As Indianapolis' housing market continues to change, rising housing prices and changing demographics are contributing to gentrification.
showed that many Indianapolis neighborhoods, mostly near downtown, are experiencing signs of gentrification, from increased home prices to more wealthy, primarily white residents.
Home ownership is increasing in some parts of the city — the Near Northside, Fountain Square and Mapleton-Fall Creek, all neighborhoods with increasing white and decreasing Black populations, according to the study. In contrast, neighborhoods just outside downtown Indianapolis are seeing more white, higher-income buyers move in. Martindale-Brightwood and Northwest-Riverside had the highest percentage increases in their white, non-Hispanic populations, followed by Crown Hill, Mapleton-Fall Creek, First Manor, the Near Northside and downtown neighborhoods.
Relatedly, home prices in neighborhoods experiencing gentrification have shot up drastically in the last few years. According to the report, Meadows, Martindale-Brightwood and the Near Westside experienced home value increases of between 100-150% in the last three years. In Black neighborhoods, between 10% and 15% of mortgage applications were denied, while white neighborhoods had between 2% and 4% of applications for mortgage loans denied. Disparities in denial rates between white and Black neighborhoods are at least in part due to a legacy of redlining, or discriminatory money lending practices based on prejudiced views.
Foreclosure rates in Marion County’s neighborhoods of color are double those of predominantly white neighborhoods.When properties go into foreclosure, investors can accrue homes for cheap — and sales of foreclosed homes will favor larger investor purchases over homeowners, which contributes to instability in neighborhoods, the FHCCI report argues.
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