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 1,223 people, 382 houses or apartments, and a median cost of homes of $422,347, Topeka real estate is some of the most expensive in Indiana, although Topeka home values aren't among America's most expensive.
Single-family detached homes are the single most common housing type in Topeka, accounting for 63.02% of the town's housing units. Other types of housing that are prevalent in Topeka include large apartment complexes or high rise apartments ( 24.88%), mobile homes or trailers ( 5.58%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.58%).
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 63.61% owning and 36.39% 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 ( 36.28%). A lesser amount of the housing stock also hails from between 1940-1969 ( 13.49%).
Vacant housing appears to be an issue in Topeka. Fully 11.16% 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.
Appreciation rates for homes in Topeka have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 114.47%, which ranks in the top 30% nationwide. This equates to an annual average Topeka house appreciation rate of 7.93%.
NeighborhoodScout's data show that during the latest twelve months, Topeka's appreciation rate, at 11.34%, has been at or slightly above the national average. In the latest quarter, Topeka's appreciation rate has been 4.51%, which annualizes to a rate of 19.30%.
Importantly, this makes Topeka one of the highest appreciating communities in the nation for the latest quarter, and may signal the town's near-future real estate investment strength.
Relative to Indiana, our data show that Topeka's latest annual appreciation rate is higher than 50% of the other cities and towns in Indiana.
$422,347
for Indiana
for nation
382
$1,264 / per month