DECEMBER 12TH, 2018

Iowa Mortgages

The state of Iowa is home to one of the smaller housing markets of the Midwest states. The 2002 US census stated that there were 1,256,184 housing units in Iowa. As a Midwestern state, Iowa shares the typically high number of home owners and low number of renters. In 2000, the census showed that 72.3% of the homes in Iowa were owner occupied. The national average for home ownership is lower, at 66.2%. One of the things that makes home ownership in Iowa so appealing is how much home you get for your money. The median value of owner occupied housing units according to the 2000 census data was $82,500. When you compare that to the national average median value of $119,600, the prospect of home ownership in Iowa looks inviting. Despite the lower home values, the income level in Iowa is still close to the national average. The median household income in Iowa in 1999 was $39,469, while the national average that same year was $41,994. With the substantially less expensive houses and the only marginally smaller median incomes, it is little wonder that home ownership is popular in Iowa.

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In Des Moines Iowa, the Federal Reserve chair just made a statement that says in no uncertain terms that the housing market is slowing down. Luckily, due to smaller jumps in the housing market, the mid western states don’t appear to be hit as hard as the rest of the country.

This does not mean the end of the housing market in Iowa. If one where to drive out west of Des Moines, they would still see new developments going up. Homes are still rising out of the ground but, not at the speed that they were even last year. Experts speculate that Iowa is probably secure, and that home sales and prices won’t collapse due mostly to the state having a particularly strong job market.

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Real estate agents are quick to point out that potential buyers are still looking for homes. The news should soothe those looking to sell, the main difference being that homes that would only sit on the market for 30 days last year may take 60-90 days to sell this year.

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