Why invest in Fort Wayne
Quick summary of why to invest in Fort Wayne:
- Strong job market
- Population growth
- Reasonable property prices ($120K average home price; national average is $220K)
- Property appreciation
- Strong rental market (40% of properties are rentals)
- Low property taxes
- Landlord friendly
- Low vacancy rate
That’s about everything you would want in a good real estate investment!
Let’s look a little deeper…
The first reason to invest in Fort Wayne is because of jobs and stability. The last recession had barely any effect on the city due to its jobs in defense (Raytheon and BAE), insurance, a $2.5 Billion dollar healthcare industry and a few small universities and colleges. In addition, it is a key logistical location within 300 miles of Chicago, Indianapolis, Detroit, Cleveland, Columbus, Cincinnati, Louisville, and more.
This ties in to the second reason to invest, which is growth and expected future growth. The city has grown to over 250,000 in the past few years by attracting young professionals. The average age in the city is only 35, which is well below the national average. With the combination of engineering and tech universities along with the Defense Contractors, Fort Wayne is seeing a lot of high-tech start-ups, which will continue to fuel growth.
Another reason to invest in Fort Wayne is the fantastic cost of properties. While Indianapolis is considered a great place to invest in real estate because the average home price is only $160K, the average home price in Fort Wayne is only $120K.