IN Exceeds National Average for New Housing

Ind.: State Exceeds National Average for New Housing

(December 16, 2004) --   New home construction in Indiana exceeds the average for all states, with 118,840 new housing units built between April 2000 and July 2003.

The 5 percent gain is greater than the U.S. state average of 4.3 percent, but still pales in comparison with states that top the list of most new home construction. Nevada had the largest gain, with 13 percent, followed by Arizona, Colorado, and Georgia, all with 9 percent.

The statistics are contained in the latest edition of the "Indiana Business Review," published by the Kelley School of Business at Indiana University in Bloomington.

The quarterly magazine compiles a number of surveys to gauge business conditions in the state. Figures taken from the U.S. Census show that nearly one-third of the housing units were added in just three counties: Marion, Hamilton, and Hendricks, all near Indianapolis. Hamilton County had the highest new housing growth rate at 19.5 percent. Ten Indiana counties were responsible for 58 percent of the state's housing growth.

Citing numbers from the American Community Survey, the report also said that slightly more than 70 percent of the housing units in Indiana are single-family homes. The average Indiana single-family home has five rooms, and the average monthly mortgage payment (including taxes and insurance) is $928.

—By Jane Adler for REALTOR® Magazine Online