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Home Values and Ownership in Zip Code 50047: Carlisle's Resilient Housing Market
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 50047, located in Carlisle, Iowa, has experienced significant changes in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 50047 has remained relatively stable, with slight fluctuations over the years. In 2013, the homeownership rate was 84%, and by 2022, it stood at 85%. During this period, average home prices in the area have shown a consistent upward trend. In 2013, the average home price was $139,770, and by 2022, it had increased to $261,196, representing a substantial 87% increase over nine years.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 50047. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.4%), homeownership rates remained steady at around 82-83%. As interest rates began to rise in 2017 (1%) and 2018 (1.83%), there was a slight increase in homeownership to 83%. This trend continued into 2020 and 2021, with homeownership reaching 86% and 88% respectively, coinciding with historically low interest rates of 0.38% and 0.08%.
The rental market in zip code 50047 has shown some interesting trends. The percentage of renters fluctuated between 12% and 17% from 2013 to 2022. Average rent prices have been volatile during this period. In 2013, the average rent was $964, which decreased to $762 in 2015, then rose to $1,012 in 2018, before declining again to $820 in 2022. These fluctuations in rent prices don't show a clear correlation with the renter percentage, suggesting that other factors such as local economic conditions and housing supply may be influencing the rental market.
Looking at the most recent data, the average home price in zip code 50047 continued to rise in 2023, reaching $269,483, and further increased to $275,327 in 2024. This represents a 5.4% increase from 2022 to 2024. Interestingly, this price growth occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. This suggests a strong demand for housing in the area, possibly driven by factors such as local economic growth or limited housing supply.
Based on the historical trends and recent data, we can make some predictions for the next five years. Average home prices in zip code 50047 are likely to continue their upward trajectory, albeit at a potentially slower pace due to higher interest rates. We might expect average home prices to reach around $300,000 to $320,000 by 2029. For rent prices, given their historical volatility, it's more challenging to predict a clear trend. However, if the area's population continues to grow and homeownership remains high, we might see a gradual increase in average rent prices, potentially reaching $900 to $1,000 per month by 2029.
In summary, zip code 50047 has demonstrated a robust housing market with steadily increasing average home prices and relatively stable homeownership rates. The area has shown resilience in the face of changing interest rates, with recent price growth occurring even as rates have risen significantly. The rental market, while more volatile, has remained a significant component of the local housing landscape. These trends suggest a healthy demand for housing in the area, potentially driven by local economic factors and demographic shifts.
