If you're buying a home in Indianapolis, one of the biggest choices you'll make isn’t about bedrooms or countertops — it’s about location and lifestyle.

Do you want the walkability, nightlife, and energy of Downtown Indy?
Or the space, quiet streets, and backyard living the suburbs offer?

Both options come with distinct advantages, different costs, and unique long-term trade-offs. This guide breaks down how to decide between a downtown condo and a suburban single-family home, based on real buyer behavior we see every week in Indianapolis.

Start with the Core Question: What Kind of Daily Life Do You Want?

Where you live affects:

• Your commute

• Your social life

• Your budget

• Your stress level

• Your long-term equity

Before diving into numbers, take a moment to picture your day-to-day life.
That vision will tell you more about your ideal location than any spreadsheet.

Living Downtown: The Case for Condos

Downtown Indy has become a magnet for young professionals, remote workers, empty nesters, and anyone craving an easy, walkable life close to the action.

Condos are especially popular around:

• Mass Ave

• Mile Square

• Fletcher Place

• Lockerbie Square

• Fountain Square (walkable-adjacent)

Let’s break down the benefits.

Advantages of Downtown Condos

1. Walkability + Lifestyle

You can leave the car parked and walk to:

• Restaurants

• Bars and breweries

• Cultural Trail

• Gainbridge Fieldhouse

• IUPUI / IU Health

• The new transportation and entertainment projects rolling out for 2025–2026

Your free time suddenly feels bigger.

2. Low Maintenance

The HOA handles:

• Exterior repairs

• Landscaping

• Snow removal

• Roof + structure

• Common areas

For busy professionals, this is a major quality-of-life perk.

3. Lower Entry Price (in many cases)

Downtown condos often cost less than single-family homes in popular suburbs — making them more accessible for first-time buyers.

4. Great for Social + Professional Networks

If networking, nightlife, or convenience is important to you, downtown living keeps you in the center of everything.

This aligns with what we outline in:
Best Indianapolis Neighborhoods for Young Professionals (2025)

Downsides of Downtown Condos

1. HOA Fees Can Be High

Some buildings have HOA fees ranging $250–$500/mo (or more), which affects affordability.

2. Limited Space

You may be trading:

• A yard

• A garage

• Extra bedrooms

• Storage

…for convenience and location.

3. Appreciation Can Be Slower

Condos appreciate more modestly than single-family homes in Indy — especially in buildings with high fees or dated common areas.

Living in the Suburbs: The Case for Single-Family Homes

If you want more space, quieter surroundings, and long-term appreciation potential, suburbs like:

• Fishers

• Carmel

• Westfield

• Brownsburg

• Avon

• Franklin Township

• Lawrence Township

…offer tons of options for buyers at all stages.

Advantages of Suburban Homes

1. More Space for the Money

You get:

• Yard

• Garage

• More square footage

• Extra bedrooms

• Privacy

This is especially important if you’re planning to stay long-term.

2. Strong Appreciation

Suburbs with great schools and rapid job growth tend to appreciate faster than downtown condos.

3. Better for Growing Families

More room, quieter streets, and family-focused amenities make suburbs ideal if your future includes kids, pets, or home offices.

4. More Control Over Your Property

No HOAs restricting:

• Rentals

• Renovations

• Pets

• Exterior design

• Flooring type

(Not every suburban home has an HOA — and those that do often have lighter restrictions.)

Downsides of Suburban Homes

1. More Maintenance

You’re responsible for everything:

• Lawn

• Snow

• Roof

• HVAC

• Exterior

Suburbs offer freedom but require more time and money to maintain.

2. Longer Commutes

If you’re working downtown or regularly visiting, driving becomes part of your day.

3. Less Walkability

Some pockets (Broad Ripple, Irvington) are exceptions, but most suburbs require driving for nearly everything.

For a closer look at one highly walkable suburban-adjacent area, check out:
Buying a Home in Broad Ripple Indianapolis

Costs: Condo vs House in 2025 Indianapolis

Condo Costs Include:

• Purchase price

• Monthly HOA fee

• Insurance (cheaper than SFR)

• Parking/storage (sometimes extra)

House Costs Include:

• Higher purchase price (typically)

• Full homeowner’s insurance

• All maintenance

• Lawn and exterior upkeep

From a monthly-payment perspective, condos can be cheaper upfront — until HOA fees are factored in.

Which Builds Wealth Faster?

Generally:

• Condos build equity slowly but steadily

• Houses build equity faster through appreciation and improvements

If investment/ROI is part of your decision, the house often wins long-term.

Lifestyle Comparison: Downtown vs Suburbs

Your priorities will dictate which one feels like “home.”

Who Should Choose a Downtown Condo?

Buy a condo if you:

• Want walkability

• Prefer low maintenance

• Work downtown

• Want a simpler lifestyle

• Don’t need much space

• Want to build a social network

• Value convenience over yard space

Who Should Choose a Suburban House?

Buy a house if you:

• Need more space

• Are planning a family

• Want a yard

• Prioritize long-term appreciation

• Don’t mind maintenance

• Prefer quiet, stable neighborhoods

• Care about school districts

FAQs: Condo vs House in Indianapolis

Are condos good long-term investments?
Yes — especially downtown — but they often appreciate slower than houses.

Which has better resale value?
Houses typically do, especially in strong suburbs.

Are HOA fees worth it?
They can be if you want low maintenance and a simplified lifestyle.

Can downtown condos cash flow as rentals?
Sometimes, but HOA rules and fees matter a lot.

Final Thoughts

Choosing between a downtown condo and a suburban home in Indianapolis isn’t just a financial decision — it’s about the lifestyle you want today and the future you're planning for.

Both options offer great value depending on your priorities, and both align well with the Indy market’s mix of affordability and opportunity.

If you want help comparing neighborhoods, estimating payments, or figuring out which lifestyle fits you best, Roots Realty Co. is here to guide the journey.

Buyer Resources: https://rootsrealty.co/buy/buyer-resources
Join our Newsletter: https://rootsrealty.co/join-roots-newsletter