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Rising Home Values and Stable Ownership in Zip Code 50213: Osceola, Iowa'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 50213, located in Osceola, Iowa, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, spanning 189.96 square miles, has seen a general trend of increasing average home prices and fluctuating homeownership rates, with recent years showing a slight uptick in owner occupancy.
The homeownership rate in zip code 50213 has shown variability, ranging from a low of 59% in 2016 to a high of 67% in 2022. This trend has generally moved in tandem with average home prices, which have consistently increased from $84,663 in 2010 to $154,805 in 2022, representing an 82.8% increase over 12 years. Notably, the period from 2016 to 2022 saw both a significant rise in average home prices (from $99,929 to $154,805) and an increase in homeownership rates (from 59% to 67%), suggesting a growing preference for homeownership despite rising prices.
Federal interest rates have played a role in homeownership trends in zip code 50213. The period from 2010 to 2015 saw historically low interest rates, hovering around 0.1% to 0.13%. During this time, homeownership rates remained relatively stable, between 64% and 66%. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, homeownership rates initially dipped but then rebounded, reaching their peak of 67% in 2022. This suggests that other local factors may have offset the potential negative impact of rising interest rates on homeownership.
Renter percentages and average rent prices in zip code 50213 have shown an inverse relationship to homeownership rates. The highest percentage of renters was observed in 2016 at 41%, coinciding with the lowest homeownership rate. Average rent prices have generally increased over time, rising from $711 in 2013 to $769 in 2021, before slightly decreasing to $699 in 2022. The population of the area has also fluctuated, reaching 7,106 in 2022, which may have influenced rental demand and prices.
In 2023 and 2024, average home prices in zip code 50213 continued their upward trajectory, reaching $161,766 in 2023 and $166,738 in 2024. This represents a 7.7% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking the highest rates in over a decade. Despite these high interest rates, the continued rise in home prices suggests strong demand in the local housing market.
Looking ahead, predictive models suggest that average home prices in zip code 50213 are likely to continue their upward trend over the next five years, potentially reaching around $190,000 by 2029. Average rent prices, which have shown more volatility, are projected to stabilize and potentially increase moderately, possibly reaching $800 per month in the same timeframe. These projections assume continued economic stability and gradual population growth in the area.
In summary, zip code 50213 has demonstrated resilience in its housing market, with increasing average home prices and a recent trend towards higher homeownership rates. The area has weathered fluctuations in federal interest rates and maintained a dynamic balance between owner-occupied and rental properties. The continued rise in home prices, even in the face of higher interest rates, suggests a robust local housing market with potential for further growth in the coming years.
