50670, Shell Rock, IA

The 50670 zip code of Shell Rock, IA is located in the northwest corner of the state and has a population of just over 10,000. The median household income in this zip code is just over $60,000, which is considerably higher than the statewide median household income of $53,046. Home prices in this zip code have been increasing at a much faster rate than the statewide average since 2012 and are now more than double the statewide median home value.

There are several factors that have contributed to the rapid increase in home prices in this zip code. First, Shell Rock is located within one hour of both Des Moines and Omaha, two major metropolitan areas with large job markets. Second, there has been an increased demand for housing due to an influx of families moving into the area from other parts of Iowa and neighboring states. Third, there has been a significant increase in home equity loans available to residents here since 2012. Finally, Shell Rock has experienced very low unemployment rates over the past few years which has helped to drive up demand for housing.

Despite these positive factors, there are some potential risks associated with high home prices in Shell Rock that could lead to a slowdown or even reversal of these trends in future years. First, if interest rates rise significantly from their current low levels or if another economic recession hits Iowa later on down the road, then many homeowners who have taken out high-interest loans may find themselves unable to afford their homes anymore. Second, if new development projects that would add more homes to the market are delayed or cancelled due to lack of funding or regulatory hurdles then prices could continue to rise even further without any corresponding increase in available homes for sale. Finally, although it remains relatively rare for homeowners here to default on their mortgages (in comparison with other parts of Iowa), any unexpected financial problems that they experience could lead to a wave of defaults throughout the local community and potentially cause prices to decline again.