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Zip Code 63557: Rural Missouri's Soaring Home Values and Strong Ownership Trends
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
Winigan, located in zip code 63557 in Missouri, is a small rural community with a population that has fluctuated between 346 and 423 residents over the past decade. This area has seen a significant trend towards homeownership, with a notable increase in average home prices and relatively stable average rent prices.
The ownership percentage in Winigan has shown a strong upward trend, rising from 90% in 2013 to 91% in 2022. This increase in homeownership coincides with a substantial rise in average home prices. In 2012, the average home price was $78,742, which steadily increased to $213,095 by 2022, representing a remarkable 170% increase over a decade. This trend suggests a growing demand for homeownership in the area, despite rising prices.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership in Winigan increased from 90% to 92%. As interest rates began to rise more significantly from 2017 onwards, homeownership rates remained high but stabilized around 91-94%, indicating a strong local preference for owning rather than renting, even in the face of potentially higher mortgage costs.
The percentage of renters in Winigan has remained relatively low, fluctuating between 4% and 9% from 2013 to 2022. Interestingly, average rent prices have shown some volatility. In 2013, the average rent was $911, which decreased to $416 in 2016 before rising again to $853 in 2022. This fluctuation in rent prices doesn't seem to have a strong correlation with the percentage of renters, suggesting that other factors, such as local economic conditions or housing availability, may be influencing the rental market more significantly than price alone.
Looking at the most recent data, the average home price in Winigan reached $244,399 in 2023 and further increased to $274,632 in 2024. This represents a substantial 28.9% increase from 2022 to 2024, indicating a continued strong housing market in the area. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and home prices.
Applying predictive models to forecast 5-year trends, we can expect the average home prices in Winigan to continue their upward trajectory, potentially reaching around $350,000 by 2029. This projection is based on the consistent growth pattern observed over the past decade. Average rent prices are likely to stabilize and potentially increase moderately, possibly reaching around $950-$1,000 per month by 2029, assuming the local economy remains stable and demand for rental properties continues.
In summary, Winigan has experienced a strong trend towards homeownership, with a significant increase in average home prices over the past decade. Despite rising federal interest rates, the area has maintained high homeownership rates, suggesting a robust local housing market. The rental market, while smaller, has shown resilience with fluctuating but generally stable average rent prices. The coming years are likely to see continued growth in home values, with potential for moderate increases in rental costs as well.
