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Zip Code 53147: Lake Geneva's Rising Home Values and Stable Ownership Rates
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 53147, located in Lake Geneva, Wisconsin, has experienced significant demographic and real estate changes over the past decade. This area, known for its picturesque lakeside setting, has seen fluctuations in homeownership rates and steady increases in both average home prices and average rent prices.
The homeownership rate in zip code 53147 has remained relatively stable, hovering around 68% from 2013 to 2022. In 2013, the homeownership rate was 68%, and it maintained this level through 2022, with minor fluctuations in between. The highest rate was observed in 2017 and 2019 at 69%. Interestingly, as the homeownership rate remained stable, average home prices in the area saw a substantial increase. In 2013, the average home price was $189,629, and by 2022, it had risen to $373,527, representing a remarkable 97% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code doesn't show a strong correlation. For instance, despite historically low interest rates between 2013 and 2016 (ranging from 0.09% to 0.4%), the homeownership rate remained constant at 68%. This suggests that other factors, such as local economic conditions or housing supply, may have a more significant impact on homeownership in this area than national interest rates.
Renter percentages in zip code 53147 have also remained relatively stable, complementing the homeownership rates. In 2013, the renter-occupied percentage was 32%, and it remained at this level in 2022, with slight variations in between. The highest renter percentage was observed in 2014 at 34%. Average rent prices, however, have shown an upward trend. In 2013, the average rent was $1,076, and by 2022, it had increased to $1,052, representing a modest 2.3% decrease over this period. It's worth noting that rent prices peaked in 2021 at $1,122 before slightly decreasing in 2022.
In 2023 and 2024, the real estate market in zip code 53147 continued to evolve. The average home price in 2023 reached $394,189, a 5.5% increase from 2022. In 2024, the average home price further increased to $396,571, representing a modest 0.6% growth from the previous year. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homebuying trends in the area.
Looking ahead, based on historical trends and current market conditions, we can anticipate continued growth in average home prices in zip code 53147 over the next five years, albeit at a potentially slower rate than observed in the past decade. Average rent prices are likely to continue their upward trajectory, possibly mirroring the steady increase seen in home values. However, the rate of increase may be moderated by factors such as new housing developments or changes in local economic conditions.
In summary, zip code 53147 has demonstrated a resilient real estate market characterized by stable homeownership rates, steadily increasing average home prices, and modestly rising average rent prices. The area has shown remarkable growth in property values despite fluctuations in the broader economic environment, suggesting a strong local housing market. As we move forward, the interplay between rising interest rates, consistent demand for housing, and potential changes in the local economy will likely shape the future real estate landscape of this Lake Geneva zip code.
