Foreclosure Homes for Sale in Indianapolis, IN: Everything You Should Know
Indianapolis is home to beautiful architecture and eclectic neighborhoods. The construction period for Victorian-style homes was between 1880-1910. These homes have 2-3 stories, large porches, ornate woodwork, and complicated asymmetrical shapes. Victorian neighborhoods include Chatham Arch, Old Northside, Fletcher Place, and Lockerbie Square.
During the 1930s-1950s, Bungalow style homes began to appear. These smaller one-story homes have low-pitched roofs, covered porches, open floor plans, and have a horizontal exterior orientation. Bungalow style homes are most common in neighborhoods such as Irvington, Little Flower, Carmel, Broad Ripple, and Homecroft.
Some new housing developments are using a more contemporary look and style that is more diverse in structure and color and preferred amongst younger residents. New communities can be found in Highland Park, Herron-Morton Place, and Fountain Square.
The median home value is $181,000, an increase of 9.5% since last year. About 55% of home occupants own their residence, and 44% are renter occupied. The average monthly rent is $902.
Know Your Neighborhoods
The most affordable areas are Brown, Emerson Heights, and Englewood, where rent averages $594 a month. The most expensive Indianapolis communities are Woodland, North Meridian, and the Wholesale District, with an average rent of $1,500. Other highly sought-out neighborhoods include Castleton, Liberty Creek Adler Cove, and Glicks East 38th St. Families are often attracted to the suburbs of Avon, Brownsburg, Westfield, and Fishers.
Indianapolis has 11 Independent Public-School Districts along with various Private Schools, Colleges, and Universities. The top three public school districts rated by Niche.com are the Carmel Clay School District, the Zionsville Community Schools, and the Hamilton Southeastern School District.
Indiana University–Purdue University Indianapolis is the largest in terms of enrollment. Butler University is another well-known private university in Indiana.
The Cost of Living in Indianapolis
The cost of living in Indianapolis is -14.1% lower than the National Average. Prices for food, transportation, and housing have increased by 1.3% since 2019. Below is a list of potential monthly expenses and their average costs.
Utilities (electricity, heating, gas): $213 a month on average
Median cost of a meal for 2 in a restaurant: $53.00
Childcare Expenses: $710 a month for preschool/kinder or daycare
Transportation: $60 monthly pass for the transit system