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Home Values and Ownership in Zip Code 65063: New Bloomfield's Resilient Housing Market
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
New Bloomfield, located in zip code 65063 in Missouri, has experienced notable shifts in its real estate landscape over the past decade. This area has seen fluctuations in homeownership rates and significant changes in both average home prices and average rent prices, reflecting broader economic trends and local market dynamics. The homeownership rate in New Bloomfield has remained relatively stable, with some minor fluctuations. In 2013, the homeownership rate stood at 80%, and by 2022, it had slightly decreased to 78%. During this period, average home prices in the area saw a substantial increase. In 2013, the average home price was $146,687, and by 2022, it had risen to $269,061, representing an impressive 83.4% increase over nine years. This upward trend in home prices appears to have had a minimal impact on homeownership rates, suggesting a resilient local housing market.
Federal interest rates have played a role in shaping homeownership trends in New Bloomfield. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.09% to 0.4%), the homeownership rate remained stable around 80%. As interest rates began to rise from 2017 onwards, there was a slight decrease in homeownership, dropping to 78% by 2022 when the federal interest rate reached 1.68%.
Renter percentages in New Bloomfield have shown some variability, inversely mirroring homeownership trends. In 2013, the renter-occupied rate was 20%, which decreased to 16% by 2021 before rising again to 22% in 2022. Average rent prices have generally increased over this period, albeit with some fluctuations. In 2013, the average rent was $814, which rose to $905 by 2022, representing an 11.2% increase. Interestingly, the highest average rent of $925 was recorded in 2021 when the renter percentage was at its lowest (16%), suggesting a possible correlation between reduced rental supply and increased prices.
Looking at the most recent data, average home prices in New Bloomfield continued to rise in 2023 and 2024, reaching $274,935 and $281,861 respectively. This represents a 4.8% increase from 2022 to 2024. 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 can anticipate continued growth in both average home prices and rent prices in New Bloomfield. Based on the historical data and current market conditions, average home prices could potentially reach around $320,000 by 2029. Average rent prices may also continue their upward trajectory, potentially approaching $1,000 per month within the next five years.
In summary, New Bloomfield has demonstrated a robust housing market with steadily increasing average home prices and relatively stable homeownership rates. The rental market has shown more volatility in terms of occupancy rates, but with a general trend towards increasing average rents. The recent spike in federal interest rates may introduce new dynamics to the local real estate market, potentially affecting both homeownership rates and housing affordability in the coming years.
