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Average Home Values and Ownership in Zip Code 65064: Olean's Decade of 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
Olean, located in zip code 65064 in Missouri, presents an interesting case study in homeownership and housing market trends. This small community has experienced fluctuations in its population and homeownership rates over the years, with a general trend towards increased owner-occupied housing.
The ownership percentage in Olean has shown a notable upward trend from 2013 to 2022. In 2013, the percent of owner-occupied homes was 81%, which increased to 92% by 2020, marking the highest point in the observed period. However, there was a slight decrease to 85% by 2022. This overall increase in homeownership suggests a growing preference for owning rather than renting in this area.
When examining the relationship between federal interest rates and homeownership rates, we can observe some correlation. For instance, the period from 2013 to 2020 saw historically low interest rates, ranging from 0.11% to 0.38%. This coincided with the increase in homeownership rates in Olean, supporting the well-established trend that lower interest rates generally encourage homeownership due to more affordable financing options.
The renter percentage in Olean has fluctuated inversely to the homeownership rate. In 2013, the renter-occupied percentage was 13%, which decreased to a low of 6% in 2015. However, it has since increased, reaching 14% in 2022. This recent uptick in renters could be attributed to various factors, including changes in population demographics or economic conditions.
Looking at the most recent data, the average home price in Olean for 2023 was $232,173, which increased to $234,108 in 2024. This represents a modest year-over-year increase of approximately 0.83%. The federal interest rate in 2023 was 5.02%, rising to 5.33% in 2024. Despite the increase in interest rates, which typically dampens home-buying activity, the average home prices in this area continued to rise, albeit at a modest pace.
Applying predictive models to forecast 5-year trends on average home prices, we can anticipate a continuation of the gradual upward trajectory. If the current rate of increase (0.83% annually) persists, we might expect the average home price in Olean to reach approximately $243,900 by 2029. However, this projection should be considered in the context of broader economic factors and local market conditions.
In summary, Olean in zip code 65064 has demonstrated a strong trend towards homeownership over the past decade, with owner-occupied housing reaching as high as 92% in 2020. Despite recent increases in federal interest rates, average home prices have continued to rise, suggesting a resilient local housing market. The community has also seen a recent uptick in renters, indicating a diverse and dynamic housing landscape. As we look to the future, the area appears poised for continued, albeit modest, growth in home values, reflecting the ongoing appeal of homeownership in this Missouri town.
