Fort Wayne Homeownership by the Numbers

Fort Wayne Homeownership by the Numbers

Many Hoosiers aim to invest in a home of their own. However, affordability is a concern, especially in the current environment of high prices and rising interest rates. Consider this: The median income for Indiana households at $61,944 (2021); according to an online mortgage calculator, the median household could be financed for up to $189,000 at 7 percent, costing $1,257 per month. The median sale price of an Indiana home is $222,300, according to Redfin estimated based on January 2023 data. Investment experts recommend paying 20% of the purchase price when buying a home. A 20% down payment for the median sale price of $222,300 totals $44,460 and reduces the mortgage amount to $177,840. Saving $200 per week toward the down payment of $44,460 would take 222 payments, or over four years....

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