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98 INDIANA Indiana Offers Affordable Leisurely Living, Along With Wisconsin and Minnesota Areas Despite low inventory and higher prices, homebuyers are still looking into recreational properties, meaning vacation or secondary homes. To help this group of homebuyers dis- cover markets suitable for their desires, RE/ MAX INTEGRA released its 2017 Summer Recreational Properties Report, which reveals affordable data profiles from nine markets in three Midwest states and its recreational hous- ing market trends. e report noted three main reasons caus- ing this competitive market. ese reasons include, baby boomers starting to retire and seeking out homes where they can relax, but also have amenities for their children and grandchildren, pre-retirement buyers purchas- ing their second home in preparation for retire- ment, and young families looking for vacation homes away from the city. However, according to Fiona Petrie, EVP and Regional Director for RE/MAX IN- TEGRA, Midwest, in order for buyers to find a home that fits within their budget, buyers might have to make sacrifices about size, loca- tion, and amenities. "We have seen low inventory in the primary home market, and now the recreational home market is no different—prices are escalating, and homes when priced right are selling rap- idly—often with multiple offers," Petrie said. According to the report, the area of Lake Monroe Bloomington, Indiana averages home prices of $100,000 to $150,000. Not only is this location affordable, its close proximity to big cities like Indianapolis, Bloomington, and Columbus, serves as a benefit as well. e area boasts both homes and condos with lake views and is seeing fewer buyers purchasing a home to rent. In fact, 7.5 percent of recreational property buyers are families with young children, but the growing popular- ity of youth sports leagues during the summer months are keeping some families away from their lake properties and increasing the popu- larity of renting. Activity is up across Northeast Indiana in the areas of the two largest lakes: Lake James and Lake Wawasee. Prices are rising but buyers who are willing to compromise location or square footage can remain within their budget. Northwoods of Wisconsin, averages home prices at $150,000 to $250,000. In this state, nearly 38 percent of those buying recreational properties are retirees, 29 percent are young families, and making this market a great op- tions for retirees with families and provides a lot of options for buyers. Buyers can select between frontage type, lake size, or zoning to find a home within budget. In Minnesota, the Grand Rapids area is facing a housing surplus because there are more available homes than there are buyers, so there are great deals to be found. Buyers willing to sacrifice some square footage or lake size can find a home within budget, with average home prices between $250,000 to $350,000. Future retirees, particularly those who are looking for a lake home for extended family visits, drive the Alexandria market in Min- nesota. In addition to lakefront property, rental potential is important to pre-retirement buyers; however, the city council is discussing new rules that will apply to rentals on and off the lake—so buyers should consult with a Realtor. MICHIGAN Detroit, West Coast Top List of Worst Places to Live Detroit is the worst city to live in, ac- cording to rankings released by WalletHub in July. Considering the factors the list takes into account, it's also likely the worse place to invest, too. In determining its rankings, WalletHub considered 50 metrics under five catego- ries—affordability, safety, education/health, economy, and quality of life. With the lowest number of weekly work hours, a large per- centage of residents below the poverty line, and the worst-ranked economy on the list, it's no surprise Detroit is currently in the midst of a foreclosure crisis. More than 160,000 Detroit homes have been foreclosed on since 2002 alone. But Detroit wasn't the only city to rank high on WalletHub's worst list. Other cities with conditions prime for foreclosure include Long Beach, California, and Miami, where housing costs were the highest out of all cities on the list. Miami ranked low on affordabili- ty, economy, education/health, and safety; the only metric it ranked highly on was quality of life, where it took the No. 12 spot. Miami residents also came in with the second-lowest median household income— just $31,051 per year. For many, this puts a monthly mortgage payment not just out of reach—but downright impossible. Walle- tHub Analyst Jill Gonzalez says the city has the lowest homeownership rate on its list, with just 31 percent of Miami residents own- ing a home. Long Beach is in the same boat, mostly due to its high costs of living. "e city has the second-highest cost of living index among the cities we analyzed and the seventh-lowest homeownership rate at just 40 percent," Gonzalez said. "It's not surprising housing costs are so high." Long Beach also came in at the bottom for affordability, economy, and quality of life. It did, however, rank in the top third for safety and education/health. Other cities ranking on WalletHub's "10 Worst Cities to Live In" list included Memphis, Tennessee; St. Louis; Baltimore; Fresno, California; Indianapolis; Santa Ana, California; and Cleveland. St. Louis came in last for education/health and safety. According to the Current Employment Statistics data from the U.S. Bureau of Labor Statistics, Indiana added 44,300 jobs between September 2015 and September 2016. And according to the Indiana Business Research Center and the IU Center for Econometric Model Research, Indiana's employment growth will continue at a pace of about 30,000 jobs per year through 2019. KNOW THIS

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