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Average Home Values and Ownership in Zip Code 56673: Roosevelt's Shifting Housing Landscape
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
Roosevelt, located in zip code 56673 in Minnesota, presents an interesting case study in homeownership and housing market trends. This area has experienced notable shifts in population density and housing dynamics over the past decade, with a strong tendency towards owner-occupied homes.
The homeownership rate in Roosevelt has shown a significant upward trend, rising from 89% in 2013 to 93% in 2022. This increase in homeownership coincides with a general upward trend in average home prices. In 2016, the average home price was $121,755, which steadily increased to $183,502 by 2022, representing a substantial 50.7% growth over six years.
The relationship between federal interest rates and homeownership rates in Roosevelt appears to follow the expected pattern. As interest rates remained historically low from 2013 to 2021, ranging from 0.08% to 1.83%, the homeownership rate increased from 89% to 95%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Conversely, the percentage of renters in Roosevelt has decreased over time, dropping from 9% in 2013 to 6% in 2022. Despite this decline in renter occupancy, average rent prices have shown volatility. The average rent increased from $751 in 2013 to $900 in 2015, then fluctuated, reaching $857 in 2022. Interestingly, there was a spike in average rent to $1,186 in 2021, possibly due to temporary market factors or limited rental inventory in a predominantly owner-occupied area.
Looking at the most recent data, the average home price in Roosevelt reached $195,495 in 2023, showing continued appreciation. However, in 2024, there was a slight decrease to $178,776. This cooling in the housing market coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and further to 5.33% in 2024. These higher interest rates may be contributing to the moderation in home prices.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Roosevelt may experience moderate growth, albeit at a slower pace than seen in previous years due to higher interest rates. Average rent prices are expected to stabilize and potentially see modest increases, reflecting the limited rental market in the area.
In summary, Roosevelt has demonstrated a strong trend towards homeownership, with increasing average home prices over the past decade. The recent rise in interest rates appears to be moderating home price growth. The rental market remains a small segment of the housing landscape, with fluctuating but generally increasing average rents. These trends reflect a community that strongly favors homeownership, with potential for continued, albeit slower, appreciation in the housing market.
