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Zip Code 50021: Rising Home Values and Stable Ownership in Ankeny, Iowa's Growing Real Estate 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 50021, located in Ankeny, Iowa, has experienced significant demographic and housing market changes over the past decade. This area has shown a general trend of increasing homeownership rates and rising average home prices, with some fluctuations in the rental market.
The homeownership rate in zip code 50021 has remained relatively stable, with a slight increase from 72% in 2015 to 75% in 2022. During this period, average home prices have seen substantial growth, rising from $197,840 in 2015 to $299,403 in 2022, representing a 51% increase. This trend suggests a strong correlation between rising home values and sustained homeownership rates in the area.
Federal interest rates have played a role in homeownership trends. From 2015 to 2021, interest rates remained relatively low, ranging from 0.13% to 1.68%. This period coincided with the stable homeownership rates and rising home prices in zip code 50021. Lower interest rates typically make mortgages more affordable, potentially contributing to the maintenance of high homeownership levels despite increasing home prices.
The rental market in zip code 50021 has shown some variability. The percentage of renters decreased slightly from 26% in 2015 to 25% in 2022. Average rent prices increased from $1,090 in 2015 to $1,157 in 2022, a 6.1% rise. This moderate increase in rent prices, combined with the slight decrease in the renter population, suggests a relatively stable rental market in the area.
In 2023 and 2024, average home prices in zip code 50021 continued to rise, reaching $308,253 in 2023 and $313,200 in 2024. This represents a 4.6% increase from 2022 to 2024. Concurrently, federal interest rates increased significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying affordability in the area.
Looking ahead, based on historical trends and current market conditions, we can forecast potential 5-year trends for average home and rent prices in zip code 50021. Average home prices may continue to appreciate, potentially reaching around $350,000 by 2029, assuming a moderate annual growth rate of 2-3%. Average rent prices could increase to approximately $1,300 by 2029, based on historical growth patterns and local economic factors.
In summary, zip code 50021 has demonstrated a robust housing market with increasing home values and stable homeownership rates. The rental market has remained relatively steady with modest price increases. The recent rise in interest rates may impact future homebuying trends, potentially slowing the rate of price appreciation or affecting affordability for new buyers. Overall, the area appears to maintain a strong appeal for both homeowners and renters, with continued growth expected in both sectors of the housing market.
