The Midwest real estate markets have been doing exceptionally well, as compared to much of the rest of the country. Homes have foreclosed and properties have been sold at auction, but when one looks at the numbers they can’t deny the Midwest residential real estate markets, namely Wisconsin, Iowa, and Illinois, have done well.
Wisconsin’s Residential Real Estate Wins Big
A recent report published by neighborhoodscouts.com, states, the percentage of Wisconsin residents who are currently home owners is an astounding 61.46 percent. Renters in Wisconsin reached, 28.34%, leaving just over 10 percent of the Wisconsin homes vacant. The most common type of real estate in Wisconsin, is the single family detached homes, with 65.99 percent of the real estate falling into that category. Apartment complexes, otherwise known as high rise apartments, are the next best bet for the real estate investor in Wisconsin, consuming 14.03 percent of the total real estate owned in Wisconsin.
Wisconsin’s apartment real estate markets are on fire, the high rise apartment properties are a large chunk of Wisconsin’s real estate industry. That becomes more apparent, with the next revelation of Wisconsin’s real estate numbers. The amount of real estate being consumed by small apartment buildings in the state are nearly the same as the high rise apartments. Mobile homes sales in the state also makes an impact on the real estate markets, and the economy of Wisconsin, small as it may be. The amount of real estate being owned by mobile home owners and sellers rests at a small, 4.37 percent.
The median home value in the state averages out to be just under, $186,000. The price paid by most homeowners. Some paid a bit more, about 43.75 percent, paid between $170,000 and $339,000. The majority of the rest of the real estate sold in the state of Wisconsin, 33.83 percent, rests below the median home value range at the $84,000 to $169,000 range.
The average rental rate for a Wisconsin apartment crunches out to be $696.00, per month. After reflecting on these numbers, any agent can see that the largest and most profitable, despite the losses, is the residential home market. Over 30% of the real estate sales comes from privately owned homes, by far the largest chunk of the pie in Wisconsin.
Iowa Real Estate
The state of Iowa has been one of the best real estate markets in the country. Since 1990, the appreciation rate of Iowa real estate has risen 6.37 percent, and in the last 12 months, it has risen 0.82 percent. Residential real estate prices in Iowa fling from the bottom rung, all the way up to the top shelf.
The cost of residential real estate in central Iowa is much heavier than that of the western and northern regions of the state, though, making a median value hard to determine. In Des Moines, residential homes can range from $129,000 all the way up to $168,400, for the average single family home. In the northern cities, such as Dubuque, the housing costs are fairly low, in the range of $35,000 to $79,000.
Iowa’s median income reaches the 60 thousand dollar range, which is needed by Iowans just to maintain the mortgage on a lower priced $70,000, home.
Illinois real Estate
According to that same report, Illinois has been doing a bit better in this respect, than Iowa, but not nearly as strong as Wisconsin. Illinois appreciation rates have climbed over the past 10 years , 6.4 percent, but across the last 12 months, the residential real estate in Illinois has plummeted 2.92 percent, including a loss of 0.16 last quarter. In 2014, the all important median value of a residential piece of real estate, namely a single family home, lists at just below $184,000, making it the 21st in the United States.
The average monthly mortgage in Illinois is $1,455. The median income of Illinois home owners was $61,174, ranking it 14th, but per capita, the state averages a poultry 26,307, making that $1,500 mortgage payment a little harder to fathom.
Most of the Illinois economy is industrial based, that includes farming, soft coal, mining, oil production and refinement. It manufactures everything from iron and steel, and chemicals . If the industry markets of Illinois are crushed by state and national legislations, as many politicians wish to do, the Illinois’ real estate industry will crumble as the legislations grow.
After researching and reading all the real estate facts for Iowa, Illinois, and Wisconsin, the only conclusion that can be reached is, the most commonly bought and sold pieces of real estate in the entire Midwest, is residential homes and apartments, specifically large or high rise apartments.