Iowa's home prices up 300% in 20 years
Add Axios as your preferred source to
see more of our stories on Google.
Iowa's home prices are up more than 300% over the past four decades — but still far lower than the national average — according to one analysis of Freddie Mac data.
The big picture: The national average between 1984 and this year is nearly 500%, per the Freddie Mac House Price Index.
- Washington state had the largest gain, at 828%, followed by Oregon (699%), Rhode Island (668%) and Massachusetts (664%).
- Iowa was among the 10 states with the fewest gains and was lower than any surrounding states.
Reality check: Nationally, housing affordability is only slightly worse today than in 1984 when you account for mortgage rates, median household incomes and national home prices, according to the analysis by journalist Lance Lambert of ResiClub.
- A 30-year fixed rate mortgage was between 13% and 15% in 1984, while it has fluctuated between 6% and 7% this year, according to Freddie Mac.
Stunning stat: The Des Moines metro has among the lowest rent burdens in the country, according to recent Census data.
Yes, but: Nearly half of metro renters spent more than 30% of their income on housing, according to a report last year from the Joint Center for Housing Studies at Harvard University.
- Iowa has a shortage of more than 58,000 rental homes that are affordable and available to extremely low-income residents, according to a report this year by the National Low Income Housing Coalition.
The bottom line: Our housing problems might not be as severe as those of other states, but challenges persist.