Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 1,206, 343 total housing units (homes and apartments), and a median house value of $480,835, Topeka house prices are not only among the most expensive in Indiana, Topeka real estate also is some of the most expensive in all of America.
Single-family detached homes are the single most common housing type in Topeka, accounting for 58.62% of the town's housing units. Other types of housing that are prevalent in Topeka include large apartment complexes or high rise apartments ( 27.59%), mobile homes or trailers ( 7.14%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.65%).
The most prevalent building size and type in Topeka are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 63.85% owning and 36.15% renting.
There is a lot of housing in Topeka built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Topeka built before 1939 ( 36.70%). A lesser amount of the housing stock also hails from between 1940-1969 ( 14.29%). There's also some housing in Topeka built between 2000 and later ( 1.72%).
Vacant housing appears to be an issue in Topeka. Fully 15.52% of the housing stock is classified as vacant. Left unchecked, vacant Topeka homes and apartments can be a drag on the real estate market, holding Topeka real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
In the last 10 years, Topeka has experienced some of the highest home appreciation rates of any community in the nation. Topeka real estate appreciated 116.57% over the last ten years, which is an average annual home appreciation rate of 8.03%, putting Topeka in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Topeka definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Appreciation rates are so strong in Topeka that despite a nationwide downturn in the housing market, Topeka real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Topeka appreciation rates continue to be some of the highest in America, at 6.51%, which is higher than appreciation rates in 72.59% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Topeka. Topeka appreciation rates in the latest quarter were at 2.21%, which equates to an annual appreciation rate of 9.12%.
Relative to Indiana, our data show that Topeka's latest annual appreciation rate is higher than 90% of the other cities and towns in Indiana.
$1,401 / per month