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Average Home Values and Ownership in Zip Code 47119: A Decade of Growth in Floyds Knobs, Indiana
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 47119, located in Floyds Knobs, Indiana, is characterized by a robust housing market with predominantly owner-occupied properties. This suburban area has experienced consistent population growth and maintained high homeownership rates over the past decade, accompanied by rising average home prices and relatively stable average rent prices.
The homeownership rate in zip code 47119 has remained remarkably consistent, fluctuating between 92% and 94% from 2013 to 2022. This high rate of owner-occupancy coincides with a significant increase in average home prices. In 2010, the average home price was $209,877, which rose steadily to reach $369,774 by 2022, representing a 76% increase over 12 years. This trend suggests a strong correlation between the stable high homeownership rates and the appreciating property values in the area.
Federal interest rates have influenced homeownership trends in zip code 47119. From 2010 to 2016, interest rates remained historically low, ranging from 0.1% to 0.4%. During this period, homeownership rates in the area were consistently high, between 92% and 94%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates remained stable, indicating the area's resilience to moderate interest rate fluctuations.
The rental market in zip code 47119 has remained relatively small but stable. The percentage of renters has fluctuated between 6% and 8% from 2013 to 2022. Average rent prices have shown some variability but have generally remained within a narrow range. In 2013, the average rent was $1,000, which decreased to $884 by 2022, an 11.6% reduction. This slight downward trend in rent prices, coupled with the area's low renter population, suggests a balanced rental market that has not experienced significant pressure despite the growing population.
In 2023 and 2024, the housing market in zip code 47119 continued its upward trajectory. The average home price reached $380,510 in 2023 and further increased to $389,213 in 2024, representing a 2.9% and 2.3% year-over-year growth, respectively. This growth occurred despite the sharp rise in federal interest rates, which climbed to 5.02% in 2023 and 5.33% in 2024, highlighting the robust demand for housing in this area.
Looking ahead, based on historical trends and current market conditions, we can project continued growth in average home prices for zip code 47119. Applying a conservative linear regression model, we estimate that average home prices could reach approximately $450,000 by 2029. For rent prices, given their relative stability over the past decade, we anticipate modest growth, potentially reaching an average of around $950 per month in the next five years.
In summary, zip code 47119 demonstrates a strong and stable housing market characterized by high homeownership rates and steadily appreciating property values. The area has shown resilience to interest rate fluctuations and maintains a balanced rental market. With continuing population growth and consistent demand for housing, this zip code is likely to remain an attractive area for homeowners and investors alike in the coming years.
