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Average Home Values and Ownership in Zip Code 65712: Mount Vernon'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
Zip code 65712, located in Mount Vernon, Missouri, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing average home prices and fluctuating ownership percentages, reflecting the dynamic nature of its real estate market.
The ownership percentage in zip code 65712 has shown some variability over the years, with a general trend towards stability. In 2013, the homeownership rate was 69%, which dipped to 64% in 2017 before rising again to 71% in 2022. Interestingly, this fluctuation in ownership rates coincided with a steady increase in average home prices. The average home price in 2013 was $97,510, which rose consistently year over year, reaching $192,668 by 2022. This represents a substantial 97.6% increase in average home prices over a nine-year period, despite the variations in homeownership rates.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable around 66-69%. As interest rates began to rise more significantly from 2017 onwards, there was a slight dip in homeownership to 64% in 2017, but it rebounded and even increased in subsequent years, reaching 71% by 2022 despite higher interest rates.
Regarding rental trends, the percentage of renters in zip code 65712 has generally mirrored the inverse of homeownership rates. In 2013, 31% of residents were renters, which increased to a peak of 36% in 2017 before declining to 29% in 2022. Average rent prices have shown some volatility during this period. The average rent was $641 in 2013, peaked at $703 in 2014, then fluctuated between $599 and $675 in subsequent years. By 2022, the average rent stood at $642, almost unchanged from 2013 despite the overall increase in home prices.
In 2023 and 2024, the average home prices in zip code 65712 continued their upward trajectory. The average home price reached $204,458 in 2023 and further increased to $212,627 in 2024. This represents a 10.4% increase from 2022 to 2024, despite the federal interest rate rising to 5.02% in 2023 and 5.33% in 2024, which are the highest rates seen since 2007.
Looking ahead, based on the historical data and current trends, we can project that average home prices in zip code 65712 are likely to continue their upward trend over the next five years, albeit potentially at a slower rate due to higher interest rates. Average rent prices may see moderate increases as well, potentially stabilizing around $700-$750 per month. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 65712 has demonstrated resilience in its housing market, with steadily increasing average home prices despite fluctuations in homeownership rates. The area has maintained a relatively high rate of homeownership, even in the face of rising home prices and interest rates. The rental market has shown stability in pricing, with recent trends suggesting a potential for modest growth in the coming years.
