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Zip Code 51343 in Greenville, Iowa: Rising Home Values and Ownership Trends in a Rural Community
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 51343, located in Greenville, Iowa, has experienced notable shifts in homeownership rates and housing prices over the past decade. This small community, with a population of 244 in 2022, has seen interesting dynamics in its real estate market. The homeownership rate in zip code 51343 has shown a generally increasing trend from 2013 to 2022. In 2013, the homeownership rate was 73%, and by 2022, it had risen to 81%. This 8 percentage point increase indicates a growing preference for homeownership in the area. Interestingly, this upward trend in homeownership coincided with a significant increase in average home prices. The average home price in 2022 was $167,432, and it continued to rise in subsequent years.
The relationship between federal interest rates and homeownership rates in this zip code appears to follow the general trend observed nationally. As interest rates remained low from 2013 to 2021 (ranging from 0.08% to 1.83%), homeownership rates increased. This aligns with the principle that lower interest rates tend to encourage homeownership due to more affordable financing options. The most substantial jump in homeownership occurred between 2019 and 2020, rising from 74% to 81%, coinciding with a significant drop in interest rates from 2.16% in 2019 to 0.38% in 2020.
Conversely, the percentage of renters in zip code 51343 has decreased over time. In 2013, the renter-occupied rate was 26%, which declined to 18% by 2022. This decrease in renter occupancy occurred alongside a substantial increase in average rent prices. The average rent rose from $458 in 2013 to $941 in 2022, representing a 105% increase over this period. Despite the rising rent prices, the declining renter percentage suggests that more residents are transitioning to homeownership, possibly due to the long-term financial benefits of owning versus renting in this area.
In 2023 and 2024, the average home prices in zip code 51343 continued to rise. The average home price reached $178,242 in 2023 and further increased to $186,128 in 2024. This represents a 6.5% increase from 2022 to 2023 and a 4.4% increase from 2023 to 2024. Notably, these price increases occurred despite rising interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, suggesting strong demand for housing in this area.
Looking ahead, based on the observed trends, we can predict continued growth in average home prices for zip code 51343 over the next five years. Assuming a conservative annual growth rate of 4%, the average home price could reach approximately $226,000 by 2029. For rent prices, if the current trend continues, we might see average rents surpassing $1,100 per month within the next five years.
In summary, zip code 51343 has experienced a significant shift towards homeownership, with rising home values and increasing rent prices. Despite higher interest rates in recent years, the housing market in this area has shown resilience and continued growth. The trend of increasing homeownership rates, coupled with rising property values, suggests a strong and potentially lucrative real estate market in this Iowa community for the foreseeable future.
