Loading Content...
Zip Code 50005: High Homeownership and Stable Home Values in Albion, Iowa
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 50005, located in Albion, Iowa, has experienced notable fluctuations in population and housing trends over the past decade. This small community, covering 25.44 square miles, has seen interesting shifts in homeownership rates and housing prices, reflecting broader economic changes.
The homeownership rate in zip code 50005 has remained relatively high, fluctuating between 87% and 94% from 2013 to 2022. This strong preference for homeownership is a distinctive feature of this area. The ownership percentage peaked at 94% in 2015 and settled at 91% in 2022. Interestingly, the average home prices in this zip code have shown a slight decrease in recent years, moving from $135,007 in 2022 to $133,767 in 2023, before a slight uptick to $134,341 in 2024.
When examining the relationship between federal interest rates and homeownership rates, we observe some correlation. For instance, the period of low interest rates from 2013 to 2016 (ranging from 0.09% to 0.4%) coincided with high homeownership rates of 89% to 94%. However, even as interest rates began to rise more significantly from 2017 onwards, homeownership rates in this zip code remained robust, suggesting other local factors may be influencing this trend.
The rental market in zip code 50005 has shown interesting trends as well. The percentage of renters has fluctuated between 6% and 13% from 2013 to 2022. Average rent prices have shown some volatility, peaking at $839 in 2014 before declining to $752 in 2018, and then rising again to $818 in 2022. This trend in rent prices doesn't appear to have a strong correlation with the renter percentage, which remained relatively stable during this period.
Looking at the most recent data, we see that in 2023, the average home price in zip code 50005 was $133,767, with a federal interest rate of 5.02%. In 2024, the average home price has increased slightly to $134,341, while the federal interest rate has risen to 5.33%. This suggests a resilient housing market despite rising interest rates.
Applying predictive models to forecast 5-year trends, we anticipate a modest increase in average home prices in zip code 50005. Based on the current trajectory, average home prices could potentially reach around $138,000 by 2029. For rent prices, the forecast suggests a potential increase to approximately $850 per month over the next five years, assuming current economic conditions persist.
In summary, zip code 50005 demonstrates a strong preference for homeownership, maintaining high rates even in the face of fluctuating interest rates. The housing market appears stable with slight growth potential, while the rental market shows moderate price increases. These trends suggest a community with a strong attachment to homeownership and a relatively stable housing market.
