In 2010, Jen Johnson bought a house in her hometown of Fort Wayne, Indiana, for $165,000. It was a single-family home, perfect for her at the time. Fast forward thirteen years and the real estate market in Fort Wayne has changed dramatically.
A New Home for a Growing Family
When Jen and her husband moved back from Ohio in 2023, they were looking for a bigger home to accommodate their growing family. They found a 2,400-square-foot ranch-style house with a big yard and a basement, costing $650,000. The interest rate on their 30-year mortgage was over 7%, much higher than the 3.75% rate they had on their Ohio home.
Why Fort Wayne is Worth the Price
Despite the higher cost, Jen believes the investment was worth it. “I love Fort Wayne. It’s a great place to live,” she said. With family nearby, affordable living, and excellent school districts, Fort Wayne offered everything they needed.
Fort Wayne: A Hot Housing Market
Fort Wayne has become a hotspot for affordable housing. According to the WSJ/Realtor.com 2024 Summer Housing Market report, it is one of the most attractive markets. Fort Wayne, with a population of less than 300,000, was highlighted for its affordability and resilience against climate risks like flooding and wildfires.
Affordable Living with Big City Amenities
Real estate agent Jami Barker explains that Fort Wayne offers the amenities of a big city while maintaining a small-town feel. With all four seasons, a vibrant downtown, good healthcare services, and proximity to nature, it’s a desirable place to live. Even with recent price increases, Fort Wayne remains more affordable than many other parts of the country.
A New Home for Retirees
Bill Stolz, a retired sales representative, recently moved to Fort Wayne. After selling his Denver condo for $430,000, he bought a new house in Fort Wayne for $363,000, paying in cash. He enjoys the healthcare facilities and community feel of the city.
Surging Home Prices
Even Fort Wayne hasn’t escaped the national trend of rising home prices. Over the last year, prices have increased by 15%. Homes priced under $250,000 receive multiple offers, making them highly sought after.
A Hub of Diverse Industries
Fort Wayne is home to various industries, including Parkview Health, Sweetwater Sound, Vera Bradley, and several manufacturing companies. Amazon also has a large fulfillment center in the city, which is conveniently located near Chicago and Indianapolis.
Other Hot Markets
Fort Wayne isn’t the only affordable housing market in the Midwest. Canton-Massillon and Akron in Ohio also feature prominently on Realtor.com’s report, with both cities offering home prices below the national average.
Top 10 Housing Markets
Here’s a quick look at the top 10 hottest housing markets in the U.S.:
- Fort Wayne, Indiana – $335,000 median home price
- Canton-Massillon, Ohio – $255,000 median home price
- Akron, Ohio – $265,000 median home price
- Manchester-Nashua, New Hampshire – $598,000 median home price
- South Bend-Mishawaka, Indiana-Michigan – $320,000 median home price
- Burlington-South Burlington, Vermont – $559,000 median home price
- Kingsport-Bristol-Bristol, Tennessee-Virginia – $325,000 median home price
- Rockford, Illinois – $220,000 median home price
- Ann Arbor, Michigan – $545,000 median home price
- Appleton, Wisconsin – $425,000 median home price