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Zip Code 53561: Lake Wisconsin'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
Lake Wisconsin, located in zip code 53561, is a charming community in Wisconsin known for its scenic beauty and proximity to Lake Wisconsin. This area has experienced notable trends in homeownership and housing prices over the past decade, with a generally stable ownership rate and increasing property values. The homeownership rate in Lake Wisconsin has remained relatively steady, hovering around 87% from 2013 to 2022. This high rate of owner-occupied housing indicates a strong preference for homeownership in the area. Concurrently, average home prices have shown a consistent upward trend. In 2013, the average home price was $236,167, which increased steadily to reach $405,970 by 2022, representing a significant 72% increase over this period. The relationship between federal interest rates and homeownership rates in Lake Wisconsin appears to deviate from typical trends. Despite historically low interest rates between 2013 and 2021 (ranging from 0.08% to 1.83%), the homeownership rate remained stable rather than increasing. This suggests that other local factors may have a stronger influence on homeownership in this area than national interest rate trends.
Renter percentages in Lake Wisconsin have remained relatively low, fluctuating between 11% and 14% from 2013 to 2022. Average rent prices have shown some volatility over this period. In 2013, the average rent was $818, which peaked at $1,115 in 2016 before settling at $954 in 2022. This represents a 17% increase in average rent from 2013 to 2022. The population has grown from 1,310 in 2013 to 1,538 in 2022, which may have contributed to the overall increase in rent prices despite some fluctuations.
In 2023, the average home price in Lake Wisconsin reached $434,735, a 7% increase from 2022. As of 2024, the average home price has further increased to $443,771. This continued growth occurs despite rising interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, significantly higher than the previous decade's rates.
Looking ahead, based on historical trends and current market conditions, we can expect average home prices in Lake Wisconsin to continue their upward trajectory over the next five years. A conservative estimate suggests an annual growth rate of 3-5%, potentially reaching around $540,000 by 2029. Average rent prices are likely to follow a similar pattern, possibly increasing to around $1,100-$1,200 per month in the same timeframe, assuming consistent demand and economic stability.
In summary, Lake Wisconsin (53561) demonstrates a robust housing market characterized by high homeownership rates and steadily increasing property values. The area has shown resilience to national interest rate fluctuations, maintaining stable ownership levels even as home prices rise. The rental market, while smaller, has also seen general growth in prices. These trends, combined with the area's natural attractions, suggest a continued strong and attractive real estate market in Lake Wisconsin for the foreseeable future.
