If you're wondering whether to rent or buy in the Indianapolis area, here's some news that might help you make up your mind: Rent is on the rise. According to an article posted on 27/7 Wall Street, Indianapolis is No. 5 on a list of six major cities in which rent has increased by 10% or more in the past 12 months.
Blame it on (relatively) stable housing prices during the recession and above average job growth in the past year. Information from the real estate web site Trulia shows that out of 100 metro regions, home prices in Indy had the second-smallest decline during the recession. Job growth, at 1.5% for the past year, was higher than average for most of the cities studied.
So does this mean it makes more sense to buy a home than to rent? Maybe. If you are confident your job is secure, you plan to live in a house for several years, and you have enough money saved for a downpayment and other costs associated with home ownership then it could be a great opportunity. Interest rates are still ridiculously low, home prices are still down (although we're better off than most, apparently) and Indy was recently named the nation's Most Affordable Housing Market!
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