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Rising Home Values and Shifting Ownership Patterns: Analyzing Zip Code 65325 in Cole Camp, Missouri
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 65325, located in Cole Camp, Missouri, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend of decreasing homeownership and increasing average home prices, with some fluctuations in average rent prices.
The homeownership rate in zip code 65325 has shown a steady decline from 2013 to 2022. In 2013, 84% of residents were homeowners, but by 2022, this figure had dropped to 73%. During this same period, average home prices saw a significant increase. In 2012, the average home price was $77,602, and by 2022, it had risen to $206,926, representing a substantial 166% increase over a decade.
Federal interest rates have played a role in homeownership trends in this area. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable, hovering around 84-85%. However, as interest rates began to rise more sharply from 2017 onwards, reaching 1.68% in 2022, homeownership rates declined more rapidly, falling from 86% in 2017 to 73% in 2022.
The renter population in zip code 65325 has grown as homeownership has declined. In 2013, only 16% of residents were renters, but by 2022, this had increased to 27%. Interestingly, average rent prices have shown considerable volatility. In 2013, the average rent was $620, which increased to $664 in 2018, but then decreased to $624 in 2022. However, there was a significant spike in 2021 when the average rent reached $1,029, before dropping back down the following year.
In 2023 and 2024, the housing market in zip code 65325 showed signs of cooling. The average home price decreased from $206,926 in 2022 to $200,794 in 2023, and further to $184,147 in 2024. This decline coincides with a sharp increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially dampening housing demand.
Looking ahead, based on recent trends, we can predict that average home prices in zip code 65325 may continue to decrease slightly over the next five years, possibly stabilizing around $175,000 to $180,000. Average rent prices, given their historical volatility, are more challenging to predict but may settle in the range of $650 to $700, assuming no major economic disruptions.
In summary, zip code 65325 has experienced a clear trend of declining homeownership and rising home prices over the past decade. However, recent data suggests a potential cooling of the housing market, likely influenced by rising interest rates. The rental market has shown growth in terms of the percentage of renters, but with fluctuating average rent prices. These trends highlight the dynamic nature of the housing market in this Missouri community and the complex interplay between homeownership, housing prices, and broader economic factors.
