Loading Content...
Average Home Values and Ownership in Zip Code 65661: A Decade of Growth in Rural Missouri
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 65661, located in Greenfield, Missouri, presents an interesting case study of homeownership and rental trends over the past decade. This rural area has experienced fluctuations in both population and housing dynamics, with a general trend towards increasing average home prices and rent costs. The homeownership rate in zip code 65661 has remained relatively stable, hovering around 74% from 2013 to 2022. However, there have been slight variations, with the highest rate of 77% observed in 2017 and the lowest at 72% in 2022. Interestingly, these changes in homeownership rates have coincided with significant increases in average home prices. In 2013, the average home price was $68,385, which steadily rose to $134,188 by 2022, representing a substantial 96% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code doesn't follow a clear pattern. For instance, despite historically low interest rates between 2013 and 2016 (ranging from 0.09% to 0.4%), the homeownership rate remained relatively constant. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a slight decline in homeownership from 77% to 72%. This suggests that other local factors may have a more significant influence on homeownership in this area than national interest rates.
Rental trends in zip code 65661 show an inverse relationship to homeownership rates, as expected. The percentage of renters increased slightly from 25% in 2013 to 28% in 2022. This change coincided with a notable rise in average rent prices, from $504 in 2013 to $658 in 2022, representing a 30.6% increase. The population fluctuations during this period, from 2,337 in 2013 to 2,547 in 2022, may have contributed to the increased demand for rentals and subsequent rise in prices.
Looking at the most recent data, the average home price in zip code 65661 continued its upward trajectory, reaching $136,590 in 2023 and $143,282 in 2024. This represents a further 6.8% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 65661 will continue to rise, potentially reaching around $175,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For rent prices, the forecast suggests a continued increase, potentially reaching an average of approximately $750 per month by 2029, assuming the current rate of growth persists.
In summary, zip code 65661 has demonstrated a robust housing market with steadily increasing property values and rent prices. While homeownership rates have remained relatively stable, there's been a slight shift towards renting in recent years. The area has shown resilience to national economic factors such as interest rate changes, suggesting strong local market dynamics. As property values continue to rise, it will be crucial to monitor affordability for both homeowners and renters in this Missouri community.
