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Eddyville, Iowa: Rising Home Values and Shifting Ownership Patterns
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
Eddyville, a small city in Iowa, has experienced notable shifts in its housing market over the past decade. This analysis explores the trends in homeownership, average home prices, and average rent prices, providing insights into the city's real estate dynamics. Homeownership in Eddyville has shown a gradual decline from 2013 to 2022. In 2013, 81% of residents owned their homes, but by 2022, this figure had decreased to 77%. Despite this decline, average home prices have consistently increased. In 2016, the average home price was $100,388, rising steadily to reach $162,026 by 2022, representing a significant 61.4% increase over six years.
The relationship between federal interest rates and homeownership rates in Eddyville presents an interesting dynamic. From 2013 to 2015, when interest rates were at historic lows (0.11% to 0.13%), homeownership rates remained stable at around 81-85%. However, as interest rates began to rise from 2016 onwards, homeownership rates started to decline. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in Eddyville have shown an inverse relationship to homeownership rates, increasing from 19% in 2013 to 23% in 2022. Average rent prices have fluctuated over this period but generally trended upward. In 2013, the average rent was $507, rising to $688 by 2022, a 35.7% increase. This rise in rent prices, coupled with the increase in the renter population, suggests growing demand for rental properties in the city.
In 2023 and 2024, Eddyville's housing market continued its upward trajectory. The average home price reached $168,223 in 2023 and further increased to $175,049 in 2024, representing a 4.1% year-over-year growth. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the city.
Looking ahead, predictive models suggest that average home prices in Eddyville will continue to rise over the next five years, potentially reaching around $200,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $750 per month within the same timeframe. These projections are based on the consistent upward trends observed in both metrics over the past decade.
In summary, Eddyville's housing market has been characterized by declining homeownership rates, steadily increasing average home prices, and rising average rent prices. The interplay between these factors, alongside fluctuating interest rates, has shaped the city's real estate landscape. As the market continues to evolve, these trends are likely to have significant implications for both current and prospective residents of Eddyville.
