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Rising Home Values and Ownership Trends in Zip Code 63901: Poplar Bluff'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 63901, located in Poplar Bluff, Missouri, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, known for its rich history and proximity to the Ozark Mountains, has shown interesting trends in both the housing market and rental sector.
The homeownership rate in zip code 63901 has remained relatively stable, with some fluctuations. In 2013, the homeownership rate was 63%, which dipped to 60% in 2016 and maintained that level until 2020. By 2022, it had rebounded to 63%. During this period, average home prices in the area experienced significant changes. In 2013, the average home price was $127,560, which decreased to $115,696 by 2018, representing a 9.3% drop. However, from 2018 onwards, there was a consistent upward trend, with the average home price reaching $143,595 in 2022, marking a 24.1% increase over four years.
Federal interest rates have played a role in shaping homeownership trends in zip code 63901. The period from 2013 to 2015 saw historically low interest rates, hovering around 0.1%, which coincided with stable homeownership rates. As interest rates began to rise gradually from 2016 to 2019, reaching 2.16% in 2019, there was a slight decrease in homeownership rates from 63% to 60%. This trend aligns with the general principle that higher interest rates can make home financing less affordable, potentially impacting homeownership rates.
Regarding rental trends, the percentage of renters in zip code 63901 increased from 37% in 2013 to 40% in 2016, remaining at that level through 2020 before decreasing back to 37% in 2022. Average rent prices showed an overall upward trend during this period. In 2013, the average rent was $597, which increased to $693 by 2019, representing a 16.1% rise. There was a slight dip to $675 in 2020, possibly influenced by the economic impacts of the COVID-19 pandemic, but rents rebounded strongly to $732 in 2021, the highest recorded in the dataset. Interestingly, 2022 saw a decrease in average rent to $655, coinciding with an increase in homeownership rates.
Looking at the most recent data, the average home price in zip code 63901 continued its upward trajectory, reaching $151,891 in 2023 and further increasing to $156,596 in 2024. This represents a significant 9.1% increase from 2022 to 2024. Concurrently, federal interest rates have risen sharply, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing market dynamics.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 63901 will continue to rise, albeit at a more moderate pace. By 2029, average home prices could potentially reach around $175,000 to $180,000, assuming a continuation of current economic conditions and local market factors. For rent prices, the forecast suggests a possible stabilization or slight increase, with average rents potentially reaching $700 to $750 by 2029, factoring in historical trends and economic indicators.
In summary, zip code 63901 has demonstrated resilience in its housing market, with homeownership rates rebounding to 63% in recent years despite fluctuations in home prices and interest rates. The area has seen a significant appreciation in home values since 2018, with this trend continuing into 2024. Rental markets have shown volatility, with recent decreases in average rents coinciding with increased homeownership. The interplay between federal interest rates, homeownership rates, and housing prices will likely continue to shape the local real estate landscape in the coming years.
