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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 Alexandria according to our analysis.
Here's a look at the top ten places to buy a home in indiana for 2020:
- Alexandria (Photos | Homes For Sale)
- Tipton (Photos | Homes For Sale)
- Linton (Photos | Homes For Sale)
- Monticello (Photos | Homes For Sale)
- Winfield (Photos | Homes For Sale)
- Rensselaer (Photos | Homes For Sale)
- Cumberland (Photos | Homes For Sale)
- Gas City (Photos | Homes For Sale)
- North Manchester (Photos | Homes For Sale)
- Hartford City (Photos | Homes For Sale)
What's the best place to buy a home in Indiana for 2020? According to our analysis, would the the ideal place to buy a home looking into the future.
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. If you're not worried about finding a deal on good places to live, check out the most expensive places to live in indiana and, for those of you on a budget, the cheapest places to live in indiana.
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
The 10 Best Cities To Buy A House In Indiana For 2020
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 Tipton County Courthouse and Tipton County Jail and Sheriff's Home were added to the National Register of Historic Places in 1984.
Linton was essentially founded around the entrepreneuring of John W. Wines, who first sold goods in the Linton area, briefly in 1831. Although he would later relocate to Fairplay, Indiana, he returned and opened a general store in Linton in 1837. He would later build a small horse mill as well as a tannery. The city itself was officially chartered and named in June 1850, laid out by Hannah E. Osborn and Isaac V. Coddington. In the late 19th century, small underground coal mines began to appear near and almost inside the city and the population expanded rapidly. At the turn of the 20th century, the population was larger than it is today. At one point in the 1920s, there were at least 35 drinking establishments and an equal number of churches.
Monticello was laid out in 1834 as the county seat, with a post office established that year, and is still currently in operation. The city was named after President Thomas Jefferson's estate in Virginia.
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.
Cumberland was founded in the 1830s when the Cumberland Road was extended to that point. Cumberland contained a post office from 1834 until it was discontinued in 1958. Since 1970, the Marion County portion of Cumberland has been subject to Unigov as an included town.
It was first known as Harrisburg when settled on May 25, 1867 by Noah Harris. It became something of a boom town when natural gas was found in the area in 1887. The Gas City Land Company was founded on March 21, 1892 and the town of about 150 people changed its name to Gas City a few days later. However, as of 2012 much of the gas is depleted.
Peter Ogan, acting as the town-s founder filed for recording the 'Original Plat of Manchester' on February 13, 1846. The community was named after Manchester, in England.
How do you determine the best places to buy a home in indiana for 2020?
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 2014-2018 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 0 cities and towns in Indiana, only 119 places made it through our initial filters to even be considered.
We then ranked each place from 1 to 119 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. You can download the data here.
Turns out that Alexandria is the best potential gem in the not-so-rough in the Hoosier State.
Read on for more on these places.
There You Have It - The Best Places To Purchase A House In indiana for 2020
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 0 places in the state.
So if we'd could rent or buy in these cities, we'd definitely buy.
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