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Indianapolis, Detroit Rank Among Top 10 Most Affordable Metros

August 27th, 2015 garnerproperties
Detroit Skyline

 

When it comes to searching for an apartment, renters in Indianapolis and Detroit are in an excellent position in terms of price. Earlier this year, Forbes released its list of the most affordable cities in America, and for another straight year, both cities landed within the top 10. Let’s take a look at a few of the factors that have helped keep these great locations among the ranks of the most affordable living locations in the U.S.

Indianapolis SkylineIndianapolis

In the 2015 rankings, Indianapolis ranked ninth, coming in just behind Dayton, Ohio, one of four Buckeye State cities in the top 15. In the report, Forbes noted that the median family income of $64,300 meant that an impressive 79.4 percent of housing options were affordable for those seeking a new residence. That income level is also slightly above the national average, which stands at $63,900, meaning residents have a slightly greater amount of income to spend on their housing or other amenities.

Speaking of extra spending cash, residents in Indianapolis also enjoy several common amenities and necessary services. The Forbes report lists grocery prices as 5.5 percent below national averages, followed by a 4.8 percent lower cost of utilities and a 0.9 percent reduction in transportation expenses. With these additional discounts, families in Indianapolis have more left over to invest in more fully features housing options or properties in more desirable neighborhoods than in other urban environments around the country.

DetroitDetroit Skyline

Just behind Indianapolis ranks Detroit, which comes in 10th place in the 2015 Forbes listing, tied with Columbus, Ohio. While Detroit’s median family income figure comes in a significant pace behind Indianapolis – averaging $51,984, according to Forbes – the affordable housing percentage stands at 79.1, just a few tenths of a point behind Indianapolis and still ahead of Columbus which ranked at 69.4 percent.

Detroit residents also enjoy several discounted amenities below national average. As with Indianapolis, groceries in Detroit are 5.5 percent cheaper than average, while health care costs come in 1.6 percent lower. Miscellaneous daily costs, a more nebulous category, also ranked 4.3 percent lower than the national norms, though utilities (2.6 percent) and transportation (1.1 percent) costs were slightly higher. Still, these savings help Detroiters’ dollars go further, leading to more opportunities to find the best housing available on the market.

At Garner Properties, we keep an extensive listing of great properties for prospective residents in both cities, helping them find the perfect place for themselves or their families. With dozens of locations available, we can help locate a perfect home in the ideal neighborhood. Take a look at our full list of available properties online, and contact us today for more information or to schedule a showing at any property!

Written by garnerproperties

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