Philadelphia - PA vs Indianapolis - IN: 2026 Housing Comparison

What this means for buyers

Philadelphia - PA is roughly 32% more expensive than Indianapolis - IN in typical home value. Indianapolis - IN sees more listings with price cuts (35.8% vs 26.3%), a sign of softening seller expectations.

Philadelphia vs Indianapolis: what the numbers say

At today's 7.24% average 30-year rate with 20% down, the typical home would cost about $2,105 a month in principal and interest in Philadelphia and $1,590 in Indianapolis, a gap of $515 a month.

Typical rent runs $1,903 in Philadelphia and $1,528 in Indianapolis, so the mortgage payment alone is 1.1 times rent in Philadelphia and 1.0 times rent in Indianapolis, before taxes and insurance.

Home prices are 16.9 years of rent in Philadelphia and 15.9 in Indianapolis; the lower ratio in Indianapolis means buying there is cheaper relative to renting.

Over the last 23 months typical values moved +5.4% in Philadelphia and +2.7% in Indianapolis; over just the last three months the change was +0.7% in Philadelphia and +0.1% in Indianapolis.

Homes sell for 100.1% of list price in Philadelphia and 98.4% in Indianapolis, after 15 and 20 days on the market, with price cuts on 26% and 36% of listings. All three signs point the same way: buyers have more room to negotiate in Indianapolis.

The number of homes for sale is up 9% on a year ago in Philadelphia and up 13% on a year ago in Indianapolis.

Payments assume a 30-year fixed loan at the Freddie Mac weekly average rate (2026-10-29), 20% down, principal and interest only. Home values, rents and market figures are Zillow Research metro data.