Indianapolis Metro

indianapolis

 

 

 

 

 

 

 

 

Indianapolis, IN

185 miles south-east of Chicago, Illinois in the heart of Indiana we find Indianapolis.  Since 2000, the city has a population growth or 4.87%.  The city itself has a population near 850,000.  Look at the entire metropolitan area and that grows to approximately 1.8 million people.  In 2011, Money Magazine rated Indianapolis the #1 city for making money renting homes.  This historic sports city appears to provide a stable real estate market for years to come.

Economy

In 2013 the Boyd Company, Inc. ranked Indianapolis as the most competitive market for corporate headquarters in the U.S.   The city has also appeared on Forbes list of Best Places for Business and Careers.   The cost of living is 10.2% lower than the national average.  The unemployment rate is slightly above the national average, but recent job growth has been positive.   Three fortune 500 companies are headquartered in Indianapolis:  WellPoint (45) Eli Lilly (119) and BrightPoint(463).  Some of the larger employers include I.U. Health, St. Vincents Hospitals and Health Services.  Fed-Ex also has a regional hub in the city.

Housing

The median house price for 2013 was 137,500 with distressed properties coming in at a 54% discount.  Renters take up 38.6% of the market while foreclosure sales were down 41% from 2012.  This should result in a stabilizing market that could allow potential appreciation.  Multiple investment strategies can be applied.

Education

Located near Indianapolis are multiple prestigious universities.  Here are just a few.

  1. Indiana University-Purdue University at Indianapolis (IUPUI) –  This is the combining of Indiana’s two largest universities and the IU medical school provides cutting-edge technology with service to all of the nearby hospitals.
  2. Butler University – Features colleges of business, communication, education, fine arts, liberal arts and health sciences.
  3. University of Indianapolis – Founded in 1905, this private school offers degrees ranging from liberal arts to business and nursing.  “UIndy” has a graduate school offering 27 master’s degree programs and 5 doctoral programs.

History/Culture

Indianapolis was named the state capital in 1820.  The railroad first served Indianapolis in 1847 and the city was the home to the first Union Station.   By the 20th century Indianapolis had a thriving auto industry and rivaled Detroit for auto production.

Indianapolis is a major sports city with the Pacers and Indianapolis Colts.  There is also the historic “Brickyard” (Indianapolis Motor Speedway) for auto racing which hosts the Indianapolis 500.  The headquarters of the National Collegiate Athletic Association (NCAA) is also located in the city.  Both Forbes and Livability.com rank Indianapolis as one of the best downtowns in the United States.  It boasts more than 200 retail shops, 35 hotels, nearly 300 restaurants, movie theaters, sports venues, museums, art galleries and parks.