It's Not Hard to Find Great Values in Des Moines, IA
• • ☕️ 4 min read • By Noah Blumberg •
Des Moines, Iowa is a place known for low housing prices and, despite the steep growth in prices since the pandemic, it remains true. It's clear from our ranking list data that prices are highly dependent on location. You'll see steep price increases for the most desirable areas. The best values are to be found in the less desirable areas, but not the very bottom. Of the 13 zip codes in the Des Moines areas, the best values are predominantly in the 11th and 12th most desirable zip codes.
It's rare to see such a large price disparity between the most and least desirable zip codes. 50321, for example, has a zipX score of 1.46, which essentially means you can expect to pay 46% more for a comparable house than you would in the least desirable zip code. There are an additional 3 Des Moines zip codes that have a zipX score of more than 1.3. See our FAQs for more information about zipX.
The Properties
The #1 real estate property on our ranking list is not what it seems. With a score more than 15 points higher than the #2 property, it appears to be an excellent value. It's apparently a home in reasonable condition and the price is under $40,000, but unfortunately, there are some major caveats. It's occupied, no access or viewings are allowed, and is a cash-only as-is sale which means no contingencies or inspections can be attached in the deal. Those are some major risks which make the property only right for only buyers with experience in similar situations.
There's no need to be discouraged though, the #2 property represents a great value. The property has an almost 8-acre lot in the city limits. Beside the expansive property, a large unfinished basement also presents possibilities for expansion or perhaps an in-law unit. An investor or regular homebuyer should take a close look at it.
Des Moines is Broadly Affordable
If you're looking for a real estate property in Des Moines, you may be concerned about whether or not you'd be buying at a time of inflated prices. It's true that prices have increased in Des Moines, but not to the astronomical degree that they have in other cities. Florida Atlantic University School of Business looks at the top 100 real estate markets in the U.S. and ranks them from overpriced to underpriced. Des Moines is 75th, indicating it's priced fairly relative to other cities. And WalletHub rates Des Moines the 18th out of 300 cities for affordability even after recent home value appreciation.
There's good news for investors as well. Jobs have come back to Des Moines slightly above pre-pandemic levels. This, combined with the fact that the price to rent ratio remains low, shows that it's possible for an investor to buy a single family home, rent it, and realize a profit. Additionally, Roofstock counts Des Moines among the best places to buy a rental property because of strong appreciation and rent growth.
Reading Resources
- Forbes: The Best Markets For Real Estate Investment In 2022
- U.S. News and World Report: 150 Best Places to Live in the U.S. in 2021-2022
- Florida Atlantic University School of Business: The Top 100 Housing Markets Ranked by Premium vs. Discount Pricing
- WalletHub's Best Real Estate Markets
- Roofstock's Best Places to Buy a Rental Property in 2022
| Median List Price | Median Sqft | Median Lot Size(SqFt) | Median HOA Fee |
|---|---|---|---|
| $242,900 | 1,365 | 6,621 | $205 |
| Score** | Property | ZipX** | Type | Beds | SqFt | Lot Size(sqft) | Price |
|---|---|---|---|---|---|---|---|
| 53.29 | 1911 College Ave | 1.13 | single family | 2 | 965 | 6,160 | $39,900 |
| 37.80 | 4620 NW 6th Dr | 1.12 | single family | 2 | 864 | 346,302 | $325,000 |
| 34.00 | 1630 12th St | 1.13 | single family | 5 | 2881 | 6,621 | $210,000 |
| 33.74 | 1920 Arlington Ave | 1.13 | single family | 5 | 2476 | 10,324 | $220,000 |
| 30.59 | 4245 NW 11th St | 1.12 | single family | 2 | 832 | 11,500 | $60,000 |
| 29.58 | 3413 2nd Ave | 1.12 | single family | 5 | 2678 | 6,316 | $239,000 |
| 29.01 | 1315 York St | 1.00 | multi family | 0 | 1664 | 7,492 | $90,000 |
| 28.92 | 1521 10th St | 1.13 | single family | 5 | 1603 | 7,405 | $159,900 |
| 28.19 | 519 Franklin Ave | 1.13 | single family | 4 | 2341 | 7,362 | $200,000 |
| 28.14 | 1340 8th St | 1.13 | multi family | 0 | 4383 | 9,845 | $225,000 |
| 27.91 | 1913 E Bell Ave | 1.25 | condo | 3 | 1172 | 3,964 | $95,000 |
| 26.97 | 1946 Arlington Ave | 1.13 | single family | 3 | 1805 | 5,924 | $149,900 |
| 25.98 | 2250 Garfield Ave | 1.14 | single family | 4 | 1920 | 7,275 | $175,000 |
| 25.71 | 4038 E Univeristy Ave | 1.14 | single family | 2 | 969 | 35,371 | $110,000 |
| 25.52 | 1109 26th St | 1.23 | single family | 5 | 2617 | 6,142 | $347,500 |
| 25.04 | 1215 Clark St | 1.13 | single family | 3 | 1408 | 4,008 | $125,000 |
| 23.34 | 4220 Foster Dr | 1.37 | single family | 6 | 4726 | 29,751 | $839,000 |
| 23.29 | 3105 5th Ave | 1.12 | single family | 4 | 1036 | 4,966 | $124,900 |
| 23.17 | 2528 SE 5th St | 1.15 | single family | 3 | 1124 | 6,360 | $120,000 |
| 22.91 | 3310 Southern Hills Dr | 1.47 | single family | 5 | 3490 | 24,568 | $599,900 |
| 22.74 | 1750 E Diehl Ave | 1.25 | single family | 4 | 1962 | 68,607 | $349,000 |
| 22.58 | 917 30th St | 1.37 | single family | 3 | 1562 | 7,449 | $189,900 |
| 22.46 | 4000 University Ave Apt 2 | 1.23 | condo | 1 | 909 | 1 | $89,000 |
| 22.43 | 840 E 24th Ct | 1.14 | single family | 3 | 713 | 8,494 | $91,500 |
| 21.73 | 1944 Arlington Ave | 1.13 | multi family | 0 | 1899 | 10,498 | $139,900 |