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Zip Code 65052: Rising Home Values and Ownership Rates in Linn Creek, 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
Linn Creek, located in zip code 65052 in Missouri, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a significant increase in homeownership, coupled with fluctuating average home and rent prices.
The homeownership rate in zip code 65052 has shown a strong upward trend, rising from 76% in 2013 to 87% in 2022. This substantial increase of 11 percentage points indicates a growing preference for homeownership in the area. Concurrently, average home prices have also seen a steady rise. In 2012, the average home price was $168,113, which increased to $319,829 by 2022, representing a 90% increase over this period. The most dramatic rise occurred between 2020 and 2021, with average home prices jumping from $239,753 to $294,737, a 23% increase in just one year.
The relationship between federal interest rates and homeownership rates in zip code 65052 appears to follow the general trend of lower interest rates encouraging homeownership. For instance, as interest rates remained low from 2013 to 2016 (ranging from 0.11% to 0.4%), homeownership rates increased from 76% to 78%. The continued low interest rates through 2020 (0.38%) corresponded with a further increase in homeownership to 86%. This trend suggests that the favorable financing conditions created by low interest rates may have contributed to the rising homeownership rates in the area.
As homeownership rates increased, the percentage of renters in zip code 65052 naturally decreased, falling from 24% in 2013 to 13% in 2022. Interestingly, despite the declining renter population, average rent prices showed an overall upward trend. The average rent increased from $908 in 2013 to $933 in 2022, peaking at $1,006 in 2019. This trend suggests that even with fewer renters, demand for rental properties remained strong enough to support rising rent prices.
In 2023 and 2024, zip code 65052 experienced some fluctuations in average home prices. The average home price in 2023 was $307,544, a slight decrease from 2022. However, in 2024, the average home price rebounded to $318,094. It's worth noting that these changes occurred against a backdrop of significantly higher interest rates, which stood at 5.02% in 2023 and 5.33% in 2024.
Looking ahead, based on historical trends and current market conditions, we can expect average home prices in zip code 65052 to continue their overall upward trajectory, albeit at a more moderate pace. The five-year forecast suggests average home prices could reach approximately $350,000 by 2029. For average rent prices, the prediction model indicates a potential increase to around $1,050 per month in the same timeframe.
In summary, zip code 65052 has seen a remarkable increase in homeownership rates, rising from 76% to 87% between 2013 and 2022. This trend has been accompanied by significant growth in average home prices, which nearly doubled from 2012 to 2022. Despite a decreasing renter population, average rent prices have also shown an upward trend. The area's housing market has demonstrated resilience and growth, with predictions suggesting continued, albeit more moderate, increases in both home prices and rents over the next five years.
