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Average Home Values and Ownership in Zip Code 65746: A Decade of Growth in Seymour, Missouri
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 65746, located in Seymour, Missouri, has experienced notable fluctuations in population and housing dynamics over the past decade. This area, spanning 210.25 square miles, has seen its population grow from 8,142 in 2010 to 9,143 in 2022, reflecting a steady increase in residents. The ownership and rental patterns, along with average home and rent prices, have undergone significant changes during this period.
The homeownership rate in zip code 65746 has remained relatively stable, with minor fluctuations. In 2013, the area boasted an 85% homeownership rate, which slightly decreased to 81% by 2022. This slight decline coincided with a substantial increase in average home prices. In 2012, the average home price was $89,898, which rose dramatically to $212,082 by 2022, representing a 136% increase over a decade. This upward trend in home prices, despite a small decrease in homeownership, suggests a robust housing market with increasing property values.
Federal interest rates have played a significant role in shaping homeownership trends. The period from 2010 to 2021 saw historically low interest rates, ranging from 0.08% to 0.18%, which generally encourages homeownership due to more affordable financing options. However, the slight decline in homeownership rates in zip code 65746 during this period, from 85% in 2013 to 81% in 2022, suggests that other local factors may have influenced housing decisions more strongly than national interest rates.
Renter percentages in the area have shown a minor increase, from 15% in 2013 to 19% in 2022. This trend correlates with changes in average rent prices. The average rent increased from $602 in 2013 to $692 in 2022, a 15% rise over nine years. The population growth from 9,000 in 2013 to 9,143 in 2022 may have contributed to the increased demand for rental properties, potentially driving up rent prices despite the relatively stable rental percentage.
In 2023 and 2024, the housing market in zip code 65746 continued its upward trajectory. The average home price reached $223,156 in 2023 and further increased to $229,292 in 2024. This represents a 5.2% increase from 2022 to 2023 and a 2.8% increase from 2023 to 2024. Notably, federal interest rates also saw a significant rise, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Looking ahead, based on the observed trends, we can forecast continued growth in both average home prices and rent prices over the next five years. Average home prices are projected to increase by approximately 3-4% annually, potentially reaching around $270,000 by 2029. Average rent prices are expected to rise at a similar rate, possibly reaching $800-$850 per month in the same timeframe. These projections assume a continuation of current economic conditions and local market factors.
In summary, zip code 65746 has demonstrated a resilient housing market characterized by steadily increasing home values and modest growth in rental prices. The area has maintained a high rate of homeownership despite rising property values, indicating strong local demand for housing. The recent uptick in federal interest rates, coupled with the consistent increase in home prices, may present new challenges for prospective homebuyers in the coming years. However, the overall trend suggests a robust and growing real estate market in this Missouri community.
