Loading Content...
Average Home Values and Ownership in Zip Code 65713: A Rural Missouri Case Study
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 65713, located in Niangua, Missouri, has experienced notable shifts in homeownership rates and housing prices over the past decade. This rural area, covering 126.13 square miles, has seen its population grow from 3,369 in 2010 to 3,773 in 2022, indicating a steady increase in residents.
The homeownership rate in zip code 65713 has fluctuated over the years, with a general upward trend from 2013 to 2019, peaking at 85% in 2019. However, there was a significant decrease to 75% in 2022. Concurrently, average home prices have shown a consistent upward trajectory. In 2012, the average home price was $86,455, which more than doubled to $229,377 by 2022. This substantial increase in home values may have contributed to the recent decline in homeownership rates, as higher prices potentially made homeownership less accessible for some residents.
The relationship between federal interest rates and homeownership rates in this area appears to follow the general trend of lower interest rates encouraging homeownership. For instance, when interest rates were at historic lows between 2013 and 2015 (0.11% to 0.13%), homeownership rates increased from 80% to 81%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, we observed a decline in homeownership rates from 83% to 75%.
Renter percentages in zip code 65713 have inversely mirrored the homeownership trends, increasing from 15% in 2019 to 25% in 2022. Average rent prices have shown volatility over the years. In 2013, the average rent was $608, which decreased to $479 in 2016 before rising again to $618 in 2020. Despite the recent increase in the renter population, average rent prices dipped to $533 in 2021 before rebounding to $618 in 2022. This fluctuation could be attributed to various factors, including changes in local economic conditions and housing supply.
In 2023 and 2024, average home prices in zip code 65713 continued to rise, reaching $235,709 in 2023 and slightly decreasing to $235,270 in 2024. This represents a 2.8% increase from 2022 to 2023, followed by a marginal 0.2% decrease from 2023 to 2024. Concurrently, federal interest rates have increased significantly, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in the area.
Looking ahead, based on the historical data and current trends, we can project that average home prices in zip code 65713 may continue to rise moderately over the next five years, potentially reaching around $260,000 by 2029. However, the rate of increase is likely to slow down compared to the rapid growth seen in recent years. Average rent prices may also see a gradual increase, potentially reaching around $700 by 2029, assuming the current economic conditions and population growth trends persist.
In summary, zip code 65713 has experienced significant changes in its housing market over the past decade. The area has seen substantial growth in average home prices, fluctuations in homeownership rates, and volatile rent prices. The recent increase in federal interest rates and the slight cooling of home prices in 2024 suggest a potential stabilization of the market. However, the overall trend indicates a continuing rise in both home values and rent prices, albeit at a potentially slower pace than in previous years.
