^ Top

Indiana real estate

Indiana – Where “Growth” is the Name of the Housing Game

Since Indiana is a state that relies heavily on manufacturing to keep its economy afloat, you can probably guess that the Hoosier State was hit hard by the Great Recession. It lost a plant from one of the “Big Three” automakers, and that’s on top of the more than 100,000 other manufacturing jobs that disappeared.

However, the manufacturing industry has started turning things around – housing included. By the summer of 2012, Indiana had already recovered 59,000 of its manufacturing jobs, leading to a 14% increase in the state’s overall job market.

But in Northwest Indiana, where steel is the dominant force, job growth has been slow – if not non-existent. After all, technology has come so far over the past few years that the days of needing thousands of employees in a steel mill are over. Still, though, realtors in Northwest Indiana say that the local housing market made significant strides in 2012. The number of home sales went up by almost 15%, and the median sales price increased by just over 4%. As an added benefit, the homes for sale in Northwest Indiana are selling faster than they did in 2011.

But will the growth continue?

Realtors here seem to think so. Even without massive strides in the local job market, there are so many other factors at work – like buyers that have been waiting years and years to make purchases, low interest rates, a low inventory, and prices that are still below pre-recession levels – that buyers simply can’t resist!

What about the bigger areas of the state?

Realtors in Indianapolis say that 2012 was the best year they’ve seen in years! Unlike the northwestern part of the state, Indianapolis’ job market saw much more activity last year. That, combined with fewer foreclosures and record-low mortgage rates, added up to a market that left sellers and realtors smiling!

By the time all was said and done, the number of home sales in Indianapolis jumped more than 18%, compared to 2011. In fact, December was the 19th month in a row that the number of sales went up here. And, the median sales price rose 6%. Now, there is a lot more breathing room for homeowners who were worried about underwater mortgages around Indiana’s largest city.

Thanks to the increase in home values, many of Indianapolis’ wealthier Baby Boomers are opting to downsize – meaning that there is an increasing number of “For Sale” signs going up in the city’s most exclusive neighborhoods. As long as the demand stays strong – and realtors here think it will – it will encourage more owners to list their homes for sale.

It just goes to show you – in both big and small cities, “growth” seems to be the name of the game!

Living in Indiana

In search of a place to call home where you can benefit from large metropolitan cities, as well as revel in the tranquility of farmlands and the great outdoors? Then Indiana might be the right place for you.

Indiana is named after the multiple American Indian tribes that played a part in the state’s history including the Miamis, Chippewa, Delawares, Erie, Shawnee, Iroquois, Kickapoo, Potawatomies, Mahican, Nanticoke, Huron, and Mohegan.

Located in the Midwestern and Great Lakes regions, the weather here varies a bit. Winters are generally colder in the northern part of the state with substantial snowfalls. Summers are generally comfortably warm, ranging in the low-to-mid 80s and with overnight lows in the mid-60s.

But before you head to the Midwest, let’s go over some of the fast facts:

  • What is the population of Indiana?
  • The population of Indiana is 2,949,131
  • What is the capital of Indiana?
  • The capital of Indiana is Indianapolis
  • What is the largest city in Indiana?
  • The largest city is Indianapolis

Indiana is very well-known for its agriculture production, such as corn, soybeans and wheat. Since more than half of Indiana's border is comprised of water, it provides excellent opportunities for freight transportation via Lake Michigan and the Ohio River. More than 70 million tons of cargo is shipped by water every year in Indiana. The state also has more than 4,255 railroad route miles.

Indiana is also recognized for its steel production and the manufacturing of pharmaceuticals, medical devices, petroleum and coal products, and factory machinery.

If you’re a racing fan, Indiana has a long history with auto racing. Indianapolis is the home of the famous Indianapolis 500 held each May. More than 250,000 people attend the race in person every year! The Indianapolis Motor Speedway is also known for the Allstate 400 at the Brickyard (NASCAR) and the Red Bull Indianapolis Grand Prix (MotoGP).

If you enjoy the outdoors, head to one of Indiana’s spectacular parks. With 24,000 total river miles within the state and more than 1,000 lakes, there are plenty of opportunities for water adventure for the entire family. If hiking, horseback riding, and mountain biking are your thing, the Hoosier National Forest offers 200,000 acres of tranquility and exploration.

Stable business opportunities and plenty of fun… Does it get any better than that?!

This is the Census data for Indiana

Population

Total population estimate for Indiana (July 1) 2012
6,537,334
Total population change for Indiana- April 1, 2010 to July 1, 2012
0.8%

Age

Percentage of the population that's under 5 years old in Indiana, 2011
6.6%
Percentage of the population that's under 18 years years old in Indiana, 2011
24.5%
Percentage of the population that's 65 years and over Indiana, 2011
13.2%

Gender

Percentage of the population that are females in Indiana, 2011
50.8%

Race breakdown for Indiana in percentages

White alone, 2011
86.8%
Black alone, 2011
9.4%
American Indian and Alaska Native alone,2011
0.4%
Asian alone, percent, 2011
1.7%
Native Hawaiian and Other Pacific Islander alone, 2011
0.1%
Two or more races, 2011
1.7%
Hispanic or Latino Origin, 2011
6.2%
Not Hispanic, White alone, 2011
81.3%

A little more about the residents of Indiana

Percentage of residents who lived in the same house 1 year ago, 2007-2011
84.4%
Percent of residents who are foreign born 2007-2011
4.5%
Percent speaking a language other than English at home, 2007-2011
7.9%

Education

Percent high school graduates or higher for residents 25 years old and over in Indiana, 2007-2011
86.6%
Percent with a bachelor's degree or higher for residents 25 years old and over in Indiana, 2007-2011
22.7%

Veterans

Total number of Veterans living in Indiana 2007-2011
478,030

Communting

The average travel time to work for workers in Indiana (16 years and over not working at home), 2007-2011
23.1 mins

Real estate stats in Indiana

Housing unit estimates, 2011
2,800,614
Owner-occupied housing units - percent of total occupied housing units, 2007-2011
71.1%
Housing units by units in structure - multi-dwelling structure, percent, 2007-2011
18.5%
Median value of specified owner-occupied housing units, 2007-2011
$123,300.00
Households, 2007-2011
2,472,870
Average household size, 2007-2011
2.53

Income

Per capita income for Indiana in the past 12 months (in 2011 inflation-adjusted dollars), 2007-2011
$24,497.00
Median household income in Indiana, 2007-2011
$48,393.00
Percentage of people living in poverty in Indiana 2007-2011
14.1%

Business and commerce info for Indiana

Private nonfarm establishments, 2010
145,019
Private nonfarm employment for pay period including March 12, 2010
2,400,382
Private nonfarm employment for pay period including March 12, 2010, percent change, 2000-2010
-9.4%
Total number of businesses in Indiana, 2007
482,847
Percentage of Black-owned businesses in Indiana, 2007
4.6%
Percentage of American Indian- and Alaska Native-owned businesses in Indiana , 2007
0.5%
Percentage of Asian-owned businesses in Indiana, 2007
1.8%
Percentage of Native Hawaiian- and Other Pacific Islander-owned businesses in Indiana, 2007
NA
Percentage of Hispanic-owned businesses in Indiana, 2007
1.8%
Percentage of Women-owned businesses in Indiana, 2007
26.8%

Land size and population

Size of Indiana in Square Miles, 2010
35,826.11 mi²
Population per square mile in Indiana, 2010
181.0

Indiana real estate