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Average Home Values and Ownership in Zip Code 65781: A Decade of Growth in Willard, Missouri
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Willard, located in zip code 65781 in 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 Willard has remained relatively stable, with slight fluctuations between 2013 and 2022. In 2013, the homeownership rate was 82%, and it maintained a similar level through 2022, ending at 79%. During this period, average home prices in the area saw a significant increase. In 2013, the average home price was $120,827, and by 2022, it had risen to $248,371, representing a substantial 105.6% increase over nine years. This trend suggests that while homeownership rates remained relatively steady, the value of homes in the area appreciated considerably.
The relationship between federal interest rates and homeownership rates in Willard shows some correlation. For instance, in 2013, when interest rates were low at 0.11%, the homeownership rate was at its peak of 82%. As interest rates gradually increased, reaching 1.68% in 2022, there was a slight decrease in homeownership to 79%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in Willard have shown minor fluctuations, ranging from 18% to 22% between 2013 and 2022. Interestingly, average rent prices have experienced more significant changes during this period. In 2013, the average rent was $794, which increased to $1,233 by 2021, representing a 55.3% increase. However, there was a notable drop in 2022, with average rent falling to $837. This decrease in rent prices coincided with a slight increase in the renter percentage from 20% in 2021 to 21% in 2022, possibly indicating a shift in the local rental market dynamics.
Looking at the most recent data, the average home price in Willard continued to rise, reaching $255,670 in 2023 and $263,417 in 2024. This represents a 2.9% and 3% increase in 2023 and 2024, respectively, compared to the previous year. Concurrently, federal interest rates have significantly increased, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may 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 Willard will continue to rise, albeit at a more moderate pace. Based on historical data and current market conditions, we project that average home prices could reach approximately $300,000 by 2029. For average rent prices, we expect a gradual increase, potentially reaching around $1,400 per month by 2029, assuming economic conditions remain stable and population growth continues.
In summary, Willard (zip code 65781) has demonstrated resilience in its housing market, maintaining relatively stable homeownership rates despite significant increases in average home prices. The rental market has shown more volatility, with substantial increases in average rent prices followed by a recent decline. The interplay between federal interest rates, home prices, and rental rates will likely continue to shape the local housing market dynamics in the coming years.
