Indianapolis, Indiana

In the Metro Area of Indianapolis-Carmel Indiana, the median annual household income is $56,750

In Indianapolis, $129,500 is the median home value. 9.5 percent is the amount home values in Indianapolis have increased in the last year. It has been predicted that in the following year, the home value will decrease by -0.7 percent.

In Indianapolis, Indiana, the per square foot list cost median is $101. The Metro Area of Indianapolis-Carmel-Anderson has a higher per square foot list cost median of $109.

$162,000 is the presently listed cost of homes median in Indianapolis. $1,000 in Indianapolis is the rent cost median. The Indianapolis-Carmel-Anderson Metro Area has a higher rent cost median of $1,195.

The rate of foreclosures is a factor of importance when it comes to the real estate economy. The lower the foreclosure rate, the higher the value of property. If the foreclosure rate is very high in a particular location, the value of property could go way down.

Regarding the foreclosure process, the first thing that occurs is mortgage delinquency. Mortgage delinquency is the condition of a homeowner not making a payment on their mortgage.

2.2 percent is the percentage of mortgage delinquencies in Indianapolis, Indiana. The U.S. has a lower mortgage delinquency rate of 1.6 percent.

We are going to move on to the commercial real estate market in Indianapolis. Our focus is on the hotel industry.

In just the downtown area of Indianapolis, around 2,800 new rooms are scheduled to be available within 5 years. Indianapolis has a very strong hotel market.

Under the planning stage or under the construction stage, there are almost 12 projects. Across from Bankers Life Fieldhouse, there is the 316 room Hyatt Place/Hyatt House being built. Another hotel construction project is located at Market and Illinois streets which is the intercontinental Hotel. It has 180 rooms, and it is hoped that later in this year construction will start.

There is also a large project that has been discussed for a long time. It is the convention hotel to have 800 to 1000 rooms. Officials in the tourism industry say that this convention hotel would be a help to the city to bring in meetings as well as larger conventions. That would be a strong economic booster for the city.

In the months to come, The Capital Improvement Board is expected to make decisions regarding the convention hotel including who will construct it and its location.

And currently, smaller construction projects are snowballing. Near Lucas Oil Stadium, there is the 146 room TownePlace Suites. And located at 136 E. Market Street in the 12 story Stock yards Bank & Trust Building will be the Aloft with 128 rooms.

In the suburbs, hotels are sprouting up including an Embassy Suites Hotel and & Conference Center of 174 rooms. Late this year in Plainfield, it is scheduled for the doors to open.

Located close to Michigan Road and Interstate 465, St. Louis based Drury Development has hopes that It will open a hotel with 180 rooms in the year 2022. A minimum of 30 hotels are currently in construction or are in the planning stage located in the area of Indianapolis outside of downtown.

A pivotal question arises though: Can the Indianapolis area absorb this proliferation of new hotels? Some of the officials in the tourism industry as well as developers are optimistic partly because of the strong economic recovery of the market since the recession of 2008.

Occupancy in the central business district of Indianapolis has been close to 73% for the past 5 years according to CBRE Hotels Advisory. But interestingly, 20% is the amount average daily rates have increased to hit $166. In addition, the revenue per available room has increased to $121, an increase of 20%.

One problem is looming in the United States and that is finding enough workers to be able to staff and build hotels. There is a positive outlook that the rooms can be filled, but then we are left with the question of having enough staff to clean the rooms.

For a great resource for locating more knowledge concerning Indianapolis apartment housing, go to http://www.biggerpockets.com/

Apartment Loan Store is proud to serve the entire Greater Indianapolis area:

• Plainfield
• Speedway
• Mooresville
• Indianapolis
• Brownsburg
• Beech Grove
• Greenwood
• Zionsville
• Lawrence
• Carmel
• Franklin
• Martinsville
• Fishers
• Westfield
• Lebanon