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Average Home Values and Ownership in Zip Code 65769: A Decade of Resilient Growth in Verona, 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 65769, located in Verona, Missouri, has experienced notable shifts in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 65769 has remained relatively stable, with a slight downward trend. In 2013, the homeownership rate was 83%, which gradually decreased to 78% by 2022. This minor decline coincided with a significant increase in average home prices. In 2013, the average home price was $106,752, which steadily rose to $234,404 by 2022, representing a substantial 119.6% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code shows an interesting pattern. Despite historically low interest rates between 2013 and 2021 (ranging from 0.08% to 1.83%), the homeownership rate experienced a slight decline. This suggests that other factors, such as rising home prices, may have had a stronger influence on homeownership than low interest rates in this particular market.
Renter percentages in zip code 65769 have shown a modest increase, from 16% in 2013 to 22% in 2022. This rise in renters correlates with an increase in average rent prices. In 2013, the average rent was $623, which grew to $712 by 2022, marking a 14.3% increase. It's worth noting that the population in this zip code decreased from 4,029 in 2013 to 3,340 in 2022, which may have influenced the rental market dynamics.
As of 2024, the average home price in zip code 65769 has reached $244,851, continuing the upward trend observed in previous years. The federal interest rate in 2024 stands at 5.33%, significantly higher than the rates seen in the early 2020s. This increase in interest rates could potentially impact future homeownership rates and home price growth in the area.
Looking ahead, based on historical trends and current market conditions, we can project potential 5-year trends for average home and rent prices in zip code 65769. Average home prices are likely to continue their upward trajectory, albeit potentially at a slower pace due to higher interest rates. We might expect average home prices to reach around $280,000 to $300,000 by 2029. Average rent prices are also expected to increase, potentially reaching $800 to $850 per month in the same timeframe.
In summary, zip code 65769 has experienced a gradual shift towards a slightly higher proportion of renters, coupled with substantial increases in both average home prices and average rent prices. The area has shown resilience in maintaining a high homeownership rate despite rising home prices, suggesting a strong local preference for homeownership. However, the recent rise in interest rates and continued growth in housing costs may present challenges for future homebuyers in this market.
