American housing is some of the most affordable in the world. Although many homeowners and investors took a huge hit in the ’08 (and beyond) collapse of our housing market, it’s been slowly creeping back.
Not only have foreign investors been scooping up US foreclosures over the past several years … individuals and hedge funds on both coasts and throughout the country have also been on the bandwagon and are reaping nice profits throughout the land.
Foreclosures aside, housing in the US is hugely affordable, with a median cost of a home at 3.5 times the median income. Check out this chart I found in the latest issue of Personal Real Estate Investor magazine, detailing the least and most affordable major markets across the world … interesting stuff:
Hopefully, you can discern what it says. Four of our west coast cities made the “least affordable” list. But in the “most affordable” list, you’ll find six of the ten on that list are right here in the good ol’ Midwest! Impressive, yeah?
And of course, Indianapolis is one of them. With our vibrant downtown area that attracts large groups/conventions with its wonderful walking/biking paths, the canal, zoo, convention center, museums, symphony, fantastic cuisine and hotels, sports venues, etc., it has become a destination in and of itself.
No wonder I’m having to be more creative in finding great deals … Indianapolis isn’t “flying under the radar” any more. It’s been getting its share of great publicity.