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Rising Home Values and Ownership in Zip Code 63501: Kirksville'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
Kirksville, located in zip code 63501 in Missouri, is a vibrant community that has experienced notable shifts in its housing landscape over the past decade. This analysis will explore the trends in homeownership rates, average home prices, and average rent prices, providing insights into the local real estate market dynamics.
The homeownership rate in Kirksville has shown a gradual increase from 2013 to 2022. In 2013, 54% of residents were homeowners, and this figure rose to 56% by 2022. This upward trend in homeownership coincides with a significant increase in average home prices. In 2012, the average home price was $100,382, and it steadily climbed to $158,023 by 2022, representing a substantial 57.4% increase over this period.
The relationship between federal interest rates and homeownership rates in Kirksville presents an interesting pattern. Despite historically low interest rates from 2013 to 2016 (ranging from 0.09% to 0.40%), homeownership rates remained relatively stable, fluctuating between 52% and 54%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates actually increased to 56%. This suggests that local factors may have had a stronger influence on homeownership decisions than national interest rates in this particular market.
Renter percentages in Kirksville have shown a slight decline, from 46% in 2013 to 44% in 2022. During this period, average rent prices experienced overall growth, albeit with some fluctuations. The average rent increased from $599 in 2013 to $666 in 2022, representing an 11.2% rise. Notably, there was a significant jump in average rent to $713 in 2021, before decreasing slightly in 2022. These trends occurred against a backdrop of relatively stable population, which stood at 20,596 in 2022, suggesting that changes in housing supply or local economic factors may have influenced rent prices more than population shifts.
In 2023 and 2024, the housing market in Kirksville continued to evolve. The average home price reached $159,788 in 2023 and further increased to $164,182 in 2024, showing a consistent upward trajectory. This growth occurred despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024. These higher interest rates typically make borrowing more expensive, yet the local housing market has maintained its upward price trend, indicating strong demand or limited supply in the area.
Looking ahead, based on the observed trends, we can forecast continued growth in both average home prices and rent prices over the next five years. Average home prices are projected to increase by approximately 3-4% annually, potentially reaching around $190,000 by 2029. Average rent prices are expected to rise at a slightly slower pace, possibly increasing by 2-3% per year, which could bring the average rent to approximately $750 by 2029. However, these projections assume relatively stable economic conditions and no major disruptive events in the local market.
In summary, Kirksville (zip code 63501) has experienced a gradual increase in homeownership rates, accompanied by significant growth in average home prices. The rental market has seen a slight decrease in the percentage of renters, with moderate growth in average rent prices. The local housing market has shown resilience, with continued price appreciation even in the face of rising interest rates. These trends suggest a robust and dynamic real estate market in Kirksville, with potential for further growth in both home values and rental prices in the coming years.
