Loading Content...
Average Home Values and Ownership in Zip Code 65054: Westphalia's Resilient Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Westphalia, located in zip code 65054 in Missouri, is a small community that has experienced notable shifts in homeownership and housing market dynamics over the past decade. This analysis explores the trends in ownership percentages, average home prices, and average rent prices in the area. The homeownership rate in Westphalia has shown a significant upward trend from 2013 to 2022. In 2013, the percentage of owner-occupied housing units was 85%, which steadily increased to 94% by 2020 and remained stable until 2021. However, there was a slight decrease to 90% in 2022. This high rate of homeownership indicates a strong preference for owning rather than renting among the local population.
The average home price in 2023 was $260,222, with a slight decrease to $259,339 in 2024. This relatively stable pricing suggests a mature and steady housing market in the area. The relationship between federal interest rates and homeownership rates in Westphalia appears to follow the general trend observed nationally. As interest rates remained low from 2013 to 2021, ranging from 0.08% to 1.83%, the homeownership rate in the zip code increased from 85% to 94%. This aligns with the principle that lower interest rates tend to encourage homeownership due to more affordable financing options. However, the slight decrease in homeownership to 90% in 2022 coincides with the beginning of interest rate increases, which reached 1.68% that year.
Regarding rental trends, the percentage of renter-occupied housing units in Westphalia has generally decreased over time, from 15% in 2013 to 10% in 2022. This decline in renters corresponds with the increase in homeownership. Interestingly, the average rent prices have fluctuated over the years. In 2013, the average rent was $484, which increased to $519 in 2021, but then decreased to $409 in 2022. These fluctuations in rent prices do not seem to directly correlate with the declining renter population, suggesting that other factors, such as local economic conditions or housing supply, may be influencing rent prices.
Looking at the most recent data, the average home price in Westphalia was $260,222 in 2023 and slightly decreased to $259,339 in 2024. This minimal change indicates a stable housing market. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and affordability in the area.
Applying predictive models to forecast 5-year trends, we can anticipate that average home prices in Westphalia may continue to remain relatively stable, with potential for modest growth. This prediction is based on the current stability observed in recent years and the high homeownership rate. Average rent prices might see a slight increase as the rental market adjusts to the limited supply of rental properties in the area.
In summary, Westphalia in zip code 65054 has demonstrated a strong preference for homeownership, with rates reaching as high as 94% in recent years. The housing market appears stable, with recent average home prices around $260,000. While rental percentages have decreased, rent prices have shown some fluctuation. The interplay between federal interest rates, homeownership rates, and housing prices in this area provides an interesting case study of a small Missouri community's real estate dynamics.
