If you’re looking to buy a new home in Indiana, you may want to look into some of these places for the best value…or you might not…
It’s not a secret that the cost of living is high, and going up. Inflation has caused so much to be more expensive than it has ever been in the past. It makes it hard to pay your bills, buy groceries, and fill up your gas tank when everything is getting more pricey, but your paycheck remains the same. Let’s take the housing market, for example. The cost of buying a house is constantly rising. Combine that with high-interest rates, you might have to rethink where you are wanting to live. As you know, some areas are a little cheaper than others. Recently, we discovered the most expensive place to live in Indiana. Now, let’s talk about the cheapest places in Indiana to buy a home in 2023.
Cheapest Places to Buy a Home in Indiana Right Now
Go Banking Rates recently compiled a list of the cheapest places to buy a home in each state. Here’s how they did it:
Sold Home For Sale Real Estate Sign and House
So, what are the cheapest places to buy a home in Indiana right now in 2023? Go Banking Rates says that these places are you best bet for finding the lowest prices on homes in the state:
- Gary
- Population: 69,739
- Average home value: $74,549
- Anderson
- Population: 54,459
- Average home value: $106,182
- Muncie
- Population: 65,571
- Average home value: $115,594
- Richmond
- Population: 35,854
- Average home value: $120,194
Google Maps/Canva
- Terre Haute
- Population: 58,450
- Average home value: $124,614
Google Maps/Canva
While these might be the cheapest places to buy a home in the state, one might wonder why they are so cheap. There’s gotta be a catch, right? Recently, Terre Haute was one of four cities in Indiana that landed on the list of the top 100 most dangerous cities in America for 2023. It doesn’t stop there, Richmond and Terre Haute were listed among the top ten trashiest towns in Indiana. Oh, and Anderson and Gary were listed among the most miserable cities in America for 2023. It looks like Muncie might be your best option here. However, if you’d like to take a look at the cheapest and safest places to live in Indiana, that might be a better route.
KEEP READING: 40 Real Indiana Towns with Quirky, Weird, and Funny Names
Outside the major cities, the Hoosier state is full of tiny little towns you’ve probably passed through on your way to one of those cities. Most of them are likely 100 to 150 years old, or older, and have been around far longer than the large metropolitan areas such as Indianapolis, Fort Wayne, South Bend, and Evansville. Typically, they were started by early settlers who found their way to the state and decided to make it home. Eventually, others would join them, and a community was formed. Over time, as the surrounding areas grew, most of them were folded into those areas and governed by the nearest city or county’s governing body officially making them “unincorporated,” meaning they did not have their own formally organized municipal government.