Loading Content...
Zip Code 54126: Rising Home Values and High Ownership Rates in Greenleaf, Wisconsin
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 54126, located in Greenleaf, Wisconsin, has experienced notable changes in homeownership rates and housing prices over the past decade. This area has maintained a consistently high rate of owner-occupied housing, with a slight increase in recent years. The average home prices have shown a significant upward trend, while average rent prices have also risen steadily.
The ownership percentage in zip code 54126 has increased from 84% in 2015 to 88% in 2022, coinciding with a substantial rise in average home prices. In 2015, the average home price was $176,037, which grew to $311,311 by 2022, representing a 76.8% increase over seven years. This trend suggests a strong correlation between rising home values and increased homeownership rates in the area.
Federal interest rates have played a crucial role in homeownership trends. From 2015 to 2020, interest rates remained relatively low, ranging from 0.13% to 2.16%. This period of low interest rates corresponded with the increase in homeownership from 84% to 86%. As interest rates began to rise more sharply in 2022 to 1.68%, the homeownership rate still increased to 88%, indicating a strong local housing market despite higher borrowing costs.
The renter percentage in zip code 54126 has decreased from 16% in 2015 to 12% in 2022. During this same period, average rent prices increased significantly, rising from $832 in 2015 to $1,212 in 2022, a 45.7% increase. This inverse relationship between renter percentage and average rent prices suggests that rising rental costs may be encouraging more residents to transition to homeownership, particularly given the area's increasing population, which grew from 4,279 in 2015 to 4,506 in 2022.
In 2023, the average home price in zip code 54126 reached $332,854, with interest rates at 5.02%. Moving into 2024, the average home price has further increased to $342,968, while interest rates have risen slightly to 5.33%. These figures represent a continued upward trend in both home values and borrowing costs in the area.
Looking ahead, based on historical trends and current market conditions, we can expect average home prices in zip code 54126 to continue rising over the next five years, potentially reaching around $400,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $1,500 per month within the same timeframe, assuming current economic conditions persist.
In summary, zip code 54126 has demonstrated a robust housing market characterized by increasing homeownership rates, rising average home prices, and growing average rent costs. The area has shown resilience in maintaining high ownership rates despite recent increases in interest rates, suggesting a strong local economy and desirable living conditions. As the population continues to grow and housing demand remains high, both homeowners and investors in this area may benefit from the ongoing appreciation of property values.
