Changing attitudes in the way some up-and-coming investors view housing is fueling a regular boom in downtown Indy and upscale suburban communities.The startling increase in condos, townhouses, and high-end apartment choices are part of what Chris Sikich of the Indianapolis Stardescribes as a changing mindset.
The apartment building business began booming, explains Sikich, just as the housing market was crashing. But, even though the new home market has emerged from the recession, many younger people are more interested in living in an urban environment without the long-term obligation of a mortgage. Millennials and empty-nesters want walkable urban neighborhoods, he notes, and that’s what we’re seeing in Westfield, Carmel, Fishers, and downtown Indy. “Many no longer share the age-old American dream of a house in the 'burbs with a white-picket fence.”
In fact, according to a 2012 Consumer Federation of America financial planning survey, “For many Americans, the idea of a home as a financial investment has faded. While the overall rate of home ownership has remained the same, fewer decision makers who do not own a home reported that they plan to buy one.”
At Worley Erhart-Graves, we know that sound financial advice can bring you confidence and security for your financial journey, whether that journey includes home ownership, a condo, or apartment living. No financial planning recommendations can be made, we understand, before considering your unique lifestyle choices.
While many of our clients continue to consider building equity in a home an important foundation in their financial plan, as planners we’ve learned to focus on learning what’s important to you, and then developing strategies and techniques to support those lifestyle choices that are foundational in your life!
Content was prepared by a freelance journalist on behalf of Worley Erhart-Graves Financial Advisors