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Zip Code 63785: 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 63785, located in Whitewater, Missouri, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing homeownership and fluctuating average home and rent prices, reflecting the dynamic nature of its real estate market.
The ownership percentage in zip code 63785 has shown a general upward trend, rising from 80% in 2014 to 86% in 2022. This increase in homeownership coincided with a significant rise in average home prices. In 2016, the average home price was $164,196, which steadily increased to $262,160 by 2022, representing a substantial 59.7% growth over six years. This trend suggests a strong correlation between rising home values and increased homeownership rates in the area.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 63785. The period from 2016 to 2022 saw relatively low interest rates, ranging from 0.4% to 1.68%. These low rates likely contributed to the increase in homeownership, as they made mortgage financing more accessible and affordable for potential buyers. The rise in homeownership from 84% in 2016 to 86% in 2022 aligns with this period of favorable borrowing conditions.
Conversely, the renter percentage in zip code 63785 has generally decreased, dropping from 20% in 2014 to 14% in 2022. Despite this decline in the renter population, average rent prices have shown an upward trend. In 2013, the average rent was $713, which increased to $907 by 2022, representing a 27.2% increase over nine years. This rise in rent prices, despite a decreasing renter population, could be attributed to various factors, including improved housing quality or limited rental inventory.
In 2023 and 2024, zip code 63785 experienced some fluctuations in the housing market. The average home price slightly decreased from $262,160 in 2022 to $253,132 in 2023, a 3.4% decline. However, it rebounded to $260,628 in 2024, nearly recovering to the 2022 level. Interestingly, this occurred despite a significant increase in federal interest rates, which rose from 1.68% in 2022 to 5.02% in 2023 and further to 5.33% in 2024. This resilience in home prices despite higher interest rates suggests strong underlying demand in the local real estate market.
Looking ahead, predictive models suggest that average home prices in zip code 63785 may continue to rise moderately over the next five years, potentially reaching around $285,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $1,000 per month within the same timeframe. These projections are based on historical trends and assume relatively stable economic conditions.
In summary, zip code 63785 has demonstrated a clear trend towards increased homeownership and rising property values over the past decade. The area has shown resilience in the face of rising interest rates, with home prices rebounding quickly after a slight dip. The rental market, while shrinking in terms of population, has seen steady increases in average rents. These trends paint a picture of a robust and evolving real estate market in this Missouri town.
