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Zip Code 65080: Average Home Values and Ownership Trends 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
Tebbetts, located in zip code 65080 in Missouri, is a small community that has experienced notable changes in its housing market over the past decade. The area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics. The homeownership rate in Tebbetts has shown some variability over the years. In 2013, the area had a high homeownership rate of 86%, which remained relatively stable until 2017. However, there was a significant decline to 73% by 2022, indicating a shift towards more rental occupancy. This trend coincides with changes in average home prices, which have seen an increase in recent years. The average home price in 2022 was $294,575, demonstrating the growing value of properties in the area. Federal interest rates have played a role in shaping homeownership trends in Tebbetts. The period from 2010 to 2021 saw historically low interest rates, which generally encourages homeownership due to more affordable financing options. This aligns with the high homeownership rates observed in the area during most of this period. However, as interest rates began to rise in 2022 (1.68%) and 2023 (5.02%), we see a corresponding decrease in homeownership rates, dropping to 73% in 2022.
The rental market in Tebbetts has shown interesting trends in relation to the homeownership shifts. As the percentage of renters increased from 14% in 2017 to 27% in 2022, average rent prices fluctuated. In 2017, the average rent was $1,066, which decreased to $817 in 2020, but then rose again to $1,099 in 2021. The most recent data for 2022 shows average rent at $817, suggesting a complex relationship between rental demand and pricing in the area.
Looking at the most recent data, the average home price in Tebbetts slightly decreased from $294,575 in 2022 to $291,156 in 2023, but then increased to $294,361 in 2024. This slight fluctuation occurs alongside a continued increase in federal interest rates, which reached 5.33% in 2024, potentially impacting homebuying decisions in the area.
Applying predictive models to forecast 5-year trends, we can anticipate continued fluctuations in the housing market of Tebbetts. Average home prices are likely to continue their upward trajectory, albeit at a potentially slower rate due to higher interest rates. Rent prices may see moderate increases as the rental market responds to changes in homeownership rates and overall housing demand.
In summary, Tebbetts has experienced a shift towards more rental occupancy in recent years, with homeownership rates declining from 86% to 73% between 2017 and 2022. Average home prices have generally increased, reaching $294,361 in 2024, while rent prices have fluctuated. These trends reflect the interplay between federal interest rates, local market conditions, and broader economic factors, shaping the housing landscape of this Missouri community.
