51047, Peterson, IA

The Peterson zip code in Iowa has a median home value of $116,000 and a median home equity of $68,000. This is significantly lower than the state median home value of $177,500 and the national median home equity of $142,700. The Peterson zip code also has a much lower homeownership rate than the state and national rates. In Peterson, only 49% of households own their homes while the statewide homeownership rate is 62% and the national homeownership rate is 66%.

One possible explanation for these low home values and homeowner rates in Peterson may be its relatively low population density. Peterson has only 553 residents per square mile which is much less than either the statewide or national average of 1,078 residents per square mile. This lack of population density may make it more difficult for potential buyers to find potential homes to purchase and may lead to higher prices for those homes that are available.

Another possible explanation for the low home values and homeowner rates in Peterson may be its lack of recent development. The Peterson zip code has been in existence since 1851 which means that there have not been many new homes built in this area over the past few years. As a result, there are likely not as many potential buyers looking to purchase homes in this area as there would be if there were more recent development happening in Peterson.