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Zip Code 65075: Rising Home Values and Shifting Ownership in St. Elizabeth, 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
St. Elizabeth, located in zip code 65075 in Missouri, is a small community that has experienced notable shifts in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices in the area, providing insights into the local real estate dynamics.
The homeownership rate in zip code 65075 has shown a gradual decline from 2013 to 2022. In 2013, the area had a high homeownership rate of 88%, which decreased to 83% by 2022. This trend coincides with an increase in average home prices. From 2019 to 2022, the average home price in the area rose significantly, from $196,102 to $306,430, representing a substantial 56.3% increase over just three years.
The relationship between federal interest rates and homeownership rates in this area is noteworthy. Despite historically low interest rates between 2013 and 2021 (ranging from 0.08% to 1.83%), the homeownership rate still declined. This suggests that other factors, such as rising home prices, may have had a stronger influence on homeownership than low interest rates in this particular market.
The renter percentage in zip code 65075 has shown an upward trend, increasing from 12% in 2013 to 17% in 2022. This rise in renters corresponds with fluctuations in average rent prices. The average rent increased from $436 in 2013 to $519 in 2022, representing a 19% increase over the period. The population in the area has remained relatively stable, with 983 residents in 2013 and 970 in 2022, indicating that changes in rental demand are likely driven by shifts in housing preferences or affordability rather than significant population changes.
Looking at the most recent data, the average home price in zip code 65075 continued to rise in 2023, reaching $306,921, and further increased to $317,363 in 2024. This represents a 3.4% increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in average home prices, albeit at a potentially slower rate due to higher interest rates. Average home prices could potentially reach around $350,000 to $375,000 by 2029. Average rent prices are also expected to continue their upward trajectory, potentially reaching $550 to $600 per month in the next five years, assuming current economic conditions and local market factors remain relatively stable.
In summary, zip code 65075 has experienced a gradual shift towards more renters and fewer homeowners over the past decade, coupled with significant increases in both average home prices and rent. The area has shown resilience in terms of property values, with consistent growth despite fluctuations in the broader economic environment. As interest rates continue to rise, it will be crucial to monitor how this impacts the local housing market, potentially affecting both homeownership rates and property values in the coming years.
