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Average Home Values and Ownership in Zip Code 63381: Truxton's Rural Housing Trends
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 63381, located in Truxton, Missouri, has experienced notable fluctuations in homeownership rates and housing prices over the past decade. This rural area has shown resilience in maintaining a high rate of homeownership while navigating changing economic conditions.
The homeownership rate in zip code 63381 has remained relatively stable, with minor fluctuations over the years. In 2013, the homeownership rate stood at 87%, and by 2022, it had slightly decreased to 85%. Despite this minor decline, the area has maintained a strong preference for homeownership. Average home prices have shown a significant upward trend. In 2019, the average home price was $214,049, which increased to $283,690 by 2022, representing a substantial 32.5% growth over just three years.
Federal interest rates have played a role in homeownership trends in zip code 63381. When interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), the homeownership rate remained steady at 84%. This stability in homeownership during a period of low interest rates suggests that other factors, such as local economic conditions or housing supply, may have a stronger influence on homeownership in this area than national interest rate trends.
Renter percentages in zip code 63381 have shown some variability, ranging from a low of 9% in 2017 to a high of 19% in 2019. Average rent prices have fluctuated significantly over the years. In 2013, the average rent was $656, which increased to a peak of $1,059 in 2017 before declining to $652 in 2022. This volatility in rent prices doesn't show a clear correlation with the percentage of renters, suggesting that local factors such as housing availability and economic conditions may be more influential in determining rental rates and occupancy.
In 2023, the average home price in zip code 63381 reached $291,670, continuing the upward trend observed in previous years. The federal interest rate for 2023 was 5.02%, significantly higher than the rates seen in the early 2020s. Moving into 2024, the average home price has further increased to $306,348, while the federal interest rate has risen slightly to 5.33%. These figures indicate a continued appreciation in home values despite higher borrowing costs.
Looking ahead, predictive models suggest that average home prices in zip code 63381 are likely to continue their upward trajectory over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices may stabilize or show modest increases, influenced by the overall housing market conditions and local economic factors.
In summary, zip code 63381 has maintained a strong homeownership culture despite fluctuations in the housing market. The area has seen significant appreciation in home values, particularly since 2019. While rent prices have shown volatility, they haven't demonstrated a clear long-term trend. The interplay between federal interest rates, local economic conditions, and housing supply will likely continue to shape the real estate landscape in this Missouri community in the coming years.
