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Average Home Values and Ownership in Zip Code 65332: Green Ridge's Evolving 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
Green Ridge, located in zip code 65332 in Missouri, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a steady increase in homeownership, coupled with significant growth in average home values, particularly in recent years. The percentage of owner-occupied homes in Green Ridge has shown a consistent upward trend. In 2013, the homeownership rate stood at 77%, and by 2022, it had risen to 83%. This 6% increase in homeownership aligns with a substantial rise in average home prices. In 2018, the average home price was $138,151, and by 2022, it had climbed to $236,671, representing a remarkable 71% increase over just four years.
The relationship between federal interest rates and homeownership rates in Green Ridge presents an interesting dynamic. Despite fluctuations in interest rates, the homeownership rate continued to rise. For instance, when interest rates were at 0.08% in 2021, the homeownership rate was 82%. As interest rates increased to 1.68% in 2022, the homeownership rate still grew to 83%, suggesting that local factors may have a stronger influence on homeownership than national interest rates in this area.
Conversely, the percentage of renters in Green Ridge has decreased over time, dropping from 23% in 2013 to 17% in 2022. Despite this decline in the renter population, average rent prices have shown an overall upward trend. In 2013, the average rent was $711, and it increased to $771 by 2022, representing an 8.4% rise. This suggests that while fewer people are renting, the rental market remains competitive, possibly due to limited rental inventory or increased quality of available rentals.
Looking at the most recent data, the average home price in Green Ridge reached $241,679 in 2023 and further increased to $247,545 in 2024. This represents a 2.4% year-over-year increase, indicating a continued upward trend in home values. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homebuying decisions.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Green Ridge will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project the average home price could reach approximately $280,000 to $300,000 by 2029. For rent prices, we expect a moderate increase, potentially reaching an average of $850 to $900 per month in the same timeframe.
In summary, Green Ridge has demonstrated a strong trend towards increased homeownership, with rising home values and a diminishing rental market share. The resilience of the housing market in the face of rising interest rates suggests a robust local economy and high desirability of the area. However, the rapid increase in home prices may present affordability challenges for future buyers, potentially slowing the rate of homeownership growth in the coming years.
