Loading Content...
Average Home Values and Ownership in Zip Code 65767: A Decade of Growth in Urbana, 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 65767, located in Urbana, Missouri, has shown interesting trends in homeownership and housing prices over the past decade. This area has experienced significant shifts in its real estate market, with notable changes in both ownership percentages and average home prices.
The homeownership rate in zip code 65767 has seen a remarkable increase from 69% in 2017 to 85% in 2022, indicating a strong trend towards property ownership. This rise in homeownership coincides with a substantial increase in average home prices, which grew from $126,395 in 2017 to $209,003 in 2022, representing a 65.4% increase over five years. This correlation suggests that despite rising prices, more residents are choosing to invest in homeownership.
Federal interest rates have played a significant role in shaping homeownership trends in this area. The period from 2017 to 2020 saw relatively low interest rates, ranging from 1% to 2.16%, which likely contributed to the increasing homeownership rates during this time. As interest rates dropped to 0.38% in 2020 and 0.08% in 2021, homeownership continued to rise, reaching 78% and 81% respectively. This trend aligns with the general principle that lower interest rates tend to encourage homeownership by making mortgages more affordable.
Conversely, the percentage of renters in zip code 65767 has decreased from 31% in 2017 to 15% in 2022. Despite this decline in the renter population, average rent prices have shown volatility. For instance, average rent increased from $492 in 2017 to $716 in 2018, then decreased to $473 in 2021, before rising again to $586 in 2022. These fluctuations in rent prices, coupled with the decreasing renter population, suggest a complex rental market influenced by various factors including housing availability and local economic conditions.
Looking at the most recent data, average home prices in zip code 65767 continued to rise, reaching $212,396 in 2023 and $212,723 in 2024. This represents a slight slowdown in price growth compared to previous years. Interestingly, federal interest rates have increased significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 65767 will continue to increase, albeit at a more moderate pace. The current high interest rates may slow down the rapid growth in homeownership rates observed in recent years. Average rent prices are expected to stabilize or increase slightly, influenced by the reduced rental market share and potential shifts in housing preferences.
In summary, zip code 65767 has experienced a significant shift towards homeownership, with a corresponding increase in average home prices. The interplay between federal interest rates, homeownership rates, and housing prices has been evident, with low interest rates contributing to increased homeownership. While the rental market has shrunk, rent prices have shown volatility. The coming years may see a moderation in these trends due to rising interest rates and evolving market conditions.
