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Average Home Values and Ownership in Aurora, Missouri Zip Code 65605: A Decade of Growth and Change
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 65605, which encompasses Aurora in Missouri, has experienced significant changes in its housing market over the past decade. This area has seen remarkable growth in average home values while maintaining relatively stable homeownership rates, reflecting both broader economic trends and local market conditions. The homeownership rate in Aurora has remained consistent, with only minor fluctuations between 2013 and 2022. In 2013, the homeownership rate was 70%, and it stood at the same level in 2022. However, there were slight variations during this period, with the rate reaching a peak of 73% in 2018. Concurrently, average home prices in the area saw a substantial increase. In 2013, the average home price was $70,632, and by 2022, it had more than doubled to $149,413, representing a 111.5% increase over nine years.
Federal interest rates have influenced homeownership trends in Aurora. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates increased from 70% to 72%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, as interest rates began to rise more significantly from 2017 onwards, homeownership rates remained relatively stable, suggesting other local factors may have influenced housing decisions in the area.
Renter percentages in Aurora have shown a slight increase over the years, moving from 30% in 2013 to 32% in 2021, before returning to 30% in 2022. Average rent prices have fluctuated during this period, with some notable changes. In 2013, the average rent was $702, which increased to $782 by 2021, representing an 11.4% rise. However, there were some dips in between, such as in 2018 when the average rent dropped to $616. These fluctuations in rent prices and renter percentages could be attributed to changes in the local economy, housing supply, and population dynamics.
As of 2024, the average home price in Aurora has reached $164,702, continuing the upward trend observed in previous years. This represents a 3.4% increase from the 2023 average of $160,281. Concurrently, the federal interest rate has risen to 5.33% in 2024, up from 5.02% in 2023, which may impact future homeownership rates and housing market dynamics in the area.
Looking ahead, based on the historical data and current trends, we can project that average home prices in Aurora may continue to rise over the next five years, potentially reaching around $190,000 to $200,000 by 2029. Average rent prices could also see a moderate increase, possibly reaching $850 to $900 per month in the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, Aurora has experienced significant growth in average home prices over the past decade, with relatively stable homeownership rates. The rental market has seen more fluctuations in both prices and occupancy rates. The recent increases in federal interest rates and continued rise in home prices suggest that the local housing market remains dynamic, with potential for further growth and changes in the coming years.
