There’s a the age old question everyone thinks about when they decide to move to a city in Indiana:
Should I buy a place or rent?
Well, we aren’t here today to solve that problem for you exactly. We are just assuming you’ll do the right thing and a buy a place 😉
And while we are happy to tell you the best place to live in Indiana, this analysis is going to tackle the question of the best place to buy a house as an investor. That is we are going to try and determine the up and coming cities in the Hoosier State.
To do that we are going to look at places in Indiana that are growing faster than average, but where home prices are below average. In every day terms, the “deals”.
The best deal in Indiana at the moment? That would be Winchester according to our analysis.
Here’s a look at the top ten places to buy a home in Indiana for 2019:
- Winchester (Photos | Homes For Sale)
- Brazil (Photos | Homes For Sale)
- Huntingburg (Photos | Homes For Sale)
- Boonville (Photos | Homes For Sale)
- Garrett (Photos | Homes For Sale)
- Hunte (Homes For Sale)
- Rensselaer (Photos | Homes For Sale)
- Charlestown (Photos | Homes For Sale)
- Alexandria (Photos | Homes For Sale)
- Decatur (Photos | Homes For Sale)
The methodology that wen’t into this can be a bit complicated, so we’ll break it down for you in as much detail as we can below.
For more Indiana reading, check out:
- These Are The 10 Best Counties To Live In Indiana
- 10 Best Places To Raise A Family In Indiana
- These Are The 10 Best Places To Retire In Indiana
How do you determine the best places to buy a home in Indiana for 2019?
We were in real estate for almost five years and have been working on this site for another three. Suffice is to say, we’ve put a lot of thought into what goes into finding a good place to buy a home.
So all that thinking has come to this moment where we get to spell out how we’d approach finding an up-and-coming place to live in Indiana. Put differently, the analysis will try to find places in Indiana with undervalued homes relative to pent up demand.
To do that we looked at the most recent American Community Survey Census data for 2013-2017 and compared it to the previous vintage (2012-2016). Specifically, we used the following criteria:
- Y-o-Y Change In Population (People want to live here)
- Y-o-Y Change In Median Home Prices (People are willing to pay for it)
- Home Prices Relative To The State Average (It’s still kinda cheap)
We want places that are growing, have seen home prices increase in recent years, and are still “cheap” for Indiana with the following caveats:
- Home prices had to be within 20% of the state average (Much lower than that and you get to some of the more dangerous places)
- Home prices increased in the last year, and
- Above 5,000 people (Bigger cities have more data points)
So of the 680 cities and towns in Indiana, only 121 places made it through our initial filters to even be considered.
We then ranked each place from 1 to 121 for the criteria mentioned above with 1 being the best for that criteria. We averaged the rankings to create a “best place to buy” index with the place having the lowest index being the best.
Turns out that Winchester is the best potential gem in the not-so-rough in the Hoosier State.
Read on for more on these places.
In the 1840s, the owners of the farm which would later originate the city of Brazil decided to name their farm after the country of Brazil, because that country was often the subject of news at the time. The city was founded in 1866 under the name of that farm. As of now, Brazil is a part of the Terre Haute Metropolitan Statistical Area. Clay county, which was formed in 1825, originally had Bowling Green as its county seat; the county seat was relocated to Brazil in 1876, following the city’s incredible development.
Huntingburg was platted in 1837 by Colonel Jacob Geiger who purchased 1,920 acres of land and became one of the city’s first permanent settlers. It was likely so named because the site had been a popular hunting ground. Huntingburg was incorporated as a town in 1866.
Boonville was founded in 1818 and named for Jesse Boon, father of Ratliff Boon. A post office has been in operation at Boonville since 1820. Boonville was incorporated in 1858.
Garrett was platted in 1875 when the Baltimore and Ohio Railroad was extended to that point. It was named for John W. Garrett, president of the Baltimore and Ohio Railroad from 1858 to 1884. Garrett was incorporated as a city in 1875.
This settlement, first platted on June 12, 1839, was originally named Newton and was established at the rapids of the Iroquois River. By 1844, it had been renamed to Rensselaer after James Van Rensselaer, a merchant from Utica, New York, who came to the area after his business failed in the Panic of 1837. He took over the land from Joseph D. Yeoman, who had established a farm some years earlier and had begun to plan the village.
Charlestown was established in 1808, named after one of its surveyors, Charles Beggs, upon 300 acres, of which 3 acres was designated for a town square. It was established one mile northeast of Springville, and was responsible for Springville’s demise.
Alexandria was platted in 1836 when it was certain that the Indiana Central Canal would be extended to that point. It was incorporated as a town in 1898.
The first non-Native American settlers arrived in what is now Decatur in 1835. They arrived as a result of the end of the Black Hawk War as well as the completion of the Erie Canal. They consisted entirely of settlers from New England. These were “Yankee” settlers, that is to say they were descended from the English Puritans who settled New England in the colonial era. They were primarily members of the Congregational Church though due to the Second Great Awakening many of them had converted to Methodism and some had become Baptists before coming to what is now Decatur. The Congregational Church subsequently has gone through many divisions and some factions are now known as the Church of Christ and Church of God. When the New England settlers arrived in what is now Decatur there was nothing but a dense virgin forest and wild prairie.
There You Have It – The Best Places To Purchase A House In Indiana for 2019
There’s our analysis of the best places to buy a house in Indiana. And, to be clear, we aren’t necessarily saying these places are the best places to live, just that it looks like they might be in a couple of years based on the data.
In fact, every place in the following table meets our criteria, so even though it may not look super long, remember we started off with all 680 places in the state.
So if we’d could rent or buy in these cities, we’d definitely buy.
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