How much does it cost to live in Fort Wayne? This is one of the questions we get asked all the time, and we’re going to answer it in this video. We’re going to look at the cost of owning a home versus renting a home, utilities, transportation, taxes, and dining.
Let’s get right into it!
What’s up everybody? It’s Dave Brough. If you’re thinking about moving to Fort Wayne, you’ve come to the right place. We talk all about moving here, living here, working, playing, eating, and sleeping in Fort Wayne. And I am a licensed real estate agent, so if you need help purchasing or selling a home, I can help you with that. I get super excited anytime somebody calls, emails or texts me. So just reach out!
Fort Wayne’s cost of living is extremely low. In fact, we are ranked 5th for the lowest cost of living across the country. Our cost of living is 21% less than the national average. In almost every metric they can use to calculate these things, we are at least 10% to 30% below the national norm for utilities, home costs, transportation, etc.
Why do we have such a low cost of living ? The number one thing is our home prices. Our home prices are exceptionally low when compared to the national average. Our median home price is 32% below the national average. Yes, that’s crazy. So if you are somebody who lives in a larger city, you’re probably paying a lot more for the same size home as what you would pay here in Fort Wayne.
I’ve had many people contact me over my 10 years of being a real estate agent. They’ve done a quick Google search and Fort Wayne pops up on their radar for being an inexpensive place to live and own a home. Our average sale price in Fort Wayne is $185,000, our median price is $135, so what can $185 get you? A nice 3 bedroom, 1.5 bath home. Can you buy a house for $100,000 in Fort Wayne? Yes, you absolutely can. It’s going to be smaller and maybe under a thousand square foot, but there are opportunities.
So what can you get for $200,000? You can get a smaller home in one of Fort Wayne’s two best school districts-Northwest Allen County Schools and Southwest Allen County Schools. If you go up to $300,000, you can get a bigger home in those school systems, or a large 3,000 square feet home outside the school systems
For $300,000 to $400,000, you can find new construction homes with three car garages, or homes with a little land and outbuildings. As we head into the $400,000 to $500,000 price range, we are now in what is considered the luxury market in Fort Wayne. $500,000 to $600,000 is going to get you a distinctive property in the country, or it will get you a custom brand new home, such as those in Grey Oaks subdivision.
The $600,000 to $700,000 range is going to land you a beautiful home in one of Fort Wayne’s best golf course communities such as Chestnut Hills, Sycamore Hills or Cherry Hill. For $800,000 to $1,000,000 plus, you’ll get into Sycamore Hills, Twin Eagles or Fort Wayne’s only gated community, Heron Preserve.
Fort Wayne is really affordable, mainly because of our affordable home prices. So if you are going to be putting 10% down on a loan, your monthly payment on that average price of $185 in Fort Wayne, is going to be about $1,033. That would be your total monthly payment with taxes, insurance, principal and interest. In case, you were thinking about renting when you get here, there are some options for you.
The average rental rate in Fort Wayne is $735. If you want to be in a single family home, in one of the nicer school districts, then you’re starting at about $1,200. If you’re okay with a single bedroom apartment, you can definitely find some well below $735. Our average gas bill in Fort Wayne is about $65, our average electric bill is about $75, and our average water bill is about $70.
All right, so let’s talk about taxes…Indiana has a state retail tax of 7%. We do have an income tax along with your federal income taxes, and we have to pay state income taxes. However, we make up for that with super low property taxes. So, for the vast majority of homeowners in Indiana, you’re paying 1% of the assessed value towards your property taxes.
So if you live in a $300,000 home, your property taxes with your homestead exemption, is going to be about $3,000 per year. That’s really good compared to most other places around the country. So yes, while we have to pay state income tax, we make up for that in our low property taxes.
So food in Fort Wayne is pretty much on the national average. If you want to go out to eat at a decent restaurant in Fort Wayne, you’re looking at a bill of about 40 bucks for two. If you want to go to a nicer restaurant and have some drinks, it’s about $80. You can also go to a neighborhood cafe and eat for two for under $20.
If you have any questions, you can call, text, or email me. if you’re thinking about living in Fort Wayne, watch some more of my videos. If you already live in Fort Wayne and you need help, I can help you as well!