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Average Home Values and Ownership in Zip Code 65350: A Decade of Growth in Smithton, Missouri
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 65350, located in Smithton, Missouri, presents an interesting case study of homeownership and rental trends in a small Midwestern community. This area has experienced fluctuations in its ownership percentage and average home prices over the past decade, while average rent prices have shown a general upward trend.
The homeownership rate in zip code 65350 has remained relatively high, fluctuating between 78% and 87% from 2013 to 2022. Average home prices have seen significant growth, particularly in recent years. In 2018, the average home price was $142,827, which increased to $217,576 by 2022, representing a substantial 52.3% increase over just four years.
Examining the relationship between federal interest rates and homeownership rates reveals some interesting patterns. Despite historically low interest rates between 2013 and 2021 (ranging from 0.08% to 2.16%), homeownership rates remained relatively stable, hovering around 82-86%. This suggests that other factors, such as local economic conditions or housing supply, may have played a more significant role in homeownership decisions in this area than interest rates alone.
Renter percentages in zip code 65350 have fluctuated inversely to homeownership rates, ranging from 13% to 22% between 2013 and 2022. Average rent prices have shown a general upward trend during this period. In 2013, the average rent was $711, which increased to $772 by 2022, representing an 8.6% increase over nine years. It's worth noting that the population of the area has fluctuated, peaking at 1,951 in 2016 before declining to 1,592 in 2022, which may have influenced rental market dynamics.
Looking at the most recent data, the average home price in zip code 65350 slightly decreased from $217,576 in 2022 to $216,239 in 2023, showing a minor 0.6% decline. However, it rebounded to $219,716 in 2024, indicating a 1.6% increase from the previous year. Interestingly, this occurred despite a significant rise in federal interest rates, which jumped from 1.68% in 2022 to 5.02% in 2023 and further to 5.33% in 2024. This resilience in home prices suggests strong local demand or limited housing supply in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 65350 will continue to rise, albeit at a more moderate pace. Based on the historical data and current economic conditions, we project average home prices could reach approximately $245,000 to $255,000 by 2029. For average rent prices, the forecast suggests a continued upward trend, potentially reaching $850 to $900 per month by 2029.
In summary, zip code 65350 has maintained a high rate of homeownership despite fluctuations in the housing market and interest rates. The area has seen significant growth in average home prices, particularly in recent years, while rent prices have shown a steady but more gradual increase. The resilience of the housing market in the face of rising interest rates suggests a strong local real estate market. Moving forward, both home prices and rent are expected to continue their upward trajectories, albeit at potentially slower rates than seen in the recent past.
