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Protivin, Iowa: High Homeownership Rates and Rising Home Values in a Small 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
Protivin, a small city in Iowa, has experienced significant fluctuations in its population and housing market over the past decade. The city's homeownership rates have remained relatively high, typically above 85%, while average home and rent prices have shown notable changes in recent years.
The trend between homeownership percentage and average home prices in Protivin reveals an interesting dynamic. From 2013 to 2022, the city maintained a high rate of homeownership, ranging from 86% to 91%. Despite this stability in ownership, average home prices have seen a substantial increase. In 2022, the average home price in Protivin was $99,617, which rose to $107,361 in 2023, representing a 7.8% increase in just one year.
Federal interest rates have played a role in influencing homeownership rates in Protivin. As interest rates remained low between 2013 and 2021, ranging from 0.08% to 1.83%, the city maintained its high homeownership rates. This aligns with the well-established trend that lower interest rates generally encourage homeownership due to more affordable financing options. However, the sharp increase in interest rates to 5.02% in 2023 did not immediately impact the high homeownership rate in Protivin, suggesting other local factors may be at play.
The trends in renter percentages and average rent prices in Protivin show some volatility. The percentage of renters fluctuated between 9% and 14% from 2013 to 2022. Average rent prices experienced significant changes during this period. In 2013, the average rent was $430, which increased to $992 in 2018, representing a 131% increase. However, by 2020, the average rent had decreased to $506, showing a 49% drop. The most recent data from 2022 indicates an average rent of $1,012, another substantial increase of 100% from 2020. These fluctuations in rent prices may be influenced by the city's changing population, which declined from 1,510 in 2010 to 990 in 2022, potentially affecting housing demand and supply dynamics.
Looking at the most recent data, the average home price in Protivin continued to rise, reaching $111,306 in 2024. This represents a 3.7% increase from 2023. The federal interest rate also saw a slight increase to 5.33% in 2024. These figures indicate a continuing trend of rising home values in Protivin, even in the face of higher interest rates.
Applying predictive models to forecast 5-year trends, we can expect average home prices in Protivin to continue their upward trajectory, potentially reaching around $130,000 by 2029. Rent prices may also continue to increase, albeit with potential fluctuations, possibly stabilizing around $1,200 per month by 2029.
In summary, Protivin has maintained high homeownership rates despite fluctuations in population and housing prices. The city has seen significant increases in both average home values and rent prices over the past decade, with recent data showing a continuation of these upward trends. The resilience of homeownership rates in the face of rising interest rates suggests strong local factors supporting home buying in this small Iowa city.
