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Home Values and Ownership in Zip Code 65567: Stoutland'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
Zip code 65567, located in Stoutland, Missouri, has experienced notable fluctuations in its housing market over the past decade. This area has seen significant changes in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The ownership percentage in this zip code has shown a gradual decline from 2013 to 2022. In 2013, the homeownership rate was 81%, which remained relatively stable until 2020 when it dropped to 71%. By 2022, it had slightly recovered to 77%. This trend coincides with changes in average home prices, which have shown a substantial increase since 2017. The average home price in 2017 was $129,520, and it rose steadily to reach $194,177 in 2022, representing a 50% increase over five years.
Federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2016, when interest rates were extremely low (ranging from 0.09% to 0.4%), homeownership rates remained stable at around 80-81%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership rates showed a slight decline to 80%. The sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a decrease in homeownership to 71-72%, possibly due to economic uncertainty during the pandemic.
Renter percentages have generally mirrored the inverse of homeownership rates, increasing from 19% in 2013 to 29% in 2020, before decreasing to 23% in 2022. Average rent prices have shown considerable volatility. In 2013, the average rent was $411, which decreased to $376 in 2014. It then rose significantly to $677 in 2018 and peaked at $697 in 2019. However, there was a sharp decline in average rent to $390 in 2020, further decreasing to $380 in 2022. This trend may be influenced by changes in population, which increased from 1,745 in 2013 to 1,905 in 2022, potentially affecting housing demand.
In 2023, the average home price in zip code 65567 continued to rise, reaching $195,841. This upward trend persisted into 2024, with the average home price climbing to $204,606. Concurrently, federal interest rates increased significantly, rising to 5.02% in 2023 and further to 5.33% in 2024. These higher interest rates may impact future homeownership rates and housing affordability in the area.
Looking ahead, predictive models suggest that average home prices in zip code 65567 may continue to rise over the next five years, potentially reaching around $230,000 by 2029. This projection is based on the consistent upward trend observed since 2017. Average rent prices, which have shown more volatility, are harder to predict. However, if the recent trend of declining rents continues, we might see average rents stabilize around $350-$400 per month. These predictions assume relative economic stability and no major disruptions to the local housing market.
In summary, zip code 65567 has experienced a gradual decline in homeownership rates despite rising average home prices. The rental market has shown significant fluctuations in both occupancy rates and average rents. The interplay between federal interest rates, population changes, and local economic factors continues to shape the housing landscape in this area, with recent trends pointing towards increasing home values and potentially stabilizing rent prices.
