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The following table shows current 30-year Fairfield mortgage refinance rates. You can use the menus to select other loan durations, alter the loan amount. or change your location.
Indiana has been long known for being the crossroads of America, located in the region of the Great Lakes in the United States. Indiana was the nineteenth state to be admitted into the United States on December 11, 1816. Before becoming a state, Indiana was occupied by many diverse cultures of native people, and the state still has a very diverse population. It is the thirty-eighth largest state by land area and the seventeenth most populous state in the nation. Indiana is known for its diverse economy, and the state is home to a number of popular sports teams & events which drive local tourism.
Indiana is home to several large cities with over 100,000 people and several large metropolitan areas. It also has several smaller towns, tight-knit communities, and more rural areas. Living in Indiana can give people many diverse opportunities in employment and places to live. The state overall has a more laid-back feel that is common in the Midwest, and this translates to every part of the state from the larger cities to the smaller towns that dot the state. 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 $6,000 to $9,000 depending on land quality.
People move to Indiana for the varied job opportunities that can be found all around the state. You can find a good job, and the cost of living is over 15% below the national average. People who own a house in Indiana also pay lower property taxes, and you have the freedom of living in a smaller community and traveling a short distance to a larger city to work. Additionally, people move here for the more friendly feel that resonates in this state, and the dozens of outdoor recreation activities that are available year round.
People move out of Indiana because they want a chance at higher-paying jobs and positions that come with the opportunity to advance farther than what is offered in Indiana. They also want to experience the true ‘big city' lifestyle that may not be present even in Indiana's biggest cities.
Younger people who are just starting out in their careers and retirees find Indiana attractive because of the lower cost of living. Additionally, there are several top-ranked education opportunities for the younger generation so they can go to school and work in the same city. Retirees find this state attractive because it is easier to downsize to a smaller home and be able to afford everything they need on their monthly budget.
Home ownership in Indiana is easily affordable compared to many other regions of the country. With a low property tax and below-average real estate prices, home shoppers in the Hoosier State can find great deals. Let’s check out the details.
The Indiana property group also calculates that fewer homes are for sell now than in the past. Most recent figures show a 11.6% decline in the number of properties on the market. This change in supply has led to a 7.1% increase in average price.
The median selling price of a home in Indiana is $147,000, according to the Indiana Association of Realtors. The group estimates the average selling price to be around $175,000. Homes in the Hoosier State typically sell for 96% of listing price, according to market data.
Compared to the overall American real estate market, Indiana is somewhat less expensive. The National Association of Realtors places the median selling price across the country at north of $230,000, while the average selling price is $276,000. Thus, Indiana is roughly a hundred grand cheaper than the rest of the country, all other variables being equal.
The real estate website Trulia displays a heat map of the entire United States, where dark green represents low prices, and high prices are shown in dark red. Virtually the entire state of Indiana is green, with only a few areas in the northern Indianapolis metro area in yellow.
The demographics website NeighborhoodScout shows a median home value in the Hoosier State to be roughly $137,000. The number of homes and apartments is estimated to be around 2½ million. The majority of homes are priced between $56,000 and $225,000. Over 70% of residential properties in Indiana are single-family dwellings, while less than 4% are townhomes. The three-bedroom configuration is the most common setup.
Other market data sees the average home value in the Hoosier State to be roughly $122,000, another low figure. The median list price in Indiana is $94 per-square-foot, while the median list price in the United States as a whole is $139.
Real estate experts consider the Indiana property market to be unhealthy. This is based on a variety of issues, including the state’s delinquency rate, the amount of negative equity, how quickly or slowly homes are selling compared to the recent past, and the number of foreclosures.
The latest property surveys show that both condos and single-family homes have similar values in the Hoosier State, which averages around $121,000 for each type of dwelling. A four-bedroom home far surpasses this figure, coming in at $182,000 on average.
Recent market data suggests that property values are increasing in the Hoosier State at nearly 4% per year. Analysts expect this figure to decrease slightly in the near future.
As a whole, Indiana did alright during and after the housing market crashed. It didn't have as hard of a fall as much of the national housing market suffered, and it rebounded fairly quickly once it hit its lowest point. Indiana's housing market started to show signs of trouble the third quarter of 2005 when the housing market went from a steady rise to a plateau that lasted until the second quarter of 2006. Once that came, the housing market started to rise in a gradual pattern that saw a minor peak in the middle of 2007. The first real peak came in the first quarter of 2008, and the market began to descend until the fourth quarter of 2008.
The start of 2009 saw the real estate market peak one final time before starting a gradual descent. The market fell until the third quarter of 2009 when it plateaued until the start of 2010. The start of 2010 brought a slight peak in the market that lasted throughout 2010 before dropping off once again. The market hit its lowest point in the second quarter of 2011, and it almost immediately rebounded into another peak by the last quarter of 2011. From 2012 to 2014, the market plateaued and then began to improve slightly. The start of 2014 brought an increase in the housing market, and it has been on this upward trend ever since. By the second quarter of 2015, the housing market surpassed the point it was at prior to the housing market crash.
The Indianapolis-Carmel-Anderson Metro area had a slightly different story with their housing market. They too didn't suffer as hard of a fall as many markets did, but they've had a slightly rougher trend in their recovery process than Indiana as a whole. The third quarter of 2005 was when this area's real estate market started showing signs of trouble. It had previously been on a rather steep incline, and it slowed to a slight peak before dropping off in the first quarter of 2006. By the second quarter of 2006, the market was back on the rise, and it saw its first peak before the housing market crash in the first quarter of 2008.Once this peak came and went, the market started to fall until it rose into another peak at the start of 2009. However, this was short-lived, and the market resumed its fall with a slight peak at the end of 2009 and again at the end of 2010.
By the second quarter of 2011, the housing market had hit its lowest point and quickly rose into another small peak. This peak dropped again, and the market stayed relatively low until it dropped again in the first quarter of 2014. The second quarter of 2014 saw a sharp increase in home sales that leveled off again until the fourth quarter of 2014. Another sharp increase happened between the end of 2014 and the second quarter of 2015, only to level off into a more gradual climb in the first quarter of 2016. So far, the market has kept up its gradual climb, and it passed the levels it was at before the housing market crash at the start of 2015.
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.
The historic real estate market trends for the Metro and the state of Indiana look relatively similar. By the time 1990 came around the housing market was already in the middle of a gradual climb with relatively few fluctuations. The third quarter of 1994 saw a slight peak and drop in the market that quickly resumed its previous pattern of a gradual climb. In the third quarter of 1999, the housing market started to slow down, and it had a slight decrease that continued until the first quarter of 2001.
In 2001, the housing market saw a shift from its previous gradual increase to a steeper increase. This continued until the second quarter of 2004 when the housing market saw a very slight decrease. However, this recovered quickly until the third quarter of 2005. At this time, the market started to show signs of trouble. The third quarter of 2005 saw the housing market take a slight downward arc that continued until the second quarter of 2006. The market then went into the first peak of the housing market crash.
Like many states in the U.S., Indiana experienced noteworthy housing problems during the Great Recession of 2007. According to the Indiana Business Research Center, the Hoosier State experienced a decline in the number of homes for sale from 2006 to 2011. Although the numbers began improving, they were still more than 30% off from pre-Recession levels in 2012. Delinquency rates were also still very bad several years after the housing calamity.
Urban areas located in Indianapolis, Anderson, Muncie, Fort Wayne, Gary, Kokomo, Marion and Evansville boasted some of the lowest home values in the state. The decline of manufacturing employment throughout the state of Indiana affected these areas particularly hard. Due to the loss of employment in these metropolitan areas, many home owners have faced foreclosure. This caused residential property values to fall sharply. For those looking for an extraordinary deal when it comes to buying a home or investment property during a downturn similar to the Great Recession, these particular areas should be explored.
Home values differ widely across the state. Many homes located in sprawling urban areas sell for much less. 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. 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.
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.
Data from before the real estate mess show that home values in the Hoosier State were increasing at a faster pace during the 1990’s than the rest of the U.S. This trend was mostly the results of growing incomes in Indiana. The state was above the national average in this category throughout that decade. Starting in the new millennium and leading up to the real estate bubble, home values and income both started slowing in annual growth rates. Since the Recession, both Indiana and the nation as a whole have seen growth rates for median household income hover around 0.5%.
On average, home values dropped by about 10% during the mortgage disaster, which was actually not that bad; Indiana was 14th best in the nation, which saw a 25% drop. The Research Center also found in its survey of the Hoosier State that residential construction tapered off significantly during the Recession.
Tax credits provided by the U.S. government in 2009 and 2010 helped increase home sales during those years. Starting in 2012, Indiana began to see more signs of recovery in the number of homes being sold. All but one metro area (Michigan City-La Porte) began to see upward movement in home prices. The Indiana side of the Louisville area had a 7.9% gain. Fort Wayne saw a 5.4% increase.
One area where the Hoosier State did remarkably well before and during the housing debacle was in home price-to-income ratios. While many states, such as Arizona, California, Floria, and Nevada saw these metrics spike during and right before the Recession, Indiana saw only modest changes. The state saw just a 0.2% increase in the ratio from 2000 to 2005.
The Hoosier State has had a problem with foreclosures during and after the Recession. Delinquencies and foreclosures were both above average during the mortgage debacle. Currently, the state has a foreclosure rate of 1 house out of 1,514, according to RealtyTrac, a property company that tracks this issue throughout the country. The nation’s average is 1 for every 1,758 homes; so Indiana continues to underperform in this category.
Condos in Indiana still have not recovered to pre-Recession values, although they are quickly approaching previous figures. Single-family dwellings reached pre-crisis levels in 2016.
The homeownership rate across the state was 69.9% in 1984 and fell to a low of 66.1% during the 1991 recession. Ownership climbed throughout most of the 1990s and stood at 75.3% in 2001. Ownership ultimately peaked at 75.8% in 2004 before sliding to a low of 69.4% in 2015. In 2016 ownership stood at 70.9%, well above the national average of 63.4%.
|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%|
|4||44||Louisville/Jefferson County, KY-IN Metro Area||1,283,430||1,235,708||47,722||3.86%|
|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%|
|13||356||Michigan City-La Porte||110,015||111,467||-1,452||-1.30%|
Indiana is home to several large cities and large Metro areas that offer varied job opportunities and several diverse living locations that attract hundreds of people each year.
The largest city in the state of Indiana is Indianapolis, and this is also the state's capital. It has a population of 855,164 people as of 2016, and this makes it the second most populous state in the Midwest region. Additionally, this city is the fifteenth most populous city in the nation. Indianapolis is considered to be the cultural and economic center of the Indianapolis-Carmel-Anderson Metro area, and they have a combined population of 2,004,230 people. This city was founded in 1821 as a planned city for the state government.
The economy of this city is strong, and it relies on the insurance, finance, real estate, healthcare, social services, and education sectors. Wholesale trade, manufacturing, and exports also make of parts of the economy. The major exports in this city are engines, power equipment, pharmaceuticals, motor vehicle parts, aircraft products, and aircraft parts. There are also three Fortune 500 companies headquartered in Indianapolis.
Indianapolis has a humid continental climate zone that comes with four distinct seasons. Residents experience hot, wet, and humid summers with the average temperatures ranging around the mid-70s. The winter months are cold with a significant amount of snowfall and temperatures staying just below freezing. May through July are the rainiest months in this city, and spring and autumn bring cooler temperatures.
Indianapolis has six separate cultural districts which showcase the cultural institutions and neighborhoods in each district. There are also dozens of annual festivals that take place year-round and draw thousands of tourists. The Indianapolis Museum of Art is the tenth largest in the nation, and the Mass Ave Cultural District showcases dozens of performing art venues. The Children's Museum of Indianapolis is over 443,000 square feet of exhibits, or you could visit the Indianapolis Motor Speedway Museum for a history on auto racing.
The Indiana University – Purdue University Indianapolis is the third-largest university in the state with over 30,000 enrolled students. Students can also attend the historic Butler University which has just over 4,000 students, or the University of Indianapolis. The city is served by the Indianapolis Public School District, which is the second-largest in the state and it has nearly 30,000 students enrolled.
The largest employer in the city of Indianapolis is the headquarters for the insurance company Anthem, Inc. and it currently employs over 15,000 people. The second-largest employer in the city is Eli Lilly and Co., and it currently has over 10,000 members on its staff. Finally, the third-largest employer in Indianapolis is Cummins Inc. with just over 5,000 employees.
Indianapolis currently has a strong economy, and the unemployment rate is below the national average. There has also been recent job growth to stimulate the economy, and over the past year, jobs have grown by 2.7%. Over the next ten years, Indianapolis is hoping to strengthen its economy even further and add around 40% more jobs into the local economy.
The local median home price for Indianapolis is $145,000 with a price per square foot of $91. These prices have risen over the past year by 6%, and they're on track to rise another 3.7% in the coming year. The Indianapolis-Carmel-Anderson Metro area has a local median home price of $141,700 and a price per square foot of $101.
According to the Mibor Realtor Association, the major property group in the Indy metro area, the median selling price in the local area is $160,000. This is a 7% increase from previous data. The average selling price is a significantly higher $199,000. Mibor estimates that homes sell for roughly 95% of list prices.
The U.S. Census Bureau reports a median household income in the metro area of $43,000. This figure provides a median home price-to-income ratio of 3.72, which is quite good.
The second-largest city in Indiana is Fort Wayne with a population of 264,488 people as of 2016. This population makes Fort Wayne the seventy-sixth most populous city in the United States. This city is also part of the larger Fort Wayne Metro area, and it has a combined population of 431,802 people. The city lies 140 miles northeast of the state's capital. During the American Revolutionary War, Fort Wayne was built as the last fort in a series of forts in 1794. This city became an important trading post and a stop on the railroad system.
The local economy has always had strong ties to the manufacturing industry, and this hasn't changed today. The local economy of this city relies on manufacturing, transportation, logistics, distribution, professional and business services, healthcare, finances, and hospitality. In addition to all of this, Fort Wayne is also the center for the defense industry, and it has thousands of employees. Fort Wayne has an annual labor force growth rate higher than both state and national averages, according to the area’s Chamber of Commerce. BAE Systems and Raytheon are major employers.
Fort Wayne is in the middle of the humid continental climate zone which features very hot and humid summers and cold winters. July and August are traditionally the hottest months of the year with temperatures sitting in the mid-80s and January through March are typically the coldest months with temperatures hovering right around the freezing level. The spring and summer months often bring severe thunderstorms that can produce high winds, hail, and lightning storms.
This city is home to the popular Embassy Theatre which has over 2,400 seats and has over 20,000 people come for various performances each year. The Cultural District is home to many of the city's museums, venues, and theaters. Tourists come to visit the Fort Wayne Children's Zoo because it has been ranked as one of the best in the nation, and it has over 1,000 animals spread over 40 acres.
The Fort Wayne Community Schools is considered to be the largest in the state of Indiana, and it has almost 31,000 students. This city is home to the fifth-largest university in the state, and Indiana University – Purdue University Fort Wayne has over 30,000 students. Students can also attend the Ivy Tech Community College of Indiana or Concordia Theological Seminary, which is a private university.
The largest employers are heavily based in the healthcare field, and the largest employer in the city is Parkview Health with over 3,500 employees. The second-largest employer is Lutheran Health Network with over 2,800 staff. Finally, the third-largest employer in Fort Wayne is the headquarters of the insurance company Lincoln National Financial with 2,000 employees.
The economy in Fort Wayne is steady, and the unemployment rate is below the national average. To add to the economy's strength, it's seen growth in the job market over the past year with around 3% more jobs being added. Over the next ten years, the economy is projected to get stronger with a growth of 41%.
The local median home price for Fort Wayne is around $104,800 with a price per square foot of $88. These numbers have risen 8.1% in the past year, and they're slated to rise another 3.3% in the coming year. The Fort Wayne Metro has a local median home price of $156,000 with a price per square foot of $88.
The Upstate Alliance of Realtors, which is Fort Wayne’s primarily realtor association, estimates the median selling price in the local area to be $135,000, a very comfortable price. The average is $156,000, also reasonable by state and national standards. Fort Wayne’s affordability index is 209, which means the median family has double the necessary income to afford the median home. Comparing the region’s median selling price against a household income of $45,000, we see a metric of 3.0.
The third-largest city in the state is Evansville with a population of 119,477 people as of the 2016 census. With this population, Evansville claims the title of the largest city in southern Indiana. This city is part of the bigger Evansville Metro, and this area has a combined population of 315,948 people.
Located near the Kentucky border, the city is a major tourist destination. It has a casino, zoo, the University of Evansville, and the University of Southern Indiana. The city also has a variety of museums, including the Museum of Arts, History and Science, which has a collection of more than 30,000 objects. The Evansville Otters are a minor league baseball team, and the city also has an ice hockey team. The service and hospitality industry also make up large cornerstones of the local economy. Education, healthcare, finance, and business startups are also important parts of the economic health of this city.
This city is located in the humid subtropical climate with four distinct seasons. The summer months are hot and humid and the winter months are mild to cold. July and August are the hottest months with temperatures in the low 90s, and January through February are the coldest months with temperatures in the mid-30s.
The Mesker Park Zoo and Botanic Garden are found here, and it is one of the oldest and largest zoos in the state. You can take in a performance at the large Victory Theatre, which has over 1,900 seats. The West Side Nut Club Fall Festival takes place each October, and it draws 100,000 to 150,000 people through the city each day.
The largest employers are as varied as the economy, but the healthcare industry ranks as a large portion. The largest employer is the Toyota Motor Manufacturing Company with over 4,000 employees. The second and third-largest employers come from the healthcare industry, and Deaconess Health System is the second largest employer with 3,100 employees. The third-largest employer is St. Vincent Hospital with 2,000 employees.
Evansville has a strong economy with the unemployment rate that is below the national average. In addition, there has been recent job growth of over 1.4% in the past year. In the coming years, the economy may get a boost as Evansville is looking to add 38% more jobs over the next decade.
The local median home price of Evansville is $111,100 with an average price per square foot of $87. These prices have gone up by 3.9% in the past year, and they're on target to rise another 2.9% in the coming year. The Evansville Metro has a local median home price of $124,900 and a price per square foot of $89. The city has a median household income of $37,000 and a median home price of $124,900. These data points give us a ratio of 3.38.
The fourth-largest city in the state of Indiana is South Bend with a population of 101,735 people. This city is part of the South Bend-Mishawaka Metro, and this area has a combined population of 320,740 people. South Bend serves as the cultural and economic hub of Northern Indiana. The city derives its name from its location on the southernmost bend on the St. Joseph River.
This city has a strong history of the manufacturing industry, but it has started to shift to small businesses, healthcare, and education. These three sectors make up and support the local economy, but South Bend hasn't quite been able to achieve as strong of an economy as it had when it was a manufacturing hub.
South Bend is classified as a city with a humid continental climate. This city experiences a major lake effect from Lake Michigan, and this tends to temper the climate year round. July and August are the hottest months with temperatures in the mid-80s, and January and February are the coldest months with temperatures in the low-20s.
South Bend has a lively music and theatre scene. Tourists and residents can enjoy cultural events and festivals in this city year round. The South Bend International Festival celebrates the city's diverse heritage, or you can visit the South Bend Museum of Art and see over 850 works of art. Morris Performing Arts Center is another venue that hosts performances year round. The Chicago Cubs have a minor league team in the city.
The South Bend Community School Corporation serves this city and has over 19,000 students. Students can also attend the nationally ranked University of Notre Dame, or they can choose to go to the Indiana University South Bend. Finally, the city also has community colleges like the Ivy Tech Community College of Indiana.
The largest employer in the city is the University of Notre Dame with 5,590 staff. The second-largest employer is Beacon Medical Group with 3,450 employees. Finally, the third-largest employer is South Bend Community School Corporation with 2,880 employees. Wal-Mart and some local hospitals also provide many jobs.
The local economy in this city has an unemployment rate that is slightly higher than the national average, but it has seen growth in the past year of over 3%. Over the next ten years, the economy is projected to add around 41% more jobs.
The local median home price in South Bend is $67,400 with a price per square foot of $74. These prices have gone up by 6.9% in the past year, and they're supposed to rise another 2.5% in the coming year. The South Bend-Mishawaka Metro has a local median home price of $94,900 and a price per square foot of $90. South Bend has a median annual household income of $36,000. So we find a price-to-income ratio of 1.87 in the city and 2.64 across the broader metro area – both exceptional.
The fifth-largest city in the state of Carmel with a population of 91,065 as of the 2016 census. This city is part of the larger Indianapolis-Carmel-Anderson Metro area with a population of 2,004,230 people. Carmel has been ranked as one of the best places to live in the nation.
Carmel is home to the Meridian Corridor, and this large section of financial institutions make up a large part of the local economy. In addition to this, healthcare and education make up other large sectors of the local economy.
This city has a humid subtropical climate with four seasons. The summer months are hot and humid with temperatures in the mid-80s from June through August. The winter months are cool to cold with temperatures in the mid-30s from December through March.
Carmel is home to the Rollfast Gran Fondo, and this is one of the cycling events that attract both professional and recreational riders. Carmel's Arts and Design District draws hundreds of people year round. Finally, the Japanese Garden is another tourist attraction that was finished in 2009.
Although this city has several public and private schools, there are no colleges or universities located in Carmel.
The largest employer in the city is CNO Financial Group with over 1,600 employees. The second-largest employer is Carmel is also from the insurance industry and Geico employs 1,250 people. Finally, the third-largest employer is RCI, LLC with 1,125 people.
The economy is strong in this city, and the unemployment rate is well below the national average. There has also been recent job growth of 2.8% in the past year, and the city is projected to add another 42% more jobs in the next ten years to further strengthen the economy.
The local median home price in Carmel is $317,100 with an average price per square foot of $128. Over the past year, these prices have risen by 6.8%, and they're projected to increase another 3.3% in the coming year. The Indianapolis-Carmel-Anderson Metro area has a local median home price of $141,700 and a price per square foot of $101.
The six-largest city in the state is Fishers with a population on 90,127 as of 2016. This city is a suburb of Indianapolis, and the combined Metro population is 2,004,230 people. This city was classified as a town until 2015 when it finally transitioned into a city, and it elected its first mayor, clerk, and city council.
The local economy is made up of several large sectors that contribute to the overall economic health in the city. The finance, education, healthcare, and retail sectors make up other important sectors.
Fishers has a humid continental climate with four distinct seasons. July is typically the hottest month with temperatures in the mid-80s and the summer months are usually very humid. The winter months are mild with January being the coldest month with temperatures in the mid-30s.
The Geist Reservoir is an important outdoor recreational spot for tourists and residents that offers a place to fish and hike. The Fishers Freedom Festival is an annual event that features a race, multiple artist booths, and music. Finally, you can visit the Fishers Renaissance Faire in the first week of October.
The Hamilton Southeastern School District serves this city, and it has over 21,000 students enrolled, and it has over twelve elementary schools. There are several public and private schools around the city. Students can also attend the Honors Beauty College for their secondary education.
The biggest employer in the city is the student loan company Navient with 1,700 employees. The second-largest employer is Hamilton Southeastern School District with 800 staff members. Finally, the third-largest employer is Roche Diagnostics with 600 employees.
The local economy is strong with an unemployment rate that is well below the national average. There has also been growth in the job market over the past year of 2.8%. Over the next ten years, the city is slated to add 42% more jobs to the local economy.
The local median home price for Fishers is $225,300 with a price per square foot of $116. These prices have gone up by 7.6% over the past year, and they're projected to go up another 3.6% in the coming year. The Indianapolis Metro area has a local median home price of $141,700 and a price per square foot of $101.
Some of the most affordable housing in the state will be found in Terre Haute. Located on the western side of the Hoosier State, it has 60,852 residents and is 80 miles from Indianapolis. The city’s economy is driven by Indiana State University, healthcare, and manufacturing, which includes GE Aviation. The city contains a number of tourist attractions including the Clabber Girl Museum, Candles Holocaust Museum, Swope Art Museum, Terree Haute Children's Museum and the Veterans Memorial Museum of Terre Haute.
According to the National Association of Realtors, the city has a very low $80,000 list price. The local closing price is an even lower $60,000. On a per-square-foot basis, Terre Haute sees prices around $47, which is much lower than America’s $139 average. With a median income of $33,000, we see a closing price-to-income ratio of 1.8, which is fantastic.
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|
|4||South Bend||St. Joseph||101,735||101,168||567||0.56%||41.46||2,453.81|
|Granger CDP||St. Joseph||30,690||30,465||225||0.74%||25.57||1,200.23|
|Purdue University CDP||Tippecanoe||12,183||12,183||0||0.00%||1.3||9,371.54|
|88||Elwood||Madison & Tipton||8,416||8,614||-198||-2.30%||3.77||2,232.36|
|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|
|96||Batesville||Ripley & Franklin||6,679||6,520||159||2.44%||6.09||1,096.72|
|Notre Dame CDP||St. Joseph||6,446||5,973||473||7.92%||1.21||5,327.27|
|113||Cumberland||Marion & Hancock||5,599||5,169||430||8.32%||2.06||2,717.96|
|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|
|128||Edinburgh||Johnson, Bartholomew & Shelby||4,577||4,480||97||2.17%||3.11||1,471.70|
|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|
|Roselawn CDP||Newton & Jasper||4,087||4,131||-44||-1.07%||8.07||506.44|
|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|
|Country Squire Lakes CDP||Jennings||3,155||3,571||-416||-11.65%||2.56||1,232.42|
|Indian Heights CDP||Howard||3,011||3,011||0||0.00%||0.83||3,627.71|
|Heritage Lake CDP||Putnam||2,885||2,880||5||0.17%||3.01||958.47|
|Grissom AFB CDP||Miami & Cass||2,779||5,537||-2,758||-49.81%||4.99||556.91|
|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|
|Salt Creek Commons CDP||Porter||2,380||2,117||263||12.42%||0.37||6,432.43|
|180||Dunkirk||Jay & Blackford||2,329||2,362||-33||-1.40%||1.26||1,848.41|
|189||West Terre Haute||Vigo||2,219||2,236||-17||-0.76%||0.75||2,958.67|
|198||Albany||Delaware & Randolph||2,107||2,165||-58||-2.68%||1.75||1,204.00|
Annual Estimates of the Resident Population: April 1, 2010 to July 1, 2016
Source: U.S. Census Bureau, Population Division
Release Date: May 2017.
Conventional home loans dating back to the 1930’s are 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.
As of 2021 the conforming loan limit across the United States is set to $548,250, with a ceiling of 150% that amount in HERA high-cost areas where median home values are higher. High local affordability makes the $548,250 ceiling apply across the state of Indiana for single unit homes. Dual unit homes have a limit of $702,000, triple unit homes have a limit of $848,500 & quadruple unit homes have a limit of $1,054,500. People buying premium properties in wealthy Indianapolis suburbs may be above the conforming loan limits, requiring a jumbo loan. Jumbo loans typically have a slightly higher rate of interest than conforming mortgages, though spreads vary based on credit market conditions.
There are several types of home loans available to residents of the Hoosier State. Fixed-rate mortgages are very common, and the 30-year variety is the most popular. With a term of three decades, monthly payments are very low. A 15-year loan will provide a lower APR, but because the loan principal is paid back in half the time, the monthly payments are higher. Ten-year fixed-rate loans are also available, and these provide the best interest rates among fixed-rate loans.
Adjustable rate mortgages, also known as ARM’s, are available as well. These have interest rates that can and do adjust with time. Usually, an ARM has a fixed interest rate for the first few years, such as three, five, seven, or ten years, and then the APR moves up or down once per year, although twice per year is also possible. While the interest rate is often lower in the first few years, the prospect of it increasing without any consent from you, the home owner, is rather intimidating. ARM’s can have rate caps spelled out in the loan agreement, however. Balloon mortgages are another route for aspiring homeowners. Balloon mortgages are when a large portion of the borrowed principle is repaid in a single payment at the end of the loan period. Balloon loans are not common for most residential buyers, but are more common for commercial loans and people with significant - though sometimes illiquid - financial assets.
The mortgage underwriters who offer these loans typically want a 20% down payment. While loans are available with less money down, interest rates are sometimes higher, and banks frequently charge extra fees for small down payments. A credit score of 740 or higher will help earn a bank’s best terms, and so will a debt-to-income ratio of 40% or lower. The piggyback loan is another type of mortgage which is simply two mortgages in one. The piggyback loan can eliminate the need for private mortgage insurance by covering 80% of the home's value with the first loan, while the second loan helps to pay for part of the down payment.
Government-sponsored mortgages are available to borrowers who don’t care for or can't qualify for private sector lending terms. The Federal Housing Administration, for instance, offers mortgages that require only a 580 credit score and 3.5% down. The FHA even provides FHA loans to borrowers with worse credit, although the agency requires a larger down payment. Any loan with less than 20% down must have private mortgage insurance.
The Veterans Administration offers the most lucrative deal of all with zero-down mortgages. Amazingly, the VA does not require any private mortgage insurance with this fantastic offer. The downside, however, is that VA loans charge a funding fee, which can be as high as 3.3%. Putting something down will reduce this fee. To be eligible for the VA’s worthwhile mortgages, borrowers must meet military service requirements.
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:
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. USDA loans allow 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 100% of the purchase price. Mortgage terms include a repayment plan of 30 years with a fixed interest rate.
Indiana has several programs that are designed to help people afford to purchase a home or help cover the cost of rent. A variety of housing programs are available to Hoosier residents via the Indiana Housing & Community Development Authority. The state agency provides Section 8 Vouchers in conjunction with the federal government for low-income families. There is a homebuyer educational program as well, although there is a $75 fee for it.
Helping to Own (H2O)
The Helping to Own program is for first-time home buyers unless the applicant is purchasing a home in the target area. This program comes with a 30-year fixed rate mortgage, and it gives applicants a grant up to 3.5% of the home's purchase price to pay for the down payment.
The applicants have to pay a minimum of $100 towards the cost of the home, and they have to meet the income limits. These limits vary from county to county, so it is important to check your local office. Applicants must also have a credit score of 660 or higher.
Indiana Next Home Program
The next home program is eligible for a first and second time home buyer. The applicant will receive financing on a conventional mortgage or an FHA mortgage. This financing comes with a 30-year fixed-rate mortgage, and applicants will also get down payment assistance of 3% of the home's appraised value.
To be eligible, an applicant will have to meet income limits and have a minimum credit score of 640 for a conventional loan or 660 for an FHA loan. These income limits fluctuate by county, and they go by household income.
Some counties and cities also have local assistance programs worth exploring.
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.
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.
Most of Indiana has a very low flooding risk. Here is a listing of counties with a flooding risk profile above very low.
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.
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 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.
Indiana has below average property tax rates, with a median annua assessment of 0.94% compared to a 2016 national aver of 1.24%. On average, residents can expect to pay around $1,351 per year on a property that costs $143,016. This price works out to 1.87% of the property owner's median income. Hamilton County collects the highest property taxes in the state at $2,274 per year, and Orange County collects the lowest property taxes in the state at $515 per year. Indianapolis residents pay an average of $1,720 per year.
Indiana Homestead Statutes
Indiana has Homestead Statutes that protect homeowners in the event that they have to declare an unexpected bankruptcy. Indiana is special as it doesn't put a cap on the maximum amount of acreage a property owner can protect under the Homestead Statute. However, there are limits on the total property value you can protect under the Homestead Statute.
Indiana allows $7,500 for residential property, $4,000 for any other tangible property or real estate, and $100 for intangible personal property. However, this amount has a maximum cap of $10,000, and it may not exceed this. It is also important to note that the Federal Government can override a Homestead Statute claim.
In the Hoosier State, foreclosures are taken care of in the court system. Under this so-called judicial system, the lender will file a lawsuit in county court against the borrower in the event of a default. This process is different from the non-judicial system, which some states offer to bypass the court system. Any foreclosure process in Indiana must be done through the judicial process. This means that in order to start the foreclosure process, the mortgage lender has to sue the defaulted borrower through the court system and get permission to go ahead with a foreclosure lawsuit.
A waiting period is mandatory in the Hoosier State between the filing of the lawsuit and the foreclosure auction, but a borrower can choose to waive this waiting period. The waiting periods are as follows:
If you're a defaulted borrower, it is a very good idea to consider waiving the foreclosure waiting period. If the defaulted borrower decides to waive the waiting period and gets consent from the mortgage lender, the mortgage lender can't sue the defaulted borrower for any deficiency.
If the defaulted borrower chooses not to waive the waiting period, the mortgage lender can sue the borrower for any deficient amount they may have after the sale of the property. They can get the deficiency judgement money by putting a lien on the borrower's bank account or by garnishing their wages.
The Hoosier State has excellent properties that are a bargain compared to national average prices. With a low property tax, home ownership is especially affordable. While the state continues to have a foreclosure problem, it has been able to bounce back from the Great Recession in most areas. For further details on Indiana’s real estate market, take a look at the following links:
US 10-year Treasury rates have recently fallen to all-time record lows due to the spread of coronavirus driving a risk off sentiment, with other financial rates falling in tandem. Homeowners who buy or refinance at today's low rates may benefit from recent rate volatility.
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