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Rising Home Values and Strong Ownership in Jackson, Zip Code 63755: A Decade of Housing Market Evolution
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
Jackson, located in zip code 63755 in Missouri, has exhibited notable patterns in homeownership and housing prices over the past decade. This area has maintained a consistently high rate of homeownership, while average home prices have steadily increased and average rent prices have fluctuated over time.
The homeownership rate in Jackson has remained consistently high, ranging from 74% to 78% between 2013 and 2022. This stability in homeownership coincides with a steady increase in average home prices. In 2010, the average home price was $153,569, and it rose to $240,283 by 2022, representing a significant 56.5% increase over 12 years. The most substantial growth occurred between 2020 and 2022, with average home prices jumping from $190,137 to $240,283, a 26.4% increase in just two years.
Federal interest rates have played a role in homeownership trends in Jackson. The period from 2010 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%. During this time, homeownership rates remained stable, hovering around 75%. As interest rates began to rise from 2017 to 2019, reaching 2.16% in 2019, homeownership rates actually increased slightly to 77% in 2017. This suggests that local factors may have had a stronger influence on homeownership than national interest rates in this area.
Renter percentages in Jackson have remained relatively low, fluctuating between 22% and 26% from 2013 to 2022. Average rent prices have shown some variability over the years. In 2013, the average rent was $917, which decreased to $864 in 2014. Since then, there has been a general upward trend, with the average rent reaching $931 in 2022. The highest average rent was recorded in 2021 at $962. It's worth noting that the population of Jackson has grown from 23,436 in 2010 to 27,237 in 2022, potentially contributing to the increased demand for rental properties and the overall rise in average rent prices.
Looking at the most recent data, average home prices in Jackson continued to rise, reaching $245,905 in 2023 and $252,404 in 2024. This represents a 2.2% increase from 2023 to 2024. Concurrently, federal interest rates have also increased significantly, rising to 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 can expect average home prices in Jackson to continue their upward trajectory, potentially reaching around $280,000 to $290,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $1,000 per month within the next five years if current trends persist.
In summary, Jackson (zip code 63755) has maintained a strong homeownership rate despite rising home prices. The area has experienced steady population growth, which has likely contributed to the increase in both home prices and average rents. The recent spike in federal interest rates may pose challenges for potential homebuyers, but the historically high homeownership rates in the area suggest a resilient local housing market. As the community continues to grow, it will be important to monitor how these trends evolve and impact the overall housing landscape in Jackson.
