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Seniors consider trading life in the suburbs for a slice of Downtown Indy

Downtown Indy
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INDIANAPOLIS — Cheryl Miller and her husband Danny have lived in Greenwood for over three decades. It’s where they raised their children and built a life together.

The empty-nesters are tired of the maintenance of owning a home and ready for what’s next.

“Mowing the grass, weeding, home owners associations. Getting away from that and just simplifying," Miller said. “What we’re interested in is the downtown and everything that goes on downtown.”

Seniors consider trading life in the suburbs for a slice of Downtown Indy

The Millers aren’t the only ones with their eyes on downtown Indy.

A recent Downtown Indy Alliance report shows the current population is around 30,000; more than double the number just 10 years ago.

While the average resident age is around 32 years old, realtor Margie Litz says there’s a growing number of seniors with their sights set on the city.

“I think some people will just entirely change where they live period. I think that’s where some of the people will consider, ‘I’ve been in the suburbs all these years while my kids are in school and now it’s my turn. It’s my chance to come to downtown Indianapolis,'" Litz said.

Litz is experiencing that reality firsthand. She now lives in an amenity-driven high rise right of Monument Circle.

She loves the walkability and easy access to dining and entertainment.

“Another thing I really like is: I’m not responsible for anything. If my heat goes out, if my refrigerator goes out, all my friends are like ‘Margie, you’re so relaxed?’ Why not? I don’t have to do anything! It’s all done for me," she said.

So when does it make sense financially to make the move?

Investment Advisor Evan Coffman says it depends on what you want to achieve.

“It’s a smart financial decision when maybe you don’t have a lot of liquid cash available to yourself and it’s all locked up in a home that you’ve been paying for multiple years and years and saying, 'Where can I find a piece of cash?' Most people have them in their houses," Coffman said.

Coffman happens to be Litz’s grandson.

The two plan to offer seminars to seniors who are in a transitional time in their life.

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“Saying, 'Hey can I actually do this financially? I may want to but can I actually achieve this.' We don’t just look at your real estate transaction. We wanna look through your other investment accounts, your social security, pension income to truly get a picture.”

There’s a lot still to come for downtown in the next couple of years.

Major projects in the works include the Indiana Fever Sports Performance Center, the CSX Hotel and Music Venue and the Hendricks redevelopment of the Circle Centre Mall.

“I think it will bring a lot of excitement to downtown and people that I talk to realize why I love it here. Not only what’s here now but what’s coming up," Litz said.

Litz and Coffman's first seminar will be at St. John’s Catholic Church on Tuesday, January 13, from 9 a.m. to 11:30 a.m.

To contact them, email margie.litz@talktotucker.com


Nico Pennisi is the In Your Community reporter for Downtown Indy. He joined WRTV in October 2022. His passion has always been telling the stories of people who often get overlooked. Share your story ideas and important issues with Nico by emailing him at nico.pennisi@wrtv.com.

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