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Rising Home Values and Ownership in Zip Code 65610: Billings, Missouri'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 65610, located in Billings, Missouri, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has maintained a strong preference for owner-occupied housing, with ownership rates consistently above 75% throughout the observed period. The trends in average home prices and average rent have shown interesting patterns, reflecting the economic dynamics of the region.
The ownership percentage in zip code 65610 has seen a significant increase from 78% in 2016 to 87% in 2022. This rise in homeownership coincides with a substantial growth in average home prices. In 2016, the average home price was $158,197, which steadily climbed to $299,458 by 2022, representing an impressive 89% increase over six years. This trend suggests a strong correlation between rising home values and increased homeownership rates in the area.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 65610. The period from 2016 to 2020 saw relatively low interest rates, ranging from 0.4% to 2.16%. This favorable lending environment likely contributed to the increase in homeownership from 78% to 87% during this time. The historically low interest rate of 0.08% in 2021 coincided with the peak in homeownership at 87%, demonstrating how affordable financing options can encourage home buying.
While homeownership rates have increased, the renter population in zip code 65610 has decreased correspondingly. The percentage of renters dropped from 22% in 2016 to 12% in 2022. Interestingly, despite this decrease in the renter population, average rent prices have shown volatility. The average rent rose from $749 in 2016 to $969 in 2021, a 29% increase, before dropping to $775 in 2022. This fluctuation in rent prices, despite a shrinking renter population, could be attributed to various factors such as changes in housing quality or local economic conditions.
Looking at the most recent data, the average home price in zip code 65610 continued its upward trajectory, reaching $313,405 in 2023 and $323,723 in 2024. This represents a 4.6% increase from 2022 to 2023 and a further 3.3% increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, 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 anticipate that average home prices in zip code 65610 will continue to rise, albeit at a more moderate pace. By 2029, average home prices could potentially reach around $380,000 to $400,000, assuming a steady annual growth rate of 3-4%. Average rent prices are expected to stabilize and potentially increase slightly, reaching approximately $850 to $900 per month by 2029, factoring in historical fluctuations and the current housing market dynamics.
In summary, zip code 65610 has demonstrated a strong trend towards homeownership, with rates increasing from 78% to 87% between 2016 and 2022. This shift has been accompanied by significant growth in average home prices, nearly doubling over the same period. The rental market has contracted, with both the percentage of renters and average rent prices showing volatility. Recent data indicates continued growth in home prices, while higher interest rates may influence future housing market trends in this area.
