Good news for my parents, since they are currently looking for a home in Indy, now that they have retired (emphasis added):
The Indianapolis area had the most affordable housing among major metro areas in the second quarter, according to the National Association of Home Builders and Wells Fargo.
...
Eighty-seven percent of Indianapolis-area homes were considered affordable for families earning the region's median household income of $65,100.
Here are the '06 Q2 report, and official press release for the NAHB-Wells Fargo HOI:
In the nation’s most affordable major housing market of Indianapolis, 87.4 percent of homes sold in the second quarter were affordable to families earning the area’s median household income of $65,100. The median sales price of all homes sold in Indianapolis during that time was $120,000, which is up from $113,000 in the previous quarter and equivalent to the median sales price for Indianapolis homes sold in the final quarter of 2005.
Interestingly, Saint Louis isn't all that far behind: the median house price is $127,000, which is affordable for 79.1% of the population, at a median income of $65,800.
Another note: I apparently missed a golden opportunity to buy a house, as housing prices plummeted in 06Q1, and then recovered in Q2.
