My short answer? It depends.
Those of you that know me realize that I rarely share just my short answers...
Fort Wayne has three major rivers running through it. The St. Marys, St. Joseph, and Maumee Rivers meet downtown.
There has been a history of flooding issues in certain areas of Fort Wayne, so over the last 10 years or so the city has done extensive work on the river banks to contain most of it.
That said, there are still a handful of neighborhoods in Fort Wayne that are in a flood zone, even though they haven't flooded in years.
One of the neighborhoods in a flood zone is the Belle Vista area in Waynedale. There are about 3-4 streets in this neighborhood that are in the flood zone and require flood insurance.
To my knowledge (I've lived near there for 8 years now) there has not been any flooding in this area. Even after a record amount of snow this past winter I didn't see any water in the area.
So living there shouldn't be a big deal right? If it doesn't actually flood, what's the big deal?
Flood insurance is the big deal.
Since the homes here are technically in the flood zone, you're required to carry flood insurance. Depending on the price of the home, that could range from $50-$150 extra a month.
Don't quote me on that since I'm not an actual insurance agent. That's just an estimate on the numbers that I've seen.
The good news?
Since homes in flood zones don't appeal to the masses because of the additional monthly cost (and still the risk of flooding), you'll probably be able to get more home for the money in these areas.
So... back to my question. Should I buy a home located in a flood zone?
I don't know. I think each individual case is different.
What are your thoughts?