The New Year is on the horizon, and 'its season for the never-ending forecasts of the future—job growth, GDP, housing, and geopolitics. Statisticians and think tank experts are, as they claim, cautiously positive. Undoubtedly, the interweaving of policy positions and foreign trade tensions will begin.
If you're curious how Iowa real estate patterns are going to affect you, relax. If you're buying your first home, planning to downsize, or dreaming about expanding your investment strategy, we've got some good news for you. In Iowa City and the metropolitan area, real estate is in a kind of stasis — not growing, but not in recession, either.
Demographic factors and real estate — A Reference Sheet
A brief look at demographics offers impressive results. Iowa City has a well-trained workforce. Almost 60 percent of residents have a 4-year degree, and 87 percent are working in technical, sales, or administrative roles. Just over 75,000 people are living here, with a per capita income of $28,758, well above the national average. Many graduates of Iowa University have chosen to remain in Iowa City after graduation, given the thriving economy and vibrant communities.
The median price of a single-family home in Iowa City is $245,410, a rise of 4.7% for 2019. The same house is expected to increase its value by 1.7% by 2020, but it is important to remember that the predictions for 2019 were just 3.7%. Bear in mind that these are averages and that you're going to need to look at specific neighborhoods to get a more accurate understanding of housing values.
The City Center / University of Iowa areas are on a higher trend, while the outer suburbs are not as appreciative, but that doesn't mean that you won't find a good investment there. The Center City area includes the University Campus and downtown Iowa City, where the atmosphere is post-millennial and "live-work" in design. Iowa real estate comprises of apartment blocks contrasted sharply with duplexes, restaurants, convenience stores, coffee shops, and theaters.
The millennials of today are not afraid to share, it turns out. They are as relaxed with ride-sharing as they are with house-sharing. As it turns out, these mixed-use communities are becoming increasingly common.
Investing in real estate in Iowa city
Iowa City is a good property investment market. Here's why: the market is under-priced compared to the rest of the country, and the large student population is in constant need of accommodation. The vast majority of Iowa City homes are small.
How little is that? 34% are two-bedroom apartments, although only 28% have 3 bathrooms. If buyers are searching for larger houses, they're going to have a challenge on their hands. Just 20% of single-family homes have more than four bedrooms. However, more citizens in Iowa City rent than own a home—57% to 43%—largely because of the population of students. Home sizes are more than likely to be another representation of college demographics. Almost half of the single-family residences (45%) were constructed between 1970 and 1999.
The average mortgage interest is $1350 / month in Iowa City and $1235 / month in the metro area, with an additional 125,000 people living there. Provided average housing values, a smart investor in Iowa real estate may make a solid income stream with smart property purchases.
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