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Ruthven, Iowa: Rising Home Values and Ownership Rates in a Small Community
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
Ruthven, located in Iowa, is a small community that has experienced fluctuations in its population and housing market over the past decade. The city has seen a general trend of increasing homeownership rates, accompanied by rising average home prices and varying average rent prices.
The homeownership rate in Ruthven has shown a significant upward trend, particularly in recent years. In 2013, the homeownership rate was 74%, which increased to 84% by 2022. This substantial rise in homeownership coincided with an overall increase in average home prices. In 2013, the average home price was $98,758, which steadily rose to $166,612 by 2022, representing a 68.7% increase over this period. This trend suggests a strong correlation between rising homeownership rates and increasing property values in the city.
The relationship between federal interest rates and homeownership rates in Ruthven appears to follow the general economic principle that lower interest rates encourage homeownership. For instance, when federal interest rates were relatively low between 2013 and 2016 (ranging from 0.11% to 0.4%), the city maintained a high homeownership rate of around 70%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, Ruthven surprisingly saw an even greater increase in homeownership, reaching 84% in 2022. This suggests that local factors may have had a stronger influence on homeownership than national interest rates in this particular case.
The renter percentage in Ruthven has correspondingly decreased as homeownership rates increased. In 2013, the renter percentage was 26%, which declined to 16% by 2022. Interestingly, average rent prices have shown some volatility during this period. In 2013, the average rent was $525, which increased to $569 in 2015 before dropping to $454 in 2017. By 2022, the average rent had risen again to $581. This fluctuation in rent prices, combined with the decreasing renter population, suggests a complex rental market influenced by factors beyond simple supply and demand.
In 2023 and 2024, Ruthven continued to see growth in average home prices. The average home price reached $173,755 in 2023 and further increased to $177,188 in 2024. This represents a 6.3% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which are the highest rates seen in over a decade.
Looking ahead, predictive models suggest that average home prices in Ruthven will continue to rise over the next five years, albeit at a more moderate pace. Based on historical trends, average home prices could potentially reach around $200,000 by 2029. Average rent prices are also expected to increase, potentially reaching close to $650 by 2029, assuming the current trend continues.
In summary, Ruthven has experienced a remarkable increase in homeownership rates, rising from 74% to 84% between 2013 and 2022. This trend has been accompanied by a significant increase in average home prices, which have risen by over 68% during the same period. Despite rising federal interest rates, the local housing market has remained robust, with continued growth in home values observed through 2024. The rental market has shown more volatility, with fluctuating average rents and a decreasing renter population. These trends paint a picture of a changing housing landscape in Ruthven, with a strong shift towards homeownership and increasing property values.
