomo 82,568 82,752 -184 -0.22%
15 439 Columbus 81,402 76,794 4,608 6.00%
16 449 Warsaw 79,092 77,358 1,734 2.24%
17 488 Marion 66,937 70,061 -3,124 -4.46%
18 490 Richmond 66,568 68,917 -2,349 -3.41%
19 555 Jasper 54,983 54,734 249 0.45%
20 606 New Castle 48,521 49,462 -941 -1.90%
21 613 Kendallville 47,638 47,536 102 0.21%
22 621 Plymouth 46,556 47,051 -495 -1.05%
23 637 Bedford 45,518 46,134 -616 -1.34%
24 656 Seymour 44,013 42,376 1,637 3.86%
25 666 Auburn 42,746 42,223 523 1.24%
26 724 Crawfordsville 38,074 38,124 -50 -0.13%
27 726 Logansport 37,946 38,966 -1,020 -2.62%
28 727 Vincennes 37,744 38,440 -696 -1.81%
29 747 Huntington 36,400 37,124 -724 -1.95%
30 753 Peru 35,883 36,903 -1,020 -2.76%
31 762 Decatur 35,232 34,387 845 2.46%
32 774 Angola 34,116 34,185 -69 -0.20%
33 787 Washington 32,969 31,648 1,321 4.17%
34 795 Frankfort 32,457 33,224 -767 -2.31%
35 797 Madison 32,418 32,428 -10 -0.03%
36 802 Wabash 31,762 32,888 -1,126 -3.42%
37 838 North Vernon 27,758 28,525 -767 -2.69%
38 847 Greensburg 26,598 25,740 858 3.33%
39 873 Connersville 23,331 24,277 -946 -3.90%

Where can a prospective home buyer find the best deals?

Indianapolis Skyline.

Urban areas located in Indianapolis, Anderson, Muncie, Fort Wayne, Gary, Kokomo, Marion and Evansville boast some of the lowest home values in the state. The decline of manufacturing employment throughout the state of Indiana has affected these areas particularly hard. Due to the loss of employment in these metropolitan areas, many home owners have faced foreclosure. This has caused residential property values to fall at an unprecedented rate. For those looking for an extraordinary deal when it comes to buying a home or investment property, these particular areas should be explored.

Downtown Fort Wayne.

Even though the housing market has been greatly affected in the metropolitan areas of Indiana, the local and state governments have been working tirelessly to attract new business in various fields of industry. Generous tax breaks have been given to many potential employers that have chosen to relocate to Indiana and, as of this writing, the effort to bring more commercial and industrial jobs to the state has been fairly successful. As the economy continues to grow positively in these urban areas, property values should also increase in time.

What are some of Indiana’s most popular growing areas?

City Hall in Carmel, Indiana.

Indianapolis has become the epicenter of sophistication and growth in the state of Indiana. Suburban towns such as Carmel have been gaining notoriety for high end housing, as well as upscale shopping. Carmel, which is located in Hamilton County, Indiana is located north east of Indianapolis and is only minutes away from Interstate access. Carmel and Hamilton County in general is thought to be one of the best areas of the state to raise a family. Carmel has one of the best school systems and recreational parks for children to take advantage of. The town of Fishers is another prime example of one of the fastest growing metropolitan areas of Indianapolis. This particular town harbors busy industry and a wide variety of restaurants, as well as commercial businesses. Many young professionals move to Fishers for the small commute to work and easy access to downtown Indianapolis.

Notre Dame Campus in South Bend, Indiana.

Indiana is also widely known for its large agriculture base. The fertile soil in Indiana produces a large amount of corn and soybean crops for the United States and abroad. The typical cost for an acre of farmland in Indiana is usually $4,000 to $6,000. The value of farmland in the state is expected to rise as the demand for corn and soy products increase.

Indiana Census Data

As of July 1, 2016 the state of Indiana has an estimated population of 6,633,053 across 35,826.11 mi² yielding a population density of 185.15 people per mi² across the state.

The following table highlights the July 1, 2016 populations of cities, towns & Census Designated Places (CDP) with over 2,000 residents based on United States Census Bureau estimates. For Census Designated Places (CDP) where there was no population estimate available for 2016 the 2011-2015 American Community Survey 5-Year Estimates data was used.

All table columns are sortable. Click on the column headers to sort by that column. Click again to sort low to high. Cities with higher levels of population growth typically see the increased demand drive faster real estate price appreciation.

Rank Geography County 2016 Pop 2010 Pop Change % △ Land mi² Pop Den mi²
1 Indianapolis Marion 855,164 820,445 34,719 4.23% 361.42 2,366.12
2 Fort Wayne Allen 264,488 253,691 10,797 4.26% 110.62 2,390.96
3 Evansville Vanderburgh 119,477 117,429 2,048 1.74% 44.15 2,706.16
4 South Bend St. Joseph 101,735 101,168 567 0.56% 41.46 2,453.81
5 Carmel Hamilton 91,065 79,191 11,874 14.99% 47.46 1,918.77
6 Fishers Hamilton 90,127 76,794 13,333 17.36% 33.59 2,683.15
7 Bloomington Monroe 84,465 80,405 4,060 5.05% 23.16 3,647.02
8 Hammond Lake 77,134 80,830 -3,696 -4.57% 22.78 3,386.04
9 Gary Lake 76,424 80,294 -3,870 -4.82% 49.87 1,532.46
10 Lafayette Tippecanoe 71,782 67,140 4,642 6.91% 27.74 2,587.67
11 Muncie Delaware 69,010 70,085 -1,075 -1.53% 27.2 2,537.13
12 Terre Haute Vigo 60,852 60,785 67 0.11% 34.54 1,761.78
13 Noblesville Hamilton 60,183 51,969 8,214 15.81% 31.37 1,918.49
14 Kokomo Howard 57,799 45,468 12,331 27.12% 18.5 3,124.27
15 Greenwood Johnson 56,545 49,791 6,754 13.56% 21.23 2,663.45
16 Anderson Madison 55,130 56,129 -999 -1.78% 41.37 1,332.61
17 Elkhart Elkhart 52,221 50,949 1,272 2.50% 23.45 2,226.91
18 Mishawaka St. Joseph 48,679 48,252 427 0.88% 17 2,863.47
19 Lawrence Marion 47,866 46,001 1,865 4.05% 20.14 2,376.66
20 Jeffersonville Clark 47,124 44,953 2,171 4.83% 34.06 1,383.56
21 Columbus Bartholomew 46,850 44,061 2,789 6.33% 27.5 1,703.64
22 West Lafayette Tippecanoe 45,872 29,596 16,276 54.99% 7.62 6,019.95
23 Westfield Hamilton 37,221 30,068 7,153 23.79% 26.84 1,386.77
24 New Albany Floyd 36,670 36,372 298 0.82% 14.94 2,454.48
25 Portage Porter 36,505 36,828 -323 -0.88% 25.63 1,424.31
26 Richmond Wayne 35,664 36,812 -1,148 -3.12% 23.91 1,491.59
27 Merrillville Lake 34,994 35,246 -252 -0.71% 33.22 1,053.40
28 Valparaiso Porter 33,104 31,730 1,374 4.33% 15.53 2,131.62
29 Goshen Elkhart 33,034 31,719 1,315 4.15% 16.23 2,035.37
30 Plainfield Hendricks 31,409 27,631 3,778 13.67% 22.27 1,410.37
31 Michigan City LaPorte 31,157 31,479 -322 -1.02% 19.59 1,590.45
Granger CDP St. Joseph 30,690 30,465 225 0.74% 25.57 1,200.23
32 Crown Point Lake 29,176 27,317 1,859 6.81% 17.71 1,647.43
33 Schererville Lake 28,701 29,243 -542 -1.85% 14.71 1,951.12
34 Marion Grant 28,592 29,948 -1,356 -4.53% 15.71 1,819.99
35 East Chicago Lake 28,418 29,698 -1,280 -4.31% 14.09 2,016.89
36 Hobart Lake 28,248 29,059 -811 -2.79% 26.33 1,072.84
37 Zionsville Boone 26,784 14,160 12,624 89.15% 10.26 2,610.53
38 Brownsburg Hendricks 25,408 21,285 4,123 19.37% 11.08 2,293.14
39 Franklin Johnson 24,867 23,712 1,155 4.87% 13.01 1,911.38
40 Munster Lake 22,825 23,603 -778 -3.30% 7.57 3,015.19
41 Highland Lake 22,737 23,727 -990 -4.17% 6.94 3,276.22
42 Clarksville Clark 21,920 21,724 196 0.90% 9.97 2,198.60
43 La Porte LaPorte 21,732 22,053 -321 -1.46% 11.66 1,863.81
44 Greenfield Hancock 21,709 20,602 1,107 5.37% 12.55 1,729.80
45 Seymour Jackson 19,384 17,503 1,881 10.75% 11.42 1,697.37
46 Shelbyville Shelby 19,048 19,191 -143 -0.75% 11.56 1,647.75
47 Vincennes Knox 17,924 18,423 -499 -2.71% 7.41 2,418.89
48 Logansport Cass 17,780 18,396 -616 -3.35% 8.75 2,032.00
49 New Castle Henry 17,426 18,114 -688 -3.80% 7.29 2,390.40
50 Huntington Huntington 17,176 17,391 -215 -1.24% 8.71 1,971.99
51 Avon Hendricks 16,960 12,446 4,514 36.27% 14.24 1,191.01
52 St. John Lake 16,800 14,850 1,950 13.13% 11.39 1,474.98
53 Griffith Lake 16,252 16,893 -641 -3.79% 7.73 2,102.46
54 Lebanon Boone 16,098 15,792 306 1.94% 15.55 1,035.24
55 Crawfordsville Montgomery 16,001 15,915 86 0.54% 9.15 1,748.74
56 Frankfort Clinton 15,951 16,422 -471 -2.87% 6.31 2,527.89
57 Dyer Lake 15,941 16,390 -449 -2.74% 6.1 2,613.28
58 Jasper Dubois 15,503 15,038 465 3.09% 13.1 1,183.44
59 New Haven Allen 15,384 14,794 590 3.99% 9.87 1,558.66
60 Beech Grove Marion 14,740 14,192 548 3.86% 4.39 3,357.63
61 Warsaw Kosciusko 14,662 13,559 1,103 8.13% 11.58 1,266.15
62 Chesterton Porter 13,441 13,068 373 2.85% 9.33 1,440.62
63 Bedford Lawrence 13,341 13,413 -72 -0.54% 12.16 1,097.12
64 Auburn DeKalb 13,052 12,731 321 2.52% 7.1 1,838.31
65 Connersville Fayette 12,949 13,481 -532 -3.95% 7.74 1,673.00
66 Cedar Lake Lake 12,183 11,560 623 5.39% 8.22 1,482.12
Purdue University CDP Tippecanoe 12,183 12,183 0 0.00% 1.3 9,371.54
67 Speedway Marion 12,102 11,812 290 2.46% 4.76 2,542.44
68 Washington Daviess 12,089 11,509 580 5.04% 4.73 2,555.81
69 Madison Jefferson 11,985 11,967 18 0.15% 8.57 1,398.48
70 Lake Station Lake 11,952 12,572 -620 -4.93% 8.3 1,440.00
71 Greensburg Decatur 11,859 11,492 367 3.19% 9.27 1,279.29
72 Martinsville Morgan 11,669 11,828 -159 -1.34% 4.49 2,598.89
73 Yorktown Delaware 11,210 9,405 1,805 19.19% 8.78 1,276.77
74 Peru Miami 11,061 11,417 -356 -3.12% 5.1 2,168.82
75 Greencastle Putnam 10,508 10,326 182 1.76% 5.24 2,005.34
76 Wabash Wabash 10,253 10,666 -413 -3.87% 8.89 1,153.32
77 Bluffton Wells 9,997 9,897 100 1.01% 8.23 1,214.70
78 Plymouth Marshall 9,949 10,033 -84 -0.84% 7.53 1,321.25
79 Kendallville Noble 9,906 9,862 44 0.45% 6.04 1,640.07
80 Danville Hendricks 9,676 9,001 675 7.50% 6.93 1,396.25
81 Mooresville Morgan 9,660 9,326 334 3.58% 6.28 1,538.22
82 Decatur Adams 9,524 9,405 119 1.27% 5.78 1,647.75
83 Lowell Lake 9,519 9,276 243 2.62% 5.18 1,837.64
84 Columbia City Whitley 8,861 8,750 111 1.27% 5.58 1,587.99
85 Sellersburg Clark 8,765 6,128 2,637 43.03% 3.94 2,224.62
86 Princeton Gibson 8,632 8,644 -12 -0.14% 5.07 1,702.56
87 Angola Steuben 8,591 8,612 -21 -0.24% 6.34 1,355.05
88 Elwood Madison & Tipton 8,416 8,614 -198 -2.30% 3.77 2,232.36
89 Charlestown Clark 8,152 7,585 567 7.48% 11.45 711.97
90 Brazil Clay 8,110 7,912 198 2.50% 3.03 2,676.57
91 Tell City Perry 7,323 7,272 51 0.70% 4.53 1,616.56
92 Bargersville Johnson 7,213 4,013 3,200 79.74% 4.93 1,463.08
93 North Vernon Jennings 6,859 6,728 131 1.95% 6.62 1,036.10
94 Nappanee Elkhart & Kosciusko 6,780 6,648 132 1.99% 4.15 1,633.73
Lakes of the Four Seasons CDP Lake & Porter 6,692 7,033 -341 -4.85% 2.68 2,497.01
95 Scottsburg Scott 6,684 6,747 -63 -0.93% 5.05 1,323.56
96 Batesville Ripley & Franklin 6,679 6,520 159 2.44% 6.09 1,096.72
97 Ellettsville Monroe 6,622 6,378 244 3.83% 4.24 1,561.79
98 Whitestown Boone 6,590 2,867 3,723 129.86% 10.46 630.02
99 Mount Vernon Posey 6,507 6,687 -180 -2.69% 2.81 2,315.66
100 McCordsville Hancock 6,485 4,797 1,688 35.19% 4.7 1,379.79
Notre Dame CDP St. Joseph 6,446 5,973 473 7.92% 1.21 5,327.27
101 Garrett DeKalb 6,360 6,286 74 1.18% 3.85 1,651.95
Dunlap CDP Elkhart 6,220 6,235 -15 -0.24% 4.9 1,269.39
102 Boonville Warrick 6,187 6,246 -59 -0.94% 3 2,062.33
103 Salem Washington 6,176 6,319 -143 -2.26% 4 1,544.00
104 Portland Jay 6,161 6,223 -62 -1.00% 4.65 1,324.95
105 Huntingburg Dubois 6,130 6,057 73 1.21% 5.06 1,211.46
106 Rushville Rush 6,065 6,341 -276 -4.35% 3.09 1,962.78
107 New Whiteland Johnson 6,025 5,472 553 10.11% 1.46 4,126.71
108 Rochester Fulton 6,021 6,218 -197 -3.17% 4.69 1,283.80
109 Hartford City Blackford 5,920 6,220 -300 -4.82% 3.88 1,525.77
110 North Manchester Wabash 5,907 6,112 -205 -3.35% 3.53 1,673.37
111 Rensselaer Jasper 5,902 5,859 43 0.73% 3.8 1,553.16
112 Gas City Grant 5,874 5,965 -91 -1.53% 4.56 1,288.16
113 Cumberland Marion & Hancock 5,599 5,169 430 8.32% 2.06 2,717.96
114 Westville LaPorte 5,577 5,853 -276 -4.72% 3.09 1,804.85
115 Winfield Lake 5,560 4,383 1,177 26.85% 11.98 464.11
116 Huntertown Allen 5,286 4,810 476 9.90% 3.8 1,391.05
117 Monticello White 5,261 5,378 -117 -2.18% 3.47 1,516.14
118 Linton Greene 5,248 5,413 -165 -3.05% 3.02 1,737.75
119 Winona Lake Kosciusko 5,166 4,908 258 5.26% 2.76 1,871.74
South Haven CDP Porter 5,145 5,282 -137 -2.59% 1.24 4,149.19
Hidden Valley CDP Dearborn 5,138 5,387 -249 -4.62% 4.14 1,241.06
120 Tipton Tipton 5,132 5,106 26 0.51% 2.5 2,052.80
121 Alexandria Madison 5,024 5,145 -121 -2.35% 2.63 1,910.27
122 Lawrenceburg Dearborn 4,968 5,042 -74 -1.47% 4.94 1,005.67
Bright CDP Dearborn 4,946 5,693 -747 -13.12% 12.55 394.10
123 Porter Porter 4,846 4,858 -12 -0.25% 6.2 781.61
124 Whiting Lake 4,831 4,997 -166 -3.32% 1.8 2,683.89
125 Cicero Hamilton 4,826 4,812 14 0.29% 1.71 2,822.22
126 Clinton Vermillion 4,794 4,893 -99 -2.02% 2.24 2,140.18
127 Winchester Randolph 4,751 4,935 -184 -3.73% 3.33 1,426.73
128 Edinburgh Johnson, Bartholomew & Shelby 4,577 4,480 97 2.17% 3.11 1,471.70
129 Bremen Marshall 4,552 4,588 -36 -0.78% 2.72 1,673.53
North Terre Haute CDP Vigo 4,505 4,305 200 4.65% 3.57 1,261.90
Simonton Lake CDP Elkhart 4,446 4,678 -232 -4.96% 3.56 1,248.88
130 Ligonier Noble 4,419 4,405 14 0.32% 2.31 1,912.99
131 Greendale Dearborn 4,402 4,520 -118 -2.61% 5.71 770.93
132 Whiteland Johnson 4,346 4,169 177 4.25% 3.22 1,349.69
133 Pendleton Madison 4,263 4,253 10 0.24% 11.17 381.65
134 Mitchell Lawrence 4,244 4,350 -106 -2.44% 3.28 1,293.90
Highland CDP Vanderburgh 4,226 4,489 -263 -5.86% 2.27 1,861.67
135 Austin Scott 4,139 4,295 -156 -3.63% 2.58 1,604.26
136 Sullivan Sullivan 4,124 4,249 -125 -2.94% 1.88 2,193.62
137 Berne Adams 4,102 3,999 103 2.58% 2.08 1,972.12
Roselawn CDP Newton & Jasper 4,087 4,131 -44 -1.07% 8.07 506.44
138 De Motte Jasper 4,030 3,814 216 5.66% 3.61 1,116.34
139 Fortville Hancock & Hamilton 3,998 3,929 69 1.76% 2.98 1,341.61
Melody Hill CDP Vanderburgh 3,866 3,628 238 6.56% 1.36 2,842.65
140 Upland Grant 3,781 3,845 -64 -1.66% 3.14 1,204.14
141 Leo-Cedarville Allen 3,767 3,603 164 4.55% 3.71 1,015.36
142 Hebron Porter 3,694 3,724 -30 -0.81% 1.98 1,865.66
143 Aurora Dearborn 3,689 3,750 -61 -1.63% 2.76 1,336.59
144 Knox Starke 3,597 3,704 -107 -2.89% 3.92 917.6
145 Paoli Orange 3,581 3,677 -96 -2.61% 3.74 957.49
146 Middlebury Elkhart 3,575 3,420 155 4.53% 3.76 950.8
147 Hanover Jefferson 3,543 3,546 -3 -0.08% 2.31 1,533.77
148 Union City Randolph 3,487 3,584 -97 -2.71% 2.2 1,585.00
Smithville-Sanders CDP Monroe 3,440 3,184 256 8.04% 10.72 320.90
149 Chandler Warrick 3,396 2,887 509 17.63% 2.03 1,672.91
150 Ossian Wells 3,353 3,289 64 1.95% 1.43 2,344.76
151 Newburgh Warrick 3,283 3,325 -42 -1.26% 1.41 2,328.37
152 Pittsboro Hendricks 3,283 2,928 355 12.12% 2.95 1,112.88
153 Georgetown Floyd 3,222 2,876 346 12.03% 2.05 1,571.71
154 Corydon Harrison 3,163 3,122 41 1.31% 1.65 1,916.97
Country Squire Lakes CDP Jennings 3,155 3,571 -416 -11.65% 2.56 1,232.42
155 Attica Fountain 3,092 3,245 -153 -4.71% 1.6 1,932.50
Indian Heights CDP Howard 3,011 3,011 0 0.00% 0.83 3,627.71
156 Sheridan Hamilton 3,004 2,665 339 12.72% 2.14 1,403.74
157 Brownstown Jackson 2,927 2,947 -20 -0.68% 1.59 1,840.88
Heritage Lake CDP Putnam 2,885 2,880 5 0.17% 3.01 958.47
158 Syracuse Kosciusko 2,882 2,810 72 2.56% 1.79 1,610.06
159 Delphi Carroll 2,877 2,893 -16 -0.55% 2.73 1,053.85
160 Bicknell Knox 2,876 2,915 -39 -1.34% 1.35 2,130.37
161 Fairmount Grant 2,805 2,954 -149 -5.04% 1.58 1,775.32
162 Fort Branch Gibson 2,797 2,771 26 0.94% 1.1 2,542.73
Grissom AFB CDP Miami & Cass 2,779 5,537 -2,758 -49.81% 4.99 556.91
163 Lagrange LaGrange 2,734 2,625 109 4.15% 1.7 1,608.24
164 Loogootee Martin 2,708 2,751 -43 -1.56% 1.57 1,724.84
165 Butler DeKalb 2,703 2,684 19 0.71% 2.09 1,293.30
166 Centerville Wayne 2,563 2,552 11 0.43% 2.4 1,067.92
167 Covington Fountain 2,551 2,645 -94 -3.55% 1.18 2,161.86
168 Brookville Franklin 2,546 2,596 -50 -1.93% 1.5 1,697.33
169 Rockville Parke 2,542 2,607 -65 -2.49% 1.49 1,706.04
Shorewood Forest CDP Porter 2,494 2,708 -214 -7.90% 1.9 1,312.63
170 Chesterfield Madison & Delaware 2,484 2,547 -63 -2.47% 1.32 1,881.82
171 Osceola St. Joseph 2,479 2,463 16 0.65% 1.36 1,822.79
172 Santa Claus Spencer 2,463 2,481 -18 -0.73% 6.44 382.45
173 Oakland City Gibson 2,419 2,429 -10 -0.41% 1.13 2,140.71
174 Ingalls Madison 2,418 2,394 24 1.00% 1.51 1,601.32
175 Avilla Noble 2,411 2,401 10 0.42% 1.48 1,629.05
Salt Creek Commons CDP Porter 2,380 2,117 263 12.42% 0.37 6,432.43
176 Greentown Howard 2,375 2,415 -40 -1.66% 1.37 1,733.58
177 Lapel Madison 2,365 2,068 297 14.36% 1.38 1,713.77
178 Winamac Pulaski 2,361 2,490 -129 -5.18% 1.36 1,736.03
179 Petersburg Pike 2,331 2,383 -52 -2.18% 1.47 1,585.71
180 Dunkirk Jay & Blackford 2,329 2,362 -33 -1.40% 1.26 1,848.41
181 Bloomfield Greene 2,323 2,405 -82 -3.41% 1.38 1,683.33
182 Albion Noble 2,320 2,349 -29 -1.23% 1.91 1,214.66
183 New Palestine Hancock 2,283 2,055 228 11.09% 1.09 2,094.50
184 Spencer Owen 2,271 2,217 54 2.44% 1.26 1,802.38
185 Fowler Benton 2,265 2,317 -52 -2.24% 1.4 1,617.86
186 Walkerton St. Joseph 2,262 2,144 118 5.50% 1.96 1,154.08
187 Waterloo DeKalb 2,248 2,242 6 0.27% 1.74 1,291.95
188 Middletown Henry 2,238 2,322 -84 -3.62% 1.16 1,929.31
189 West Terre Haute Vigo 2,219 2,236 -17 -0.76% 0.75 2,958.67
190 Rockport Spencer 2,209 2,270 -61 -2.69% 1.57 1,407.01
191 Ferdinand Dubois 2,201 2,157 44 2.04% 2.27 969.6
192 Rising Sun Ohio 2,195 2,304 -109 -4.73% 1.45 1,513.79
193 Hope Bartholomew 2,158 2,102 56 2.66% 0.95 2,271.58
194 Jasonville Greene 2,147 2,222 -75 -3.38% 1.31 1,638.93
195 Fremont Steuben 2,135 2,138 -3 -0.14% 2.21 966.06
196 Knightstown Henry 2,112 2,182 -70 -3.21% 1.03 2,050.49
197 Versailles Ripley 2,108 2,113 -5 -0.24% 1.51 1,396.03
198 Albany Delaware & Randolph 2,107 2,165 -58 -2.68% 1.75 1,204.00
199 Orleans Orange 2,097 2,142 -45 -2.10% 1.71 1,226.32
200 Cloverdale Putnam 2,088 2,172 -84 -3.87% 3.46 603.47
201 Veedersburg Fountain 2,078 2,180 -102 -4.68% 2.72 763.97
202 Liberty Union 2,046 2,133 -87 -4.08% 0.86 2,379.07
203 Trail Creek LaPorte 2,012 2,052 -40 -1.95% 1.21 1,662.81

Annual Estimates of the Resident Population: April 1, 2010 to July 1, 2016
Source: U.S. Census Bureau, Population Division
Release Date: May 2017.

What Types of Mortgage are Available in Indiana?

As of 2017 the conforming loan limit across the United States is set to $424,100, with a ceiling of 150% that amount in areas where median home values are higher. High local affordability makes the $424,100 ceiling apply statewide for single unit homes. Dual unit homes have a limit of $543,000, triple unit homes have a limit of $656,350 & quadruple unit homes have a limit of $815,650.

FHA

Like in many other states, obtaining an FHA home loan in Indiana is highly desirable due to the looser restrictions placed upon the borrower. People with less than perfect credit or bankruptcies in the past may still qualify for 100% financing. Special housing programs in certain locales may further enhance a home buyer’s benefit when choosing an FHA home loan. The major drawback to FHA is usually lower loan limits. If the borrower exceeds the loan limits, he or she may need to make up the difference by producing a higher down payment for the property.

VA Home Loan

The VA home loan became popular in 1944 and has helped many honorably discharged military veterans obtain their dream of home ownership after service. Soldiers that had served prior to September 7th, 1980 and have had a minimum active duty served of at least 90 days during wartime or 180 days peace time can qualify for the zero percent down VA home loan. Persons who served later than September 7th, 1980 must have been enlisted for at least two continuous years during peace time. Loan amount limits vary from area to area. Currently, there are five different loan repayment plans offered by the VA:

  1. Traditional fixed payment
  2. Graduated payment mortgage
  3. Growing equity mortgage
  4. Traditional ARM loan
  5. Hybrid ARM

Conventional Home Loans

Conventional home loans dating back to the 1930’s were the most common type of loan many people used to finance their homes. Conventional loans are not backed by any government entity. Conventional loans today are typically harder to obtain. People who wish to apply for a conventional home loan will need to provide the lender with a detailed application. Showing the lender strong employment history along with a good credit report will increase the chances of having a conventional home loan application approved. Any discrepancies in a person’s credit report should be resolved before attempting to apply for a conventional home loan. A person should also be able to present adequate collateral such as stocks, bonds, vehicles, or jewelry, as well as any other items that possess significant value. Applicants who are able and willing to provide a large down payment will also have a greater chance of having their loan application approved.

Interest rates, as well as repayment terms, can vary where conventional home loans are concerned. The best attribute of conventional loans are the higher loan limits set by the lending institution. People who cannot finance through FHA due to the loan amount they require will usually turn to conventional loan lenders.

Insured conventional loans are amongst the most popular types of loans available today. The loans are privately backed by insurance companies in the event of foreclosure. Insured conventional loans usually do not require an extremely high down payment. However, the interest rate may be higher than those on an uninsured conventional loan.

Uninsured conventional home loans require excellent credit and at least 20% down on the loan to qualify. For those who are able to obtain an uninsured conventional loan, lower interest rates and no mortgage insurance premiums will cost the borrower less over time.

USDA Home Loans

For those who wish to live in a qualifying rural area in Indiana, a special type of loan backed by the United States Department of Agriculture (USDA) may be available. This type of loan allows lower to moderate income families, as well as individuals, to purchase a home in a rural area with no money down and can often cover up to 102% of the purchase price in order to cover closing costs. Mortgage terms include a repayment plan of 30 years with a fixed interest rate.

Natural Disasters

Earthquakes

Most of Indiana has a very low earthquake risk. The southern edgeof the state near where Arkansas, Illinois, Indiana, Kentucky, Tennessee, and Missouri converge there is a fault line which leads to moderate earthquake risk. Here is a list of counties where the earthquake risk is above very low.

  • Low risk: Daviess, Knox, Pike, Spencer, Sullivan, Warrick
  • Moderate risk: Gibson, Posey, Vanderburgh

Standard rental and homeowner insurance policies typically do not cover earthquake damage, though they usually cover losses caused by fires which resulted from an earthquake. You can supplement your homeowner's insurance with an earthquake policy.

Flood Insurance

Most of Indiana has a very low flooding risk. Here is a listing of counties with a flooding risk profile above very low.

  • Low flooding risk: Adams, Allen, Clay, Decatur, Delaware , Dubois, Elkhart, Fayette, Floyd, Fulton, Gibson, Greene, Hancock, Harrison, Howard, Lake, La Porte, Marshall, Miami, Morgan, Parke, Pike, Putnam
  • Moderate flooding risk: Boone, Clark, Crawford, Darke, Fountain, Franklin, Huntington, Jay, Johnson, Madison, Martin, Newton, Noble, Ohio, Orange, Owen, Perry, Randolph, Shelby, Spencer, Steuben, Tipton, Vanderburgh, Vermillion, Vigo, Wabash, Warrick
  • High flooding risk: LaGrange

Homeowner's insurance policies typically do not cover flooding.

Home buyers with mortgages in high-risk areas are required to buy flood insurance. Most flood insurance policies are sold by the United States federal government through The National Flood Insurance Program. Under-priced flood insurance in high-risk areas act as a subsidy to wealthy homeowners.

The NFIP does not charge nearly enough to cover the expected costs of its liabilities. The assessments are not sufficient to build any buffer to cover an extraordinary year, such as what occurred with Hurricane Katrina in 2005 or Hurricane Sandy in 2012. Because homeowners don€™t incur the full cost of building in a flood zone we end up with more houses there than if homeowners incurred the full cost of the flood risk, which exacerbates the government€™s costs in the next disaster.

Typically, homes built after 2002, when building code regulations tightened, are subject to lower insurance rates than older homes. On the other hand, homes without hurricane straps, with roofs that do not meet current standards for wind, with older plumbing or with outdated electrical systems may be difficult €“ or very expensive €“ to insure.

Homeowners who live in lower risk areas & are not required to purchase flood insurance heavily cross-subsidize homeowners who are in areas where floods are more common.

Tornadoes

Many areas across the state are considered to have a moderate tornado risk. The southern border of the state near Kentucky has a high to very high tornado risk. A basic homeowners policy should cover financial damages from tornadoes.

Hail

Hail damage is common across the state, with the central portion of the state getting hit hardest. Damage from hail is typically covered by home insurance policies.

What is the foreclosure process in Indiana?

Homes located in Indiana that are under foreclosure are subject to judicial foreclosure laws enforced by the state. The foreclosure process can take anywhere from 3 months to 12 months. After a property has reached public sale, the homeowner loses their right to redemption. Indiana is a recourse state. Deficiency judgments are allowed in the state of Indiana. This means if the property sells for less than the current amount owed at the time of public auction, the previous homeowner may be liable for the difference.