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Zip Code 50069: Resilient Homeownership and Rising Values in De Soto, Iowa
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
The zip code 50069, located in De Soto, Iowa, has demonstrated remarkable resilience in its housing market over the past decade. This small community has maintained a high rate of owner-occupied housing despite varying economic conditions, with homeownership rates consistently ranging from 79% to 86% between 2013 and 2022. During this period, average home prices in the area showed a steady upward trend, increasing substantially from $122,573 in 2013 to $240,612 in 2022, representing a significant 96% growth over nine years.
The relationship between federal interest rates and homeownership rates in zip code 50069 is noteworthy. From 2013 to 2016, when interest rates remained low at around 0.1% to 0.4%, homeownership rates stayed consistently above 80%. Interestingly, even as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the area's homeownership rate remained robust at 81%. This trend suggests a strong local preference for homeownership, persisting even in the face of changing financial conditions.
The rental market in zip code 50069 has experienced some fluctuations over the years. Renter percentages have generally ranged from 13% to 20% between 2013 and 2022. Average rent prices have shown notable changes, particularly in recent years. In 2013, the average rent was $802, which decreased to $684 in 2020 before rising sharply to $1,824 in 2022, marking a substantial 167% increase in just two years. This significant jump in rent prices occurred despite a relatively stable population, indicating that other factors such as housing supply constraints or local economic changes may have influenced the rental market dynamics.
In the years 2023 and 2024, average home prices in zip code 50069 continued their upward trajectory, reaching $253,801 in 2023 and $257,054 in 2024. This represents a 5.5% increase from 2022 to 2023 and a further 1.3% increase from 2023 to 2024. Concurrently, federal interest rates climbed to 5.02% in 2023 and 5.33% in 2024, reaching levels not seen since the early 2000s. Despite these higher interest rates, home prices have continued to appreciate, albeit at a slower pace than in previous years.
Looking ahead, predictive models suggest that average home prices in zip code 50069 may continue to rise over the next five years, but at a more moderate rate compared to the rapid increases seen in the early 2020s. Average rent prices are also projected to increase, potentially stabilizing after the sharp rise observed in 2022. These predictions are based on historical trends and current economic indicators.
In summary, zip code 50069 has demonstrated a strong and persistent preference for homeownership, maintaining high owner-occupancy rates even in the face of rising home prices and fluctuating interest rates. The area has seen significant appreciation in property values, particularly from 2013 to 2022. The rental market has experienced volatility, with a dramatic increase in average rent prices in recent years. As the community moves forward, it will likely continue to see growth in both home values and rental costs, reflecting broader economic trends and local market dynamics.
