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Average Home Values and Ownership in Zip Code 64870: Webb City's Resilient Housing Market
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
Webb City, Missouri, zip code 64870, has experienced significant changes in its housing market over the past decade. This analysis explores the trends in homeownership, average home prices, and average rent prices in this area, providing insights into the local real estate landscape.
The homeownership rate in Webb City has shown a gradual increase over the years. In 2013, 64% of residents were homeowners, and this figure rose to 68% by 2022. This upward trend in homeownership coincides with a substantial increase in average home prices. In 2013, the average home price was $89,778, and it steadily climbed to $192,463 by 2022, representing a remarkable 114% increase over nine years.
The relationship between federal interest rates and homeownership rates in Webb City appears to follow the expected pattern. As interest rates remained low from 2013 to 2021, ranging from 0.08% to 2.16%, the homeownership rate increased from 64% to 68%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Renter percentages in Webb City have correspondingly decreased from 36% in 2013 to 32% in 2022. Despite this decrease in the renter population, average rent prices have shown an overall upward trend. In 2013, the average rent was $780, and it fluctuated over the years, reaching $825 in 2021 before slightly decreasing to $756 in 2022. This represents a net increase of about 5.8% in average rent prices over the nine-year period, despite some year-to-year variations.
Looking at the most recent data, the average home price in Webb City continued to rise in 2023, reaching $204,792, and further increased to $211,460 in 2024. This represents a 9.9% increase from 2022 to 2024. Concurrently, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Webb City will continue to rise, potentially reaching around $250,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For average rent prices, we expect a more moderate increase, potentially reaching approximately $900 per month by 2029, assuming the trend of gradual increases continues.
In summary, Webb City has seen a steady increase in homeownership rates and a significant rise in average home prices over the past decade. The rental market has experienced more modest growth in prices despite a decrease in the percentage of renters. The recent sharp increase in interest rates may influence future homeownership trends, potentially slowing the rate of increase in homeownership. However, the continued rise in average home prices suggests ongoing demand in the local real estate market.
