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Wyoming, Iowa: High Homeownership Amid Rising Home Values
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
Wyoming, Iowa: High Homeownership Amid Rising Home Values Wyoming, Iowa, is a small community that has experienced significant demographic changes over the past decade. The city has seen fluctuations in homeownership rates and housing prices, reflecting broader economic trends and local factors. Overall, Wyoming has maintained a high rate of homeownership, with average home prices showing a general upward trend in recent years.
The homeownership rate in Wyoming has remained consistently high, ranging from 80% to 88% between 2013 and 2022. This stability in homeownership coincides with a gradual increase in average home prices. In 2016, the average home price was $115,470, which decreased to $99,051 in 2018 before rebounding to $143,688 in 2022. This represents a 24.4% increase in average home prices from 2016 to 2022, despite some fluctuations. The high homeownership rate suggests a strong preference for owning rather than renting in the community, even as home prices have risen.
Federal interest rates have played a role in homeownership trends in Wyoming. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates corresponded with the city's high homeownership rates, as favorable financing conditions made purchasing homes more accessible. For example, in 2015, when the interest rate was 0.13%, the homeownership rate peaked at 88%. As interest rates began to rise more significantly in 2022 (1.68%), there was a slight decrease in homeownership to 86%, indicating a potential correlation between higher interest rates and homeownership rates.
Renter percentages in Wyoming have remained relatively low, fluctuating between 11% and 20% from 2013 to 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $814, which decreased to $526 in 2016 before gradually increasing to $713 in 2022. This represents a 35.6% increase in average rent from 2016 to 2022. The low renter percentage, coupled with the city's growing population (from 573 in 2013 to 763 in 2022), suggests a limited rental market that may be influencing rent prices.
In 2023, the average home price in Wyoming reached $149,201, representing a 3.8% increase from 2022. This trend continued into 2024, with average home prices rising to $151,686, a further 1.7% increase. Concurrently, federal interest rates climbed to 5.02% in 2023 and 5.33% in 2024, marking a significant increase from previous years. These higher interest rates may impact future homeownership trends and housing affordability in the city.
Looking ahead, based on the observed trends, it is projected that average home prices in Wyoming will continue to rise moderately over the next five years, potentially reaching around $165,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $800 per month within the same timeframe. These projections assume continued population growth and stable economic conditions in the region.
In summary, Wyoming has maintained a high rate of homeownership despite rising home prices, reflecting a strong local preference for owning property. The relationship between federal interest rates and homeownership rates has been evident, with lower rates corresponding to higher ownership levels. The rental market remains relatively small but has seen increasing average rents. As the city continues to grow, balancing affordable housing options with the desire for homeownership will likely be a key consideration for local policymakers and residents alike.
