5 affordable places to live in Indiana
Your interest rate is just one factor affecting how much you pay for your home loan -- your loan size also matters. To keep costs down, check out these five affordable places to purchase an Indiana home.
1. Fort Wayne
Fort Wayne is Indiana's lowest-priced city, and was named by Niche as the city with the fifth-lowest cost of living in America. A full 62% of residents own their homes, perhaps aided by a median home value of $110,600, more than $70,000 below the national average. The area also boasts a property tax rate of just 0.94% in Allen County, according to Tax-rates.org. help explain why Fort Wayne was also designated the 15th-best city in which to buy a house in all of the United States.
2. South Bend
South Bend has the eighth-lowest cost of living of any city in America. Almost 6 in 10 of the city's 102,233 residents live in a home they own, and the median value of these homes is just $82,500. Property taxes in St. Joseph County, where South Bend is located, are a little higher than in Fort Wayne, at 1.13% of assessed fair market value, according to Tax-Rates.org. Still, South Bend ranks as the 42nd-best city (out of 228) for new homeowners in America. It's also home to many attractions residents will enjoy, including the Studebaker National Museum and the Potawatomi Zoo, which is Indiana's oldest animal park.
3. Evansville
Evansville is home to around 118,000 people, and close to 60% of residents are homeowners. Ranked 14th on the list of American cities with the lowest cost of living by Niche, Evansville is also recognized as a great city for retirees. Niche also named it the 50th-best city in America in which to purchase a home. With a median home value of just $92,300 and a property tax rate of 0.78% in the county of Vanderburgh, Evansville is an affordable place to buy.
4. Indianapolis
Coming in at 63 on the list of cities with the lowest costs of living in America, Indianapolis has been recognized for its affordability and its diversity. It's also the 49th-best place in America to purchase a home, and 53% of its residents are homeowners. The median home value is a bit higher than in the other cities on this list at $129,300, but the low price relative to the national average -- combined with a property tax rate of 1.15% of median home value in Marion County -- makes Indianapolis relatively inexpensive compared to other areas across the country.
5. Wabash
This town of 10,184 offers a median home value of just $78,300, and property taxes of 0.55% of that value, both of which help explain why 66% of residents are owners rather than renters. It's home to a historic theatre, called Eagles Theatre, and for those who love the outdoors, the town boasts five must-see waterfalls, including Hathaway Preserve at Ross Run and Charley Creek Falls.
Many factors determine where you'll ultimately purchase your home, but choosing to buy in these or other affordable areas in Indiana could make becoming a homeowner much cheaper. A low home price makes it easier to come up with a down payment and also reduces total mortgage costs over time, since you don't need to borrow as much. Check out our mortgage calculator to help you estimate your monthly payment, including principal, interest, insurance, taxes, and PMI.
