Real estate investors in America are waking up to a new El Dorado: Northwest Indiana. Nestling the southern shores of Lake Michigan and barely an hour’s drive away from the ‘windy city’ of Chicago, the region boasts a host of advantages that virtually makes it a gold mine for real estate investors. So if you are scouting for the right place to invest your hard earned money for a healthy ROI, head for places like Hammond or Merrillville in Northwest Indiana.
Local Employment: Although its proximity to Chicago is a big plus in Northwest Indiana’s favor, you cannot ignore the fact that the region is also home to many of the big names in the manufacturing and industrial sectors. The steel industry is present here in full force with the likes of Arcelor Mittal and US Steel leading the ranks of prominent steel producers operating in Northwest Indiana. BP’s oil refinery in Whiting ranks as the largest oil refinery in the whole of Midwestern US. The concentration of large industries in the region ensures a constantly growing demand for housing from individuals and corporate alike. In fact there is a requirement for low, medium and high cost housing due to the large number of blue and white collared professionals who live and work here.
Walk the Tax Talk: That the local administration is investor-friendly and pro-landlord also works in Northwest Indiana’s favor. If you are a landlord here and need to evict a tenant, you can get it done within a fortnight whereas the same procedure would take a minimum of 6 months to accomplish in nearby Chicago! Moreover a realistic approach to taxation also attracts property investors to the region. For example, property taxes for investors in Northwest Indiana are capped at a reasonable 2% of the assessment value.
Young Blood: Northwest Indiana is not only a thriving business and industrial center but also a hub of education and research. The region is home to the internationally renowned Purdue University in Hammond and America’s largest Lutheran university at Valparaiso. With no less than seven universities and numerous educational institutions imparting quality training in disciplines ranging from technical, medical and business administration to the humanities, Northwest Indiana is a major center for education. The presence of a large student community also contributes significantly to the demand for accommodation in the area.
At the Crossroads: One of the biggest advantages that Northwest Indiana enjoys is its proximity to the city of Chicago. Barely 30 to 45 minute drive away from suburban Chicago, housing in Northwest Indiana counties are in great demand from professionals working in Chicago. Considering the relatively higher prices of real estate and also the cost of living in a big city, a large number of professionals prefer commuting between work in downtown Chicago and homes in counties of Northwest Indiana. A fantastic network of road and rail transportation has virtually made the region a crossroads for the major business and educational centers in the region.
Sound Business Sense: Initially, Hammond, Merrillville and other localities in Northwest Indiana attracted residents with low prices, rents and a relatively low cost of living. However, the prosperity ushered in by high employment figures and economic development has contributed to an overall increase in affluence, leading to a corresponding rise in property prices as well as higher rents. As a result, property investors are looking at the region with renewed interest and lining up for a piece of the action.
Floating Population: Thanks to a number of tourist attractions of the natural as well as man-made kind, Northwest Indiana attracts high visitor traffic too. While nature parks and sand dunes attract nature enthusiasts, floating casinos that dot the shores of Lake Michigan lure gaming enthusiasts from all corners of the US and beyond. Casino gaming contributes significantly to the prosperity of the region and generates significant demand for housing from the resident as well as a migrant workforce.
If there’s an ideal destination in the US for job seekers, nature enthusiasts, students and gamblers, it is Northwest Indiana. As you can see, the region is not only in the right place at the right time, it is also the right place to invest in real estate at this moment. There’s no better place than Northwest Indiana for real estate investors. So go ahead and reap the benefits of property investments in America’s new land of opportunity!