52732, Clinton, IA

Clinton, IA is located in Polk County and has a population of just over 10,000. The median household income in Clinton is $60,000 and the median home value is $128,900. Home equity in Clinton is relatively high compared to other areas of the country. In fact, according to Zillow’s 2018 Home Value Report, the home equity in Clinton is 5% higher than the national average.

One reason for this high level of home equity may be Clinton’s strong economy. The unemployment rate in Clinton was 2.8% as of May 2018, which is lower than the Iowa state unemployment rate of 3%. Additionally, Clinton has seen significant growth over the past few years thanks to its strong job market and low cost of living. This growth has led to increased demand for housing and increased home values in Clinton.

Another factor that may contribute to high levels of home equity in Clinton are the low interest rates currently available on mortgages. According to Freddie Mac’s Primary Mortgage Market Survey (PMMS), the average interest rate on a 30-year fixed-rate mortgage was 3.92% as of May 2018 – which is below both the national average (4%) and Iowa’s statewide average (3%). This low interest rate environment makes it easier for homeowners to afford their homes and increases their chances of being able to sell their homes at a higher price later on if they choose to do so.

Overall, it appears that factors such as strong economic growth, low interest rates, and low levels of housing inventory are contributing to high levels of home equity in Clinton. While there are some risks associated with having too much home equity – such as potential problems with debt if prices decline – overall it appears that homeowners in Clinton are doing well economically relative to many other areas around the country