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Average Home Values and Ownership in Zip Code 65584: Fort Leonard Wood'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
Zip code 65584, located in St. Robert, Missouri, has experienced significant fluctuations in its housing market over the past decade. This area, known for its proximity to Fort Leonard Wood, has seen dynamic shifts in homeownership rates and property values, reflecting the unique characteristics of a military-influenced community.
The homeownership rate in zip code 65584 has shown a notable trend, decreasing from 50% in 2013 to a low of 38% in 2016 and 2017, before rebounding to 52% in 2022. This trend inversely correlates with average home prices, which declined from $172,206 in 2010 to a low of $140,385 in 2017, before rising again to $185,946 in 2022. The initial decrease in homeownership coincided with falling home prices, suggesting that despite more affordable housing, other factors were influencing buying decisions.
Federal interest rates appear to have played a role in homeownership trends in this area. The period of extremely low interest rates from 2013 to 2016 (ranging from 0.09% to 0.4%) coincided with the lowest homeownership rates, contrary to the general expectation. This unusual pattern might be attributed to the transient nature of the military population, who may have opted for renting despite favorable buying conditions. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates paradoxically increased, possibly indicating a shift in the local population's composition or economic stability.
Renter percentages in zip code 65584 show an inverse relationship to homeownership rates, peaking at 62% in 2016 and 2017 before declining to 48% in 2022. Interestingly, average rent prices have shown a gradual decline from $1,122 in 2013 to $1,026 in 2022, despite fluctuations in the renter population. This trend suggests that the rental market has remained relatively stable, possibly due to consistent demand from the military community.
In 2023 and 2024, the housing market in zip code 65584 has shown significant growth. Average home prices increased to $199,481 in 2023 and further to $208,504 in 2024. This upward trend occurred despite a sharp rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. This continued appreciation in home values, even in a high-interest rate environment, suggests strong local demand for housing.
Looking ahead, predictive models forecast a continued upward trend in average home prices for zip code 65584 over the next five years. Based on historical data and current market conditions, average home prices could potentially reach around $240,000 by 2029. Average rent prices, which have been relatively stable, are projected to see a modest increase, potentially reaching approximately $1,100 by 2029.
In summary, zip code 65584 has demonstrated resilience and adaptability in its housing market. The area has seen a recent resurgence in homeownership rates despite rising interest rates, coupled with steadily increasing home values. The rental market has remained stable, reflecting the enduring demand likely influenced by the nearby military installation. As the community continues to evolve, these trends suggest a potentially strong and dynamic housing market in the coming years.
