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Average Home Values and Ownership in Zip Code 65641: Eagle Rock'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
Eagle Rock, located in zip code 65641 in Missouri, has experienced fluctuating trends in homeownership and housing prices over the past decade. This small community, with a population of 1,773 in 2022, has shown resilience in maintaining a predominantly owner-occupied housing market despite various economic factors.
The homeownership rate in Eagle Rock has seen a gradual decline from 2013 to 2019, followed by a slight rebound. In 2013, the area boasted an 81% homeownership rate, which decreased to 71% by 2019. However, there was a notable recovery to 76% by 2022. This trend coincides with changes in average home prices, which have shown significant growth in recent years. The average home price in the area increased from $159,218 in 2018 to $259,424 in 2022, representing a substantial 62.9% increase over four years.
The relationship between federal interest rates and homeownership rates in Eagle Rock shows some correlation. As interest rates remained low from 2013 to 2015 (ranging from 0.09% to 0.13%), homeownership rates were relatively high, above 75%. However, as interest rates began to rise from 2016 onwards, reaching 2.16% by 2019, homeownership rates declined to their lowest point of 71%. The subsequent drop in interest rates in 2020 and 2021 (to 0.38% and 0.08% respectively) coincided with a rebound in homeownership rates to 76% by 2022.
Renter percentages in Eagle Rock have inversely mirrored the homeownership trends. The proportion of renters increased from 19% in 2013 to a peak of 29% in 2019, before declining slightly to 24% in 2022. Average rent prices have generally trended upward during this period, rising from $534 in 2013 to $684 in 2022, an increase of 28.1%. It's worth noting that despite population fluctuations, the overall trend in rent prices has been upward, suggesting other factors such as housing demand and local economic conditions may be influencing rental costs.
In 2023 and 2024, Eagle Rock continued to see growth in average home prices. The average home price reached $266,915 in 2023 and further increased to $279,671 in 2024, representing a 4.8% year-over-year increase. This growth occurred despite the sharp rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, potentially indicating strong local demand for housing in the area.
Looking ahead, based on current trends and historical data, we can project that average home prices in Eagle Rock may continue to rise over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average rent prices are also likely to continue their upward trajectory, possibly reaching around $750-$800 per month by 2029 if current trends persist.
In summary, Eagle Rock has demonstrated a dynamic housing market over the past decade. While homeownership rates have fluctuated, they have remained relatively high, bouncing back in recent years despite rising home prices. The area has shown resilience in its housing market, with both home values and rent prices trending upward. The interplay between interest rates, homeownership, and housing costs will likely continue to shape the local real estate landscape in the coming years.
