Indiana Mortgages

The housing market in Indiana is a healthy midsize industry, exhibiting steady growth. The 2002 US census showed that there were 2,615,750 housing units in the state. The state has always maintained a certain pride about the ideals of the American dream, and as such, home ownership is still an important priority. The home ownership rate listed in the 2000 US census shows Indiana as having a 71.4% ownership rate. This is over 5% higher than the national average of that year, which was 66.2%. While it may not seem like much, a 5% variation is significant, especially when dealing with 5% of 2,615,750. Another factor in the explanation of Indiana’s high home ownership rate is the median value of homes. The 1999 US census shows that the median value of an owner occupied housing unit in Indiana was $94,300, which is significantly lower than the national average of the same year which was $119,600. With cheaper houses on the market, one also expects there to be a correlating drop in median household income, but Indiana bucks this trend. The median household income in Indiana was $41,567, while the national average was $41,994. Average income and below average housing prices means that you get more house for your dollar in Indiana.

Housing sales kept moving up in the first quarter of 2006 in Northwest Indiana, with selling prices edging up slightly.

A slow and steady march of sales, and similar increases in the median selling price has helped insulate Indiana from a housing bubble. Indiana residents will benefit from avoiding the bubble, which is showing signs of bursting in other parts of the country.

Early this year, home buyers came away with 684 new and existing homes in Lake and Porter counties combined. This is only a 3 percent drop from April 2005, slowing down by a degree of only eight houses from March.

Housing unit median selling price stood at an estimated $130,000, up from $129,000 a year ago, and from $128,500 at the end of March.

Prices are up 6.7 percent in the Midwest, as compared with prices in the West which are up 12 percent from last year. Which is down again from an 18.9 percent gain a year earlier.
Indiana ranked close to the bottom when it came to house-price appreciation in a recent report from the Office of Federal Housing Enterprise Oversight. This means protection from wild housing inflation for Indiana home buyers.

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