The data shows the ongoing trend of Hoosiers moving to more affordable areas. It also indicates people coming into the state from larger cities for a lower cost of living. Plus, the investor purchasing spree of rental properties certainly saw an uptick.
INDIANAPOLIS — We're over 2 years into the pandemic, and although most things have been inconsistent, the booming real estate market has been one constant.
This doesn't surprise Michael Hicks, Ball State University's director of the Center for Business and Economic Research. Hicks points out, however, that just because the Muncie metro area's home values rose dramatically during the pandemic, it does not indicate a population spike. Instead, he says it's mainly that Muncie residents have moved out of rentals to become homeowners.
The average home price in Indianapolis went from about $188,000 in February 2020 to almost $255,000 in February of this year. Early in the pandemic, a loophole in the CARES Act changed how people could take money out of their investment accounts. "Those kinds of markets where homes are at a lower segment, and there's a higher appetite for rental properties, is where those investments often went," Simonson said."That just was harder to achieve in major metro markets."
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