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Average Home Values and Ownership in Zip Code 65233: Boonville'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
Zip code 65233, located in Boonville, Missouri, has experienced significant changes in homeownership rates and housing market dynamics over the past decade. This area has seen a general trend of increasing homeownership and rising average home prices, while average rent prices have also shown an upward trajectory.
The ownership percentage in zip code 65233 has shown a notable increase from 65% in 2015 to 73% in 2022. This rise in homeownership coincides with a substantial increase in average home prices. In 2015, the average home price was $117,104, which steadily climbed to $210,888 by 2022, representing an impressive 80% increase over seven years. This strong correlation suggests that despite rising prices, more residents were able to enter the housing market as homeowners.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting pattern. From 2015 to 2020, interest rates remained relatively low, ranging from 0.13% to 2.16%. During this period, homeownership rates increased from 65% to 71%. The low interest rate environment likely contributed to more affordable financing options, encouraging homeownership. However, it's worth noting that even as interest rates began to rise more sharply in 2022 to 1.68%, homeownership remained high at 73%, indicating other factors may have influenced this trend.
Renter percentages in zip code 65233 have shown an inverse relationship to homeownership rates, decreasing from 35% in 2015 to 27% in 2022. Despite this decline in the renter population, average rent prices have consistently increased. In 2015, the average rent was $614, which rose to $720 by 2022, a 17% increase. This upward trend in rent prices, despite a decreasing renter population, could be attributed to factors such as improved rental property quality or increased demand for the remaining rental units.
Looking at the most recent data, the average home price in zip code 65233 for 2023 was $210,743, showing a slight decrease from 2022. However, in 2024, the average home price has increased to $213,591. This recent uptick occurs despite the higher interest rates of 5.02% in 2023 and 5.33% in 2024, suggesting a resilient housing market in this area.
Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 65233 to continue their upward trajectory, albeit at a potentially slower rate due to higher interest rates. Average home prices could reach approximately $240,000 to $250,000 by 2029. Average rent prices are also likely to continue increasing, potentially reaching $800 to $850 per month in the same timeframe.
In summary, zip code 65233 has demonstrated a strong trend towards increased homeownership and rising property values over the past decade. Despite fluctuations in interest rates and economic conditions, the area has maintained a robust housing market with steadily increasing average home and rent prices. The continued growth in both sectors suggests a healthy demand for housing in this Boonville zip code, with a preference towards homeownership among residents.
