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Zip Code 52003: Steady Homeownership and Rising Home Values in Dubuque, 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
Zip code 52003, located in Dubuque, Iowa, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, covering 56.51 square miles, has shown a generally stable ownership percentage alongside steadily increasing average home prices.
The homeownership rate in zip code 52003 has remained relatively consistent, fluctuating between 81% and 83% from 2013 to 2022. Despite this stability, average home prices have shown a significant upward trend. In 2010, the average home price was $187,329, which steadily increased to $290,906 by 2022, representing a 55.3% increase over 12 years. This trend suggests that while the proportion of homeowners has remained stable, the value of homes in the area has appreciated considerably.
Federal interest rates have played a role in homeownership trends. From 2010 to 2020, interest rates remained historically low, ranging from 0.08% to 2.16%. This period coincided with the stable homeownership rates observed in zip code 52003, likely contributing to the maintenance of high ownership levels despite rising home prices. The low interest rates made mortgage financing more accessible, potentially offsetting the impact of increasing home values on affordability.
Renter percentages in zip code 52003 have remained relatively low, fluctuating between 17% and 19% from 2013 to 2022. Average rent prices have shown some variability over this period. In 2013, the average rent was $900, which increased to a peak of $986 in 2017 before declining to $834 in 2022. This represents a 7.3% decrease in average rent from 2013 to 2022, despite the area's population growth from 13,412 in 2013 to 14,378 in 2022. The inverse relationship between population growth and average rent prices suggests factors beyond population may be influencing rental markets in this area.
In 2023 and 2024, average home prices in zip code 52003 continued their upward trajectory, reaching $303,196 in 2023 and $309,810 in 2024. This represents a 4.2% and 2.2% year-over-year increase, respectively. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from the previous decade's low rates.
Looking ahead, predictive models suggest that average home prices in zip code 52003 may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices, which have shown some volatility, may stabilize or see modest increases as the local economy adjusts to changing market conditions.
In summary, zip code 52003 has maintained a high and stable homeownership rate despite substantial increases in average home prices. The area has experienced steady population growth, rising home values, and fluctuating rent prices. The recent sharp increase in interest rates may impact future homeownership trends and housing affordability in this Dubuque zip code.
