Long Beach, Indiana, is a charming town with many places to explore. In addition to the magnificent Lake Michigan, there are the Friendship Botanic Gardens and the Indiana Dunes National Park to check out. Long Beach is the perfect place to enjoy outdoor activities, unwind, and let your cares melt away. If you are curious about Long Beach, Indiana, and what it takes to live there, this article is for you.
Why are people buying a home in Long Beach, Indiana?
Small-town charm
Long Beach is a quaint town with less than 2,000 residents. Although there are a few local businesses, most are located outside the town limits, giving it a peaceful atmosphere. Long Beach and the surrounding areas have various events planned throughout the year to unite the community and have fun, such as farmers’ markets, food truck festivals, community-wide picnics, movie screenings, concerts, and more.
The great outdoors
Lush green vegetation, large established trees, and the calm, clear waters of Lake Michigan surround the town. Outdoor activities such as golfing, fishing, boating, and water sports are all in abundance, with so many opportunities to get outside and be active. The three beautiful miles of shoreline along Lake Michigan are the perfect spot for a relaxing day under the sun. Head to Indiana Dunes National Park for a fun-filled afternoon on the sands. Lake View Beach is a great spot for a picnic or a walk along the shore. Explore the trails at Indiana Dunes State Park for an outdoor excursion.
Location, location, location
Long Beach is a peaceful residential area that offers easy access to all the excitement and gorgeous views. Many full-time residents commute to work in other locations. It is common for Long Beach homeowners to use their properties as second homes or vacation rentals for visitors from nearby cities like Chicago.
Long Beach neighborhoods
Lake Shore Drive
Lake Shore Drive in Long Beach is a highly sought-after area boasting a row of beach houses with exclusive access to Lake Michigan's glorious shoreline. The neighborhood offers stunning views of the water and remarkable luxury properties.
Hidden Shores and The Commons communities
The Clare Lake area is home to the Hidden Shores and The Commons communities, which offers serene views of tranquil waters and lush greenery. While some properties overlook the lake, others are nestled in wooded lots.
Although motorized boats are prohibited on Clare Lake, residents can still appreciate its peaceful beauty. Lake Michigan is only a short distance away for those interested in boating, fishing, or other water activities.
Housing values and fees in Long Beach
Read on for a quick overview of the housing expenses you can expect in Long Beach.
Median housing price in Long Beach
According to the Northwest Indiana Realtors Association, in March 2023, the
median list price for a home in Long Beach, Indiana, real estate was $699,000, and the
median sales price was $460,000. This is higher than the prices seen throughout greater northwest Indiana, where the median sales price sits around
$225,000. In addition, the real estate scene here is competitive, as currently, there are only three listings for sale.
Indiana property taxes
Indiana homeowner’s insurance
Homeowner’s insurance varies by state and coverage. Indiana’s
average yearly premium in 2023 was $1,225 or $102 monthly for $250,000 worth of coverage.
Long Beach HOAs
A monthly fee will be charged if a house or condominium has a Homeowner’s Association (HOA). There is no way to estimate this charge because each HOA is different.
Lending options in Long Beach
There are several types of mortgages, each with advantages and disadvantages. Conventional, fixed-rate, and adjustable-rate mortgages are conforming loans. Conforming loans require applicants’ credit scores to be at a certain level, and they have specific property and income guidelines.
Nonconforming loans are loans that do not meet the guidelines required of conforming loans. FHA, VA, USDA, and Jumbo mortgages are non-conforming loans. They are less strict regarding credit scores, down payment amounts, and property and income requirements because they are government-backed loans.
Some key features of loans that you may qualify for are listed below.
Conventional loans
Conventional loans are more demanding in some ways but also have advantages.
- Must have a credit score of 620 or above.
- Must have a low debt-to-income (DTI) ratio.
- A down payment of 3% for qualifying applicants.
- Must pay private mortgage insurance (PMI) if the down payment is less than 20%.
- Costs to borrow, after interest and fees, is lower than that of unconventional loans.
- Can have a fixed-rate or adjustable mortgage.
FHA loans
The Federal Housing Administration insures FHA loans. Applicants must meet specific criteria to qualify.
- In some cases, credit scores as low as 500 are accepted.
- Down payments range from 3.5% to 10%.
VA loans
The Department of Veterans Affairs insures VA loans.
- Applicants must have served in the Armed Forces or National Guard.
- Does not require a down payment.
- Interest rates are lower than other types of loans.
Tips to save in Long Beach, Indiana, real estate
Rates
Homebuyers looking to save money should compare rates from various lenders. If they limit themselves to only talking with someone at their credit union or bank, they might miss out on a better rate.
Down payment
A larger down payment can lead to lower interest rates and savings over time. A 20% down payment can also eliminate the need for private mortgage insurance (PMI), saving hundreds per month. Homeowners that already pay PMI can contact their lender to remove the charge once they have 20% equity in their home.
Credit score
When buying a home, having a solid credit score can be advantageous. Lenders are more likely to give lower interest rates to individuals with good credit since they trust them to repay the loan. To improve their credit score, individuals can pay their bills on time, maintain low credit card balances, and fix any errors on their credit reports.
Giorgios Karayannis knows Long Beach
Are you hoping to buy or sell property in the highly sought-after location of Long Beach? Acting fast is crucial, so you need to work with an experienced local agent to secure the best deal. Look no further than
Giorgios Karayannis for the guidance you can count on.
Contact Giorgios today for assistance with Long Beach, Indiana, real estate.
*Header photo courtesy of Shutterstock
