Posts in category 'Facts And Trends'
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Iowa Ranked #1 State for Housing Affordability
Did you know that Iowa is ranked the #1 state in the nation for housing affordability? And, according to new research from Moneywise and NAR, Iowa has been named the fifth best state for first-time homebuyers with an average down payment requirement of $23,844.34, beating the national, overall average of $43,870.93. They ranked the 50 states based on the median price for houses in each respective state as provided by Zillow and the average down payment percentage of 13%. The average Zillow home value is $183,418. With ample opportunities for businesses to grow, Iowans are equally committed to building lasting communities that hold the honor of low-cost living.
Iowa has also adopted tax-friendly policies, eliminating tax on retirement income and making strides to decrease individual income tax rates to a flat rate of 3.9%...
3
Forecast for 2023: Housing Market Normalizing
Our quarterly Real Estate Facts & Trends Newsletter provides regional housing statistics and information for all of our markets. This valuable information helps our clients make informed decisions based on what's actually happening in the market. Below is an article from our most recent issue.
Market Shifting Due To Rising Mortgage Rates
10% fewer properties sold across our region during the third quarter of 2022 compared to the third quarter of 2021. Recall that we are comparing today's market to the best market ever in 2021 in terms of real estate sales. Because homes are still appreciating, sales volume was only down 1% during the third quarter, and year to date across our region sales volume is still up 6%. See the activity chart on page 2 for the significant variations from market to market.
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Market Shifting Due To Rising Mortgage Rates
Earlier this month, our Fall 2022 Facts & Trends Newsletter was released. Ruhl&Ruhl CEO, Caroline Ruhl wrote the lead article tackling the topics of mortgage rates and listing inventory. For more market-specific articles you can view our quarterly Facts & Trends on our website.
Market Shifting Due To Rising Mortgage Rates
10% fewer properties sold across our region during the third quarter of 2022 compared to the third quarter of 2021. Recall that we are comparing today's market to the best market ever in 2021 in terms of real estate sales. Because homes are still appreciating, sales volume was only down 1% during the third quarter, and year to date across our region sales volume is still up 6%. See the activity chart on page 2 for the significant variations from market to market.
3
Iowa and Illinois Housing Costs Are a Bargain
The Council For Community and Economic Research has released its Cost of Living Index for Quarter 3, 2022. The index compares the cost of living data for 265 urban areas throughout the country with the goal of providing an accurate measurement of living cost differences among these areas. Many cities from Iowa and Illinois were included in the report, which compares data on everything from home prices and rental costs to a breakdown of grocery items, transportation, and community goods and services. Housing costs and overall cost of living in our area are well below the national average as noted below:
Cost of Living Index – Housing Costs vs. Overall Cost-of-Living
| Housing Costs | Overall Cost-of-Living | |
| Burlington, IA | 57.3% | 85.6% |
| Cedar Rapids, IA |
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