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Greenville, Iowa: Rising Home Values and Shifting Ownership in a Small Dynamic City
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
Greenville, a small city in Iowa, has experienced notable shifts in its housing landscape over the past decade. With a population of 310 in 2022 and spanning just 0.17 square miles, this compact community has seen significant changes in homeownership rates and housing costs.
The homeownership rate in Greenville has shown a remarkable upward trend in recent years. From 2013 to 2022, the percentage of owner-occupied homes increased from 76% to 83%. This rise in homeownership coincided with fluctuations in average home prices. While specific historical data on home prices is limited, we know that the average home price in Greenville reached $186,170 in 2022.
The relationship between federal interest rates and homeownership rates in Greenville appears to follow established patterns. As interest rates remained low from 2013 to 2021, ranging from 0.08% to 1.83%, homeownership rates generally increased. This aligns with the principle that lower interest rates tend to make home financing more accessible, encouraging higher rates of homeownership.
Conversely, the percentage of renters in Greenville has decreased over time. In 2013, renters occupied 24% of housing units, but by 2022, this figure had dropped to 16%. Despite this decline in the renter population, average rent prices have shown a significant increase. In 2013, the median rent was $424, but by 2022, it had risen to $1,037, representing a 145% increase over nine years. This substantial rise in rent prices, despite a decreasing renter population, suggests a tightening rental market in Greenville.
Looking at the most recent data, the average home price in Greenville rose to $196,822 in 2023 and further increased to $206,791 in 2024. This represents a 5.7% increase from 2022 to 2023 and a 5.1% increase from 2023 to 2024. Concurrently, federal interest rates climbed to 5.02% in 2023 and 5.33% in 2024, marking a significant increase from the lower rates of previous years.
Applying predictive models to these trends, we can forecast continued growth in both average home prices and rent prices over the next five years. Home prices are projected to maintain a steady increase, potentially reaching around $240,000 by 2029. Rent prices are also expected to continue their upward trajectory, possibly exceeding $1,200 per month within the same timeframe.
In summary, Greenville has experienced a notable increase in homeownership rates, coupled with rising home prices and a significant surge in rent costs. The city's compact size and growing population density suggest a competitive housing market. As interest rates continue to rise, it will be crucial to monitor their impact on homeownership trends and housing affordability in this small Iowa community.
