Loading Content...
Zip Code 65032: Rising Home Values and High Ownership Rates in Rural Missouri
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Eugene, located in zip code 65032 in Missouri, presents an interesting case study of homeownership and housing market trends. This small community has experienced notable fluctuations in population and homeownership rates over the past decade, with a general trend towards high owner-occupancy.
The ownership percentage in Eugene has remained consistently high, ranging from 90% to 96% between 2013 and 2022. This high rate of homeownership coincides with a steady increase in average home prices. In 2010, the average home price was $139,715, which rose to $261,129 by 2022, representing an 87% increase over 12 years. This upward trend in home prices did not appear to significantly impact the high rate of homeownership in the area.
Federal interest rates have played a role in homeownership trends in Eugene. From 2010 to 2016, when interest rates were at historic lows (ranging from 0.1% to 0.4%), homeownership rates remained high, around 90-93%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership rates actually increased slightly, reaching 96% in 2018 and 2019. This suggests that other local factors may have a stronger influence on homeownership in this community than national interest rate trends.
The renter percentage in Eugene has remained consistently low, ranging from 2% to 7% between 2013 and 2022. The low renter population correlates with the high homeownership rates. Specific average rent price data is not available for this zip code, making it difficult to draw direct comparisons between renter percentages and rent prices. However, the low renter population suggests that rental options may be limited in this area.
Looking at the most recent data, the average home price in Eugene for 2023 was $270,247, and in 2024 it increased to $280,057. This represents a 3.6% year-over-year increase. Concurrently, federal interest rates have risen significantly, from 5.02% in 2023 to 5.33% in 2024. Despite these higher interest rates, which typically make mortgages more expensive, home prices in the area continue to rise.
Applying predictive models to forecast 5-year trends, we can expect average home prices in Eugene to continue their upward trajectory. Based on the historical data and current trends, average home prices could potentially reach around $320,000 to $340,000 by 2029. However, this growth may be moderated by the current high interest rate environment if it persists.
In summary, Eugene in zip code 65032 demonstrates a strong preference for homeownership, with consistently high owner-occupancy rates despite rising home prices. The community has shown resilience in maintaining high homeownership levels even in the face of increasing interest rates. The continued rise in home prices, coupled with high ownership rates, suggests a stable and desirable housing market in this area, although it may present challenges for new entrants to the market.
