Cedar Rapids, Iowa

$129,000 is the house value median in Cedar Rapids, Iowa. When it comes to the last year, the value of homes has fallen -0.7 percent in Cedar Rapids. There is a forecast made that the worth of homes in Cedar Rapids will go up 0.0 percent in the year that follows.

In Cedar Rapids, the per square foot list cost median is $119. Cedar Rapids Metro area has a higher per square foot list cost median of $125.

For presently listed houses in Cedar Rapids, $117,400 is the cost median. $1,000 is the rent cost median. The metro area of Cedar Rapids has the same rent cost median of $1,000.

The number of foreclosures that a location has is an important real estate economic factor. The foreclosure rate is inverse to the value of real estate for any location. The lower the foreclosure rate, the higher the value of real estate for that location.

There is a first step that happens in the process of foreclosure. It’s called mortgage delinquency. Mortgage delinquency is the condition of a homeowner skipping one or more payments on their mortgage.

Banks are very concerned when one of their customers has a mortgage delinquency because that customer is doing something in the direction of foreclosure. And banks can be adversely affected financially by a home being foreclosed, a short sale or related financial dilemma. Banks are in the business of lending money. They are not in the business of selling homes that are in financial collapse.

Cedar Rapids has a mortgage delinquency rate of 1.1 percent. The United States has a higher mortgage delinquency rate of 1.6 percent.

The recession of 2008 had very negative economic consequences in our nation. One area hit very hard was real estate in which the value of homes fell by greater than 20 percent. This affect has lingered on causing many homeowners in our nation to currently be underwater regarding their home mortgage.

Being underwater on a mortgage means that the house owner has a debt on their mortgage that is larger than the worth of their house. 12.6 percent of Cedar Rapids owners of houses are experiencing being underwater on their mortgages. This is slightly greater than the 12.1 percent underwater percentage the metro area of Cedar Rapids has.

The Median household annual income in Cedar Rapids Iowa is $54,465.