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Rising Home Values and Stable Ownership in Zip Code 64076: Odessa'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 64076, located in Odessa, Missouri, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, with its small-town charm, has seen fluctuations in both ownership percentages and average home values, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 64076 has remained relatively stable, with some minor fluctuations. In 2013, the homeownership rate stood at 77%, and by 2022, it had increased slightly to 80%. During this period, average home prices in the area saw a significant upward trend. In 2013, the average home price was $114,096, and by 2022, it had risen to $246,431, representing a substantial increase of 116% over nine years. This trend suggests that despite rising home prices, residents in this zip code have maintained a strong preference for homeownership.
Federal interest rates have played a role in shaping homeownership trends in zip code 64076. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), the homeownership rate increased from 77% to 79%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, the area demonstrated resilience in homeownership even as interest rates began to rise from 2017 onwards, maintaining a high ownership rate of 80% in 2022 despite the federal interest rate reaching 1.68% that year.
Renter percentages and average rent prices in zip code 64076 have shown some interesting patterns. The percentage of renters fluctuated between 20% and 25% from 2013 to 2022. Average rent prices have generally increased over this period, albeit with some volatility. In 2013, the average rent was $822, which rose to $959 by 2021, an increase of 16.7%. However, there was a slight decrease to $832 in 2022. This trend in rent prices doesn't directly correlate with the renter percentage, suggesting that other factors, such as local economic conditions or housing supply, may have influenced renting patterns in the area.
As of 2024, the average home price in zip code 64076 stands at $261,844, showing continued appreciation from the 2022 value. This represents a 6.3% increase from 2022 to 2024. The current federal interest rate in 2024 is 5.33%, which is significantly higher than the rates seen in the previous decade. Despite this higher interest rate environment, home prices have continued to rise, indicating strong demand in the local housing market.
Looking ahead, based on historical trends and current market conditions, we can project potential scenarios for the next five years. Average home prices in zip code 64076 may continue to appreciate, albeit at a more moderate pace due to higher interest rates. A conservative estimate might see average home prices reaching around $290,000 to $300,000 by 2029. Average rent prices could also see steady increases, potentially reaching $1,100 to $1,200 per month by 2029, assuming continued demand for rental properties in the area.
In summary, zip code 64076 has demonstrated a robust housing market characterized by high homeownership rates and steadily increasing average home prices. Despite fluctuations in federal interest rates and economic conditions, the area has maintained a strong preference for homeownership. The rental market, while smaller, has shown resilience with gradually increasing average rents. As the area moves forward, it is likely to continue seeing moderate growth in both home values and rental prices, reflecting the enduring appeal of this Missouri community.
