Loading Content...
Home Values and Ownership Trends in Zip Code 65010: Ashland, Missouri's Decade of Change
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 65010, located in Ashland, Missouri, is a suburban area that has experienced notable changes in homeownership rates and housing prices over the past decade. This analysis will explore the trends in ownership percentages, average home prices, and average rent prices in this region. The homeownership rate in zip code 65010 has shown some fluctuation over the years, with a general trend towards stability. In 2013, the ownership rate stood at 76%, and by 2022, it had slightly decreased to 74%. During this period, average home prices in the area experienced significant growth. In 2013, the average home price was $170,719, and by 2022, it had risen to $315,610, representing an impressive 84.9% increase over nine years.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 65010. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable, hovering between 74% and 76%. As interest rates began to rise more significantly from 2017 onwards, there was a slight increase in homeownership, reaching 80% in 2019. This suggests that some residents may have been motivated to purchase homes before interest rates climbed further.
Renter percentages in zip code 65010 have shown an inverse relationship to homeownership rates, naturally. In 2013, the renter percentage was 24%, and it fluctuated between 20% and 27% over the following years, settling at 26% in 2022. Average rent prices have generally increased during this period, albeit with some volatility. In 2013, the average rent was $747, and it rose to $968 by 2022, representing a 29.6% increase. Notably, there was a significant jump in average rent from $944 in 2020 to $1,107 in 2021, possibly influenced by the changing housing market dynamics during the COVID-19 pandemic.
Looking at the most recent data, the average home price in zip code 65010 continued to rise in 2023, reaching $325,162. This upward trend persisted into 2024, with the average home price climbing to $332,869. Interestingly, federal interest rates also saw a substantial increase during this period, rising from 5.02% in 2023 to 5.33% in 2024. Despite these higher interest rates, which typically discourage homebuying, the housing market in this area has remained robust.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 65010 will continue to rise, albeit at a potentially slower rate due to the higher interest rate environment. We project that by 2029, average home prices could reach approximately $380,000 to $400,000. For average rent prices, we expect a continued upward trajectory, potentially reaching $1,200 to $1,300 per month by 2029, assuming steady population growth and demand for rental properties.
In summary, zip code 65010 has demonstrated a resilient housing market with steadily increasing average home prices and generally stable homeownership rates. Despite fluctuations in federal interest rates, the area has maintained a strong preference for homeownership, with rates consistently above 70%. The rental market has also shown growth, with rising average rents reflecting increased demand. As we look to the future, both the ownership and rental markets in this zip code appear poised for continued growth, though the pace may be moderated by broader economic factors.
