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Zip Code 55765: Meadowlands' Steady Home Values and High 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 55765, located in Meadowlands, Minnesota, is a rural area covering 180.72 square miles. This zip code has experienced fluctuations in homeownership rates and housing prices over the past decade, with a generally high rate of owner-occupied housing.
The homeownership rate in zip code 55765 has remained relatively stable, with some minor fluctuations. In 2013, the area had a high homeownership rate of 91%, which slightly decreased to 85% in 2018 before rebounding to 91% in 2022. During this period, average home prices showed a general upward trend. In 2013, the average home price was $87,306, which increased to $100,949 by 2018, representing a 15.6% increase over five years. The average home price continued to rise, reaching $143,969 in 2022, a significant 65% increase from 2013.
Federal interest rates have played a role in homeownership trends in zip code 55765. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), homeownership rates remained high, between 87% and 91%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), there was a slight dip in homeownership, reaching its lowest point of 85% in 2018. However, when interest rates dropped again in 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates rebounded to 88% and 90%.
Renter percentages in zip code 55765 have shown an inverse relationship to homeownership rates, naturally fluctuating between 9% and 15% from 2013 to 2022. Average rent prices, however, have not followed a consistent pattern with renter percentages. In 2013, the average rent was $779, which decreased to $658 by 2019, despite a slight increase in the renter population from 9% to 14%. Interestingly, as the renter percentage dropped to 9% in 2022, the average rent increased to $685, suggesting factors beyond supply and demand influencing rent prices in this area.
In 2023 and 2024, average home prices in zip code 55765 continued to rise, reaching $147,352 and $150,525 respectively. This represents a 4.6% increase from 2022 to 2024. Concurrently, federal interest rates have significantly increased to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing market dynamics in the area.
Looking ahead, based on the historical data and current trends, we can predict that average home prices in zip code 55765 will likely continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. We might expect average home prices to reach around $165,000 to $170,000 by 2029. Average rent prices, which have been more volatile, may stabilize or show a modest increase, potentially reaching $700 to $750 by 2029.
In summary, zip code 55765 has maintained a high rate of homeownership despite fluctuations in home prices and interest rates. The area has seen significant appreciation in home values, particularly since 2020. While rent prices have been more variable, they have remained relatively affordable compared to rising home prices. The interplay between interest rates, home prices, and rental markets will continue to shape the housing landscape in this rural Minnesota zip code in the coming years.
