Indianapolis Listed in Forbes Magazine Top 10 Housing Markets

Indianapolis has made national real estate news yet again, but this time the coverage is positive. Last year, the city was ranked in the top 10 markets for foreclosures. Now the benefits of home buying in Indianapolis are making waves, with Forbes Magazine ranking the city in the top 10 most affordable housing markets.

The report takes into account factors including housing affordability, foreclosures and rising home prices to create a metric called the Housing Opportunity Index. Our HOI is currently 95. Indianapolis has the highest HOI in the country, with decent housing accessible to 96% of families making the median income. In places like this the recession has weighed down home prices, but mortgage rates are still at historic lows, giving families a chance to get in on the ground floor. - Francesca Levy, Forbes

First- and second-time home buyers who took advantage of the recent tax credit surely contributed to this positive development. Stable conventional interest rates hovering around 5% also factor into the affordable housing available in our market, as the savings over a 30 year mortgage can end up greater than even the short-term tax credit.

These low interest rates will likely not last, but the outlook for summer 2010 is very good, making Indianapolis a great place to buy a home.