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Zip Code 54913: Stable Homeownership Amidst Rising Property Values in Appleton, Wisconsin
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 54913, located in Appleton, Wisconsin, has experienced significant growth and changes in its housing market over the past decade. This area has maintained a consistently high rate of homeownership while seeing substantial increases in both average home prices and average rent prices. The homeownership rate in zip code 54913 has remained remarkably stable, hovering around 72-73% from 2013 to 2022. Despite this consistency, average home prices have shown a dramatic upward trend. In 2010, the average home price was $240,844, which increased to $397,957 by 2022, representing a 65% increase over 12 years. This trend suggests that while the proportion of homeowners remained steady, the value of owned properties significantly appreciated. The stability in homeownership rates, coupled with rising home prices, indicates a strong and desirable housing market in this area.
Federal interest rates have played a crucial role in shaping homeownership trends. From 2010 to 2021, interest rates remained historically low, ranging from 0.08% to 2.16%. These low rates likely contributed to maintaining the high homeownership rates in zip code 54913 by making mortgages more affordable. For instance, in 2020, when the federal interest rate dropped to 0.38%, the homeownership rate held steady at 72%, suggesting that favorable financing conditions helped sustain homeownership levels despite rising home prices.
Renter percentages in zip code 54913 have remained relatively stable, fluctuating between 26% and 28% from 2013 to 2022. However, average rent prices have shown a steady increase. In 2013, the average rent was $849, which rose to $943 by 2022, an 11% increase over nine years. This increase in rent prices, while significant, was less dramatic than the rise in home prices. The population of the zip code also grew substantially during this period, from 16,019 in 2010 to 22,595 in 2022, a 41% increase. This population growth likely contributed to the upward pressure on both home prices and rents.
In 2023, the average home price in zip code 54913 reached $421,820, a further 6% increase from 2022. This trend continued into 2024, with average home prices rising to $433,504. Interestingly, these price increases occurred despite a significant jump in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. This suggests a robust housing market that has remained strong even in the face of higher borrowing costs.
Looking ahead, predictive models suggest that both average home prices and rent prices in zip code 54913 are likely to continue their upward trajectory over the next five years. Home prices are projected to increase by approximately 3-5% annually, potentially reaching around $500,000 by 2029. Average rent prices are expected to rise at a slightly slower rate of 2-3% per year, potentially approaching $1,100 by 2029.
In summary, zip code 54913 in Appleton, Wisconsin, has demonstrated a resilient and growing housing market. The area has maintained high homeownership rates while experiencing significant appreciation in property values. Despite rising interest rates, the housing market has continued to show strength, with both home prices and rents increasing. The combination of population growth, stable homeownership rates, and rising property values suggests that this zip code remains an attractive area for both homeowners and investors.
