Conversely, the percentage of renters in zip code 50654 has decreased over time. In 2013, renters occupied 19% of housing units, which declined to 14% by 2022. This decrease in the renter population coincided with fluctuations in average rent prices. The average rent in 2013 was $558, which increased to $681 in 2015, then decreased to $581 in 2022. These rent price variations may be influenced by the declining renter population and changes in local economic conditions.

In 2023 and 2024, we see continued growth in average home prices in zip code 50654. The average home price rose to $257,211 in 2023 and further increased to $261,919 in 2024. This upward trend in home prices occurred despite a significant increase in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. This suggests a strong local housing market that has remained resilient in the face of higher borrowing costs.

Looking ahead, based on the observed trends, we can project that average home prices in zip code 50654 may continue to rise moderately over the next five years, potentially reaching around $280,000 by 2029. Average rent prices, which have shown more volatility, may stabilize or increase slightly, possibly reaching about $700 per month in the same timeframe. However, these projections are subject to various economic factors and local market conditions.

In summary, zip code 50654 has demonstrated a clear trend towards increased homeownership, with a corresponding decrease in the renter population. Despite fluctuations in average rent prices and rising interest rates, the area has seen steady growth in home values. These trends suggest a stable and potentially attractive housing market in this Iowa community, with a strong preference for homeownership among residents.