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Average Home Values and Ownership in Zip Code 65810: A Decade of Resilient Growth in Springfield, 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 65810, located in Springfield, Missouri, has experienced notable shifts in its housing market dynamics over the past decade. This suburban area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 65810 has remained relatively stable, with minor fluctuations between 2013 and 2022. In 2013, the homeownership rate stood at 71%, and by 2022, it was at a similar level of 71%. However, there were slight variations in between, with the rate dropping to 68% in 2015 and 2016, before recovering in subsequent years. Interestingly, the average home prices in this zip code have shown a consistent upward trend during the same period. In 2013, the average home price was $176,689, and it steadily increased to reach $317,425 by 2022, representing a substantial 79.6% increase over nine years.
The relationship between federal interest rates and homeownership rates in zip code 65810 appears to follow the general trend observed nationwide. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.09% to 0.4%), the homeownership rate remained relatively stable around 68-71%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate showed resilience, maintaining at 71%. This suggests that other local factors, such as employment opportunities and housing supply, may have played a significant role in supporting homeownership despite rising interest rates.
Renter percentages in zip code 65810 have shown slight fluctuations over the years, generally inversely mirroring the homeownership trends. The renter-occupied percentage was 28% in 2013, peaked at 32% in 2015, and then settled at 29% by 2022. Concurrently, average rent prices have demonstrated an overall upward trend. In 2013, the average rent was $869, which increased to $973 by 2022, representing a 12% rise over the period. It's worth noting that the population in this zip code grew from 20,760 in 2013 to 21,022 in 2022, potentially contributing to the demand for rental properties and the subsequent increase in average rent prices.
Looking at the most recent data, the average home price in zip code 65810 continued its upward trajectory, reaching $329,005 in 2023 and further increasing to $335,150 in 2024. This represents a 5.6% increase from 2022 to 2024. Simultaneously, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homebuying activity in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 65810 will continue to rise, albeit at a potentially slower rate due to higher interest rates. Based on historical data and current market conditions, we project average home prices could reach approximately $375,000 to $400,000 by 2029. For average rent prices, the upward trend is likely to persist, potentially reaching $1,100 to $1,200 per month by 2029, assuming continued population growth and demand for rental properties in the area.
In summary, zip code 65810 has demonstrated resilience in its housing market, with stable homeownership rates despite rising home prices. The area has experienced consistent growth in both average home prices and average rent prices, reflecting its desirability as a residential location. The recent spike in interest rates may pose challenges for future homebuyers, but the strong historical price appreciation suggests continued demand for housing in this Springfield suburb.
