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Rising Home Values and Steady Ownership in Zip Code 65672: Hollister'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 65672, located in Hollister, Missouri, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing homeownership and rising average home prices, with some fluctuations in the rental market.
The homeownership percentage in zip code 65672 has shown a notable increase from 58% in 2017 to 68% in 2022. This rise in homeownership coincides with a substantial increase in average home prices, which grew from $156,502 in 2017 to $271,318 in 2022, representing a 73.4% increase over five years. This trend suggests a strong correlation between rising home values and homeownership rates in the area.
Federal interest rates have played a significant role in homeownership trends. From 2017 to 2019, interest rates increased from 1% to 2.16%, which didn't seem to deter homeownership in this zip code. However, the dramatic drop in interest rates to 0.08% in 2021 coincided with a spike in homeownership to 65%, up from 58% in 2019. This aligns with the well-established trend that lower interest rates generally encourage homeownership due to more affordable financing options.
The rental market in zip code 65672 has shown interesting trends as well. The percentage of renters decreased from 41% in 2017 to 32% in 2022. Despite this decrease in renter occupancy, average rent prices have generally increased, rising from $750 in 2017 to $758 in 2022. This suggests that while fewer people are renting, those who do are paying slightly higher rents. The population growth from 9,022 in 2017 to 9,113 in 2022 may have contributed to maintaining demand for rental properties despite the shift towards homeownership.
In 2023 and 2024, the housing market in zip code 65672 continued to evolve. Average home prices reached $281,229 in 2023 and further increased to $286,425 in 2024, showing a continued upward trend. Simultaneously, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Looking ahead, predictive models suggest that average home prices in zip code 65672 may continue to rise over the next five years, potentially reaching around $325,000 by 2029. Average rent prices are also expected to increase, possibly hitting $850 per month in the same timeframe. These projections are based on historical trends and current market conditions.
In summary, zip code 65672 has experienced a significant shift towards homeownership, accompanied by substantial increases in average home prices. The rental market, while shrinking in terms of occupancy, has maintained steady rent growth. The interplay between federal interest rates, housing prices, and homeownership rates highlights the dynamic nature of the local real estate market. As the area continues to grow and evolve, these trends will likely shape the future of housing in this Missouri community.
