50111, Grimes, IA

Home Equity and Home Prices in Grimes, IA

The home equity and home prices in the 50111 zip code of Grimes, IA are very high. The median home value in this zip code is $269,000, which is more than triple the median home value of $92,500 for all of Iowa. Additionally, the percentage of homes with a mortgage in this zip code is significantly higher than the statewide average of 54%. This suggests that there are a lot of homeowners in this area who are able to borrow against their homes to purchase additional property or to finance larger renovations.

One reason why home values are so high in this zip code is likely because there are a lot of affluent residents here. The percentage of households earning over $100,000 per year is above the statewide average of 33%, and the percentage of households earning over $200,000 per year is also above the statewide average. This indicates that there is a lot of money available to invest in real estate here. Additionally, Grimes has been ranked as one of the best places to live in Iowa by Forbes magazine multiple times. This may contribute to increased demand for housing stock and consequently higher home values.

Despite these high prices, it's important to keep in mind that not everyone living in Grimes can afford these homes. The median household income here is just under $60,000 per year which is considerably lower than the statewide median income of $72,500. So while it's possible for someone who earns a good salary to buy a house here, it's not always easy – especially if they're looking at houses that cost more than $269K!