Zillow, the mega online real estate data website, has named Indianapolis as the top dog, numero uno, #1 market in the country for first time buyers. Zillow used a number of factors in coming up with their top 10 list. Those metro areas making the cut had:
- Mortgage payments lower than rents. (What’s not to like?!)
- Low prices. (Again, what’s not to like?!)
- Low ratio of average price to average earnings.
Indianapolis homes sold for a median average of $148,263 this past month. With the average household income running right at $52,000 per year, that means the average household can buy the middle of the road house for 2.8x their annual income. That’s sweet!
And it is many times better than folks residing in San Francisco where the average household makes $83,222. Now, that sounds good, but… how they manage to make the monthly payment on the average home, I have no idea. Get this, the average price recently crested $1,000,000. So, the average household has to pay 12x earnings for the average house. Ouch!! Do the math- that just doesn’t work for most (define that 97%) people.
Ok, ‘nuff said. If you’d like to learn how to take advantage of those low prices and low payments that Indy has to offer, it’s EZ… call me.
“I work harder to make good things happen!” -Bob