Community Research Institute Director Rachel Blakeman says this comes as no surprise.
Allen County Courthouse
“Low-interest rates are going to be helping folks. People who have two incomes in their household are gonna make that more attractive. It’s nice to get some positive national attention for something we’ve known about for a long time.” Blakeman explained.
Housing affordability is what sets us apart.
Affordability is gauged not on how low homes are selling or renting for, rather on individuals paying less than 30 percent of their income on housing costs.
“We came in at the third most affordable of the 200 largest metros in the country - that’s a pretty impressive metric,” Blakeman said.
Realtor Patrick Harris says it’s not all it’s cracked up to be.
His clients get the idea that housing is so affordable in our city. He says compared to other cities, it is, but that’s doesn’t do the full picture justice.
“It doesn’t take into account the housing crunch that we’re in with low inventory. You get a lot of very mixed up expectations as far as what Fort Wayne can offer a person and what it can’t base on housing prices, availability, negations on getting a deal accepted.”
The conflicting landscape can be hard for new homebuyers and renters to understand. He says there are not enough properties available for the demand.
“Sellers realize they can sell their houses at top value, but then they’re gonna turn and buy another house and they’re gonna end up paying top value too. It creates a situation where sellers are looking at it and going ‘why should I sell my house now and then pay so much more to buy another house when I’m perfectly okay with where I’m at?’”
Still, Blakeman is hopeful.
“Having that housing affordability makes us very marketable and should help us attract new people to come to Fort Wayne,” she said.
