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Zip Code 63673: Rising Home Values and High Ownership Rates in Rural 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 63673, located in Ozora, Missouri, presents an interesting case study of homeownership and housing market trends. This rural area has experienced fluctuations in its ownership rates and housing prices over the past decade, with a general trend towards increased homeownership and rising property values. The ownership percentage in zip code 63673 has shown a slight increase over the years, starting at 87% in 2013 and reaching 86% in 2022. This high rate of homeownership has remained relatively stable despite fluctuations in average home prices. Average home prices in the area have seen significant growth, rising from $125,768 in 2010 to $203,633 in 2022, representing a 62% increase over this period. This trend suggests a strong local housing market with sustained demand for homeownership.
Federal interest rates have played a role in homeownership trends in zip code 63673. The period from 2010 to 2015 saw historically low interest rates, ranging from 0.09% to 0.18%. During this time, homeownership rates remained high, likely due to the favorable borrowing conditions. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, homeownership rates showed slight fluctuations but remained relatively stable, indicating the area's resilience to interest rate changes.
Renter percentages in zip code 63673 have remained low, fluctuating between 10% and 16% from 2013 to 2022. The average rent prices have shown a general upward trend, increasing from $588 in 2013 to $872 in 2022, a 48% rise. This increase in rent prices, coupled with the area's relatively stable population (4,011 in 2013 to 4,070 in 2022), suggests a tightening rental market, possibly due to limited rental inventory in this predominantly owner-occupied area.
Looking at the most recent data, average home prices in zip code 63673 continued to rise, reaching $210,642 in 2023 and $216,110 in 2024. This represents a 3.4% and 2.6% year-over-year increase respectively, indicating a continued strong housing market. However, it's worth noting that federal interest rates also increased significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate average home prices in zip code 63673 to continue their upward trajectory, potentially reaching around $250,000 by 2029. Rent prices are also expected to increase, possibly surpassing $1,000 per month within the next five years. These projections are based on historical trends and assume relatively stable economic conditions.
In summary, zip code 63673 demonstrates a strong preference for homeownership, with consistently high owner-occupancy rates despite rising home prices. The area has shown resilience to interest rate fluctuations, maintaining its high homeownership levels. The rental market, while smaller, has seen significant price increases, reflecting the overall appreciation of the local housing market. As the area continues to grow and evolve, it will be important to monitor how these trends impact housing affordability and community dynamics in Ozora, Missouri.
