Fort Wayne, IN is a great place to start a business, buy a home, start a career, and raise a family. Many people start a career here due to its low cost of living and quiet neighborhoods. Residents of Fort Wayne, a mid-sized metropolis, have access to excellent entertainment. This midwest city also has a thriving arts scene one might expect to find in a large metropolis. There are many things to consider and worry about in a significant transition. So, here are some reasons why Fort Wayne, IN, is a great place to call home.
Quick Facts
- The city is in Allen County, Indiana.
- It has a poverty rate of 15.46% and an average household income of $65,377.
- The median monthly rent in recent years has been close to $1000, and the average house is around $200,000.
- Fort Wayne's population grew by 0.77% since the most recent census, which is currently growing at a rate of 0.39% per year.
- As of 2020, the population is 265,926, making it Indiana's second-largest city.
Fort Wayne, IN, in a Nutshell
Many consider living in Fort Wayne a great delight. Many sources, like Money Magazine and the U.S. Business Week, have said so. Other sources recognize the city for its exceptional quality of life. Additionally, Fort Wayne has one of the lowest costs of livings in the nation. There are also first-rate medical care hospitals offering cutting-edge cancer and heart centers.
Northeast Indiana provides the best of both worlds. So, families no longer need to decide between education and recreation. There are excellent college and trade school educational opportunities in the area. Plus, there are more than 400 natural lakes for tranquil weekend getaways. The Fort Wayne Children's Zoo and Science Central are two of the many attractions in Fort Wayne. Kids can also get some exercise in the city's many public parks. People in the Fort Wayne community enjoy being active, besides the children. Residents of all fitness levels enjoy participating in running and cycling events. Residents have found their place in Fort Wayne, IN, thanks to the business climate.
Economy
The unemployment rate recovered faster than in other parts of the country. Employers in Fort Wayne include many healthcare systems. There are also Vera Bradley, Nestle, General Motors, and many financial institutions. SThe city's economy is thriving and expanding, which is good news. Depending on the month, the unemployment rate can change between 2% and 3% but often is very low. For anyone looking for employment, positions are open and waiting. In the past, the local economy and the manufacturing sector have always been together. But, do consider the list of top employers above. Additionally, there has been significant growth in financial services, healthcare, and retail.
Employment
Manufacturing is one of Fort Wayne's leading economic sectors. Some well-known businesses in this industry are General Motors, BF Goodrich, BAE Systems, and L3Harris Technologies. They have a sizable presence in the automotive and defense manufacturing industries. Additionally, a renowned producer of steel in the area is Steel Dynamics. But, the city's economy has expanded beyond manufacturing into other sectors, like healthcare. Parkview Regional Medical Center and Lutheran Hospital are the largest employers. They are on the north and southwest sides of the metro area. Both institutions are a part of the Parkview Health and Lutheran Health Network. Work in the education field is also available at Ivy Tech Community College and Indiana Tech. University of Saint Francis, Purdue University-Fort Wayne, and Indiana University-Bloomington offer work opportunities. Jobs are also available in the financial services industry, transportation, and communications. The Northeast Indiana Regional Partnership shares a long history in the city. There is a history of innovation and entrepreneurship in Fort Wayne. And now, there are ongoing efforts to create a robust entrepreneurial ecosystem. To meet the demands, startup incubators, business consulting, and co-working spaces are expanding.
Real Estate in Fort Wayne, IN
Fort Wayne's population as a whole comprises 32.9% of renters. And only under 3% of the city's apartments and homes are available for rent. In Fort Wayne, a monthly rent of around $1000 is typical. For those looking to buy a home in Fort Wayne, the median home value is close to $200,000. But the average list price recently goes for a lot more. The median price per square foot is $98, which is less expensive than the $123 national average. In the last year, home values have been increasing by over 10%. As a result, Fort Wayne's housing costs are among the lowest in the nation. But there are still some areas that are even more affordable than others. Some inexpensive areas include Southwood Park, Forest Park Boulevard, and Sherwood to Pettit. Fairmont, Lincoln Park, North Anthony Area, and Northside are the least expensive neighborhoods.
Real Estate Trends
Since the beginning of this year, the Fort Wayne real estate market has grown. But, the recent activity has local experts very excited. The first quarter of the year coincided with a steady increase in activity. So, both real estate professionals and builders expressed optimism. So those thinking about buying or selling in the Fort Wayne real estate investing market, the time is now.
The local market is currently in favor of sellers. Although the number of new listings has risen by 3%, the amount of inventory available has decreased by 20%. There is no doubt that inventory levels—or a lack thereof—have affected price levels. In turn, improvements in home values happened over the past year. As a result, the city has an appreciation rate of 12.5%, almost twice as high as the national average. The Fort Wayne housing market has 938 homes in some stage of foreclosure. Each of these offers a potential investment opportunity. For example, the majority, like 38.6% of properties, are in pre-foreclosure, and 37.5% are bank-owned. The remaining 23.9 percent will be up for auction. These properties are a fantastic opportunity to invest in Fort Worth real estate. Additionally, the number of foreclosures is lower than it was this time last year.
Final Thoughts
Anyone considering moving to Indiana should consider Fort Wayne as an excellent option. It is a typical Midwest American city that is thriving but often overlooked. Many will find every amenity they need in the town. But they might not be as high-quality as those found in cities with larger populations. Fort Wayne is a thriving metropolis with booming industries. It has a long history has shed its reputation as a security stronghold. But, the city's low cost of living attracts most of its inhabitants. Despite having a long history, Fort Wayne is still undergoing a massive revitalization. There are many positive aspects to Fort Wayne's welcoming atmosphere. These include the economy, educational opportunities, entertainment, and the low cost of living.
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