Loading Content...
Low Moor, Iowa: Rising Home Values and Shifting Ownership in a Small City
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Low Moor, a small city in Iowa with a population of 96 in 2022, has experienced fluctuations in its housing market over the past decade. This tight-knit community has seen notable shifts in homeownership rates and housing costs. The city has maintained a high percentage of owner-occupied homes, though this has slightly decreased in recent years. Meanwhile, average home prices and average rent have shown an upward trend, particularly in the most recent years.
The homeownership rate in Low Moor has experienced a slight decline over the observed period. In 2013, the city boasted an impressive 98% homeownership rate. However, by 2022, this figure had decreased to 89%. This decline coincided with a rise in average home prices. The average home price in 2022 was $134,207, increasing to $137,339 in 2023, and further to $138,998 in 2024. This upward trend in home prices may have contributed to the slight decrease in homeownership rates.
Federal interest rates have played a significant role in homeownership trends. From 2010 to 2021, interest rates remained historically low, hovering between 0.08% and 2.16%. This period of low interest rates likely supported the high homeownership rates in Low Moor, as it made mortgages more affordable. However, the sharp increase in interest rates to 1.68% in 2022, 5.02% in 2023, and 5.33% in 2024 may have contributed to the slight decrease in homeownership rates observed in recent years.
The percentage of renters in Low Moor has increased from 3% in 2014 to 11% in 2022. This rise in renters coincides with an increase in average rent prices. In 2014, the average rent was $638, which decreased slightly to $532 in 2016. However, from 2016 onwards, there has been a steady increase in average rent prices, reaching $888 in 2022. This represents a 66.9% increase in average rent over six years. The population fluctuations, from 105 in 2016 to 96 in 2022, may have influenced the rental market dynamics.
Looking at the most recent data, we see that average home prices in Low Moor continued to rise, reaching $137,339 in 2023 and $138,998 in 2024. This represents a 3.6% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly to 5.33% in 2024, which may impact future homeownership trends and housing affordability in the city.
Applying predictive models to forecast 5-year trends, we can expect the average home prices in Low Moor to continue their upward trajectory, potentially reaching around $150,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $1,000 per month within the next five years if current trends persist.
In summary, Low Moor has experienced a slight decrease in homeownership rates coupled with increases in both average home prices and average rent. The recent sharp rise in federal interest rates may continue to influence these trends. While the city maintains a high percentage of owner-occupied homes, the growing rental market and increasing housing costs suggest a changing landscape in Low Moor's housing market.
