Speedway

Speedway is its own independent town, entirely surrounded by Indianapolis, and it's exactly what the name suggests — home to the Indianapolis Motor Speedway and the Indy 500. It's got a genuine tight-knit, small-town character with its own downtown strip that's been expanding in recent years, and the racing heritage isn't a marketing angle — it's the actual identity of the place. A strong pick for buyers who want small-town feel without leaving the metro area entirely.

The housing stock is mostly modest mid-century bungalows and ranch homes on small lots, which keeps the entry price lower than comparable near-west Indianapolis neighborhoods — a real draw for first-time buyers and investors alike. That said, being its own municipality means its own zoning and rental ordinances apply, not the city's, so anyone considering short-term rental around race weekends needs to check Speedway's rules specifically rather than assuming Indianapolis's apply.