Living in Indianapolis

Indianapolis (or as the natives call it “Indy”) is the capital city of Indiana and also the largest city in the state.  Indy is host to over 700 businesses but really thrives on tourism which has become a billion dollar industry for the city.   Of these attractions, Indianapolis is most known for playing host to the Indianapolis 500 auto race but there are many other attractions that draw people to this city.   It’s also home to the NFL’s Indianapolis Colts, as well as the NBA’s Indiana Pacers. There are also many great conventions are hosted in Indy as well, perhaps most notably GenCon which is the largest tabletop gaming convention in the world.   The layout of downtown in Indy shows off the cities organizational skills, Indy is connected by walkway to the convention center, Circle Centre Mall, numerous hotels, and Lucas Oil Stadium which makes getting around the downtown area quite easy for visitors.

Indianapolis Economy:

Indianapolis is the economic heavyweight in Indiana and drives nearly 40 percent of the state’s economy.  The economy in Indy is composed primarily of retail and service industries in large part brought about when the city quadrupled tourism and doubled its hotel space in the late 80’s.  Indy is doing something right because in 2016 its’ gross product reached $135 billion which accounted for 39.9 percent of the entire state’s gross product.    2017 is expected to reach $142 billion.    In addition, both wages and employment are up in Indy with nearly 3 million new jobs and nearly a 3% rise in average income.  Clearly Indianapolis is a growing and thriving metropolis.

Indianapolis Quality of Life:

One of the great things that the people of Indy say about the town is that it’s got all the amenities of a world class city but the people are still down to earth.  It’s not uncommon to see people willing to lend a hand to those in need.   Indy is not too big and it’s also not too small, most would say it’s just the right size.   Commute times are cut to a minimum with well designed and maintained highways, plus the downtown areas’ “quad” layout and walkways makes it a breeze to get around.

Indy has one of the lowest costs of living in the country.   Do a Google search on this subject and you’ll find numerous articles citing Indy as one of the most affordable places to live.  Low taxes, low utility costs, short commuter times, low home prices, above average median incomes all make Indy an ideal place to start a career and build wealth.

On top of all of this, homeownership in Indy is not out of reach for most of its populous.  In the later decades of the 20th century housing prices were roughly 2 times the average income.  This made housing easily affordable for most people.    The median home price in Indianapolis is a low $134,000 while the median household income is $55,000.  This makes the cost of a home in Indy 2.4 times the average income.   This figure is far closer to the norm of the late 20th century than we see in many places around the country that are seeing home prices jump as high as 10 times the average income levels.    And for those that still can’t afford a home in Indy there are still options such as rent-to-own homes in Indianapolis to consider.