US5.com
  1. Home
  2. States
  3. Iowa
  4. ZIP 51016
  5. Housing & Real Estate
Correctionville city, IA

ZIP 51016 — Housing & Real Estate

Source: U.S. Census Bureau ACS 2019–2023 5-Year Estimates. Page data updated 2026-08-02.

Working ClassLow Snow Area

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 51016

Median Home Value
$88,300
Median Rent
$613
Affordability Snapshot
$24,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$567/mo PITI).

14%
Rent-to-Income Ratio

Below the 30% threshold — generally affordable for median earners.

1.7x
Home Price-to-Income Ratio

Below 3x — relatively affordable housing market.

12.0 yrs
Price-to-Rent Ratio

Years to break even buying vs renting at median home value and rent.

To comfortably buy a median-priced home in ZIP 51016 in Correctionville city, IA, a household would need roughly $24,000 in annual income under a 20% down, 30-year loan at 6.8% (illustrative), keeping housing costs near 28% of income. Estimated monthly PITI is about $567. That sits below the local median household income ($52,813), suggesting the typical household income is closer to a workable buy-in level under these assumptions. Rates, taxes, insurance, and HOA fees vary — treat this as a planning estimate, not a lender quote.

Housing Tenure

Vacancy rate 12% — check local market conditions.

Heating Fuel
Housing Metrics
Owner Occupied
85.7%+31% vs US avg
x
Vacancy Rate
12.2%+18% vs US avg
x
Broadband Access
85.2%-2% vs US avg
x
4+ Bedrooms
7.4%-50% vs US avg
x
Built Pre-1939
7.0%-45% vs US avg
x
Built Post-2014
0.0%
x
Rent Burden >30%
0.0%
x
Mortgage-Free
53.0%+39% vs US avg
x
$88,300
Home Value
$613
Rent
1947
Year Built
2011
Moved In

Residents have lived here since ~2011 on average

Housing Structure

Census ACS structure types (single-family, multi-unit, etc.).

  • 1-unit detached90.7%
  • 1-unit attached0.0%
  • 2-9 units3.9%
  • 10+ units0.4%
  • Mobile home & other5.0%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$88,300
Median rent$613
Owner-occupied85.7%
Vacant12.2%
Price-to-income1.7x
Est. income to buy$24,000