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Zip Code 65039: Rising Home Values and Ownership Rates in Hartsburg, 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 65039, located in Hartsburg, Missouri, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has seen a general trend of increasing homeownership and rising property values, with some fluctuations in the rental market.
The ownership percentage in zip code 65039 has shown a notable increase from 2013 to 2022. In 2013, the homeownership rate was 78%, which steadily rose to 83% by 2022. This upward trend in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $178,299, and by 2022, it had more than doubled to $381,706. This represents a 114% increase in average home prices over a nine-year period, indicating a strong correlation between rising property values and increased homeownership rates.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 65039. From 2013 to 2016, interest rates remained exceptionally low, ranging from 0.11% to 0.40%. During this period, homeownership rates increased from 78% to 79%, likely due to more affordable financing options. As interest rates began to rise from 2017 to 2019, reaching 2.16% in 2019, homeownership rates initially dipped to 76% in 2017 but then rebounded to 80% by 2019. The sudden drop in interest rates to 0.38% in 2020 and 0.08% in 2021 coincided with a further increase in homeownership to 83%, which has remained stable through 2022 despite rising interest rates.
The rental market in zip code 65039 has shown some volatility over the years. The percentage of renters decreased from 21% in 2013 to 17% in 2022. Average rent prices fluctuated during this period, with notable changes including a decrease from $830 in 2013 to $662 in 2018, followed by an increase to $1,132 in 2021, and then a slight decrease to $910 in 2022. These fluctuations in rent prices and the decreasing renter percentage may be attributed to the area's growing population, which increased from 4,493 in 2013 to 5,644 in 2022, potentially creating more demand for homeownership.
In 2023, the average home price in zip code 65039 reached $394,888, with federal interest rates at 5.02%. The upward trend continued into 2024, with average home prices rising to $399,279 and interest rates further increasing to 5.33%. This represents a 4.6% increase in average home prices from 2022 to 2024, despite the significant rise in interest rates.
Looking ahead, predictive models suggest that average home prices in zip code 65039 may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by population growth and the limited supply of rental properties. However, the rate of increase for both home prices and rents may be moderated by economic factors and potential market corrections.
In summary, zip code 65039 has demonstrated a strong trend towards increased homeownership and rising property values over the past decade. The area has shown resilience in maintaining high homeownership rates even as interest rates have fluctuated. The rental market, while smaller, has experienced some volatility in pricing. As the population continues to grow, these trends are likely to shape the housing market in this Missouri town for years to come.
