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Zip Code 65081: Rising Home Values and Steady Ownership in Tipton, 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 65081, located in Tipton, Missouri, presents an intriguing case study of housing market dynamics. This area has experienced notable fluctuations in homeownership rates, average home prices, and average rent prices over the past decade. The overall trend shows a slight increase in homeownership, rising average home prices, and fluctuating rent prices, reflecting the complex interplay of economic factors in this small Midwestern community.
The homeownership rate in zip code 65081 has shown resilience over time, with a slight upward trend. In 2013, the homeownership rate was 80%, which dipped to 67% in 2018 but rebounded to 71% by 2022. This trend correlates interestingly with average home prices, which have seen steady growth. Average home prices rose from $97,784 in 2013 to $164,312 in 2022, representing a significant 68% increase over this period. The relationship between homeownership rates and home prices suggests that despite rising costs, residents in this area have maintained a strong inclination towards homeownership.
Federal interest rates have played a crucial role in shaping homeownership trends. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. This coincided with relatively stable homeownership rates in the zip code. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), we observed a slight dip in homeownership percentages. However, the sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) corresponded with a rebound in homeownership rates, climbing back to 71% by 2022.
Renter percentages in zip code 65081 have shown an inverse relationship to homeownership rates, naturally. The renter population peaked at 33% in 2018, coinciding with the lowest homeownership rate. Average rent prices have fluctuated over the years, showing no consistent correlation with renter percentages. For instance, average rent increased from $641 in 2013 to $693 in 2016, then decreased to $597 in 2018, despite the higher percentage of renters that year. By 2022, average rent had risen to $652, while the renter percentage decreased to 29%. These fluctuations might be attributed to local economic factors and housing supply changes rather than a direct relationship with renter percentages.
Looking at the most recent data, average home prices in zip code 65081 continued their upward trajectory, reaching $169,546 in 2023 and $174,720 in 2024. This represents a 6.3% increase from 2022 to 2024. Concurrently, federal interest rates have risen sharply, hitting 5.02% in 2023 and 5.33% in 2024. These higher interest rates may potentially impact future homeownership rates and home price growth in the area.
Applying predictive models to forecast 5-year trends, we anticipate average home prices in zip code 65081 to continue their upward trajectory, potentially reaching around $200,000 by 2029. Average rent prices, which have shown more volatility, are projected to stabilize and potentially increase moderately, possibly reaching around $750 per month in the same timeframe.
In summary, zip code 65081 has demonstrated a resilient housing market with a tendency towards homeownership despite rising home prices. The interplay between federal interest rates, homeownership rates, and housing prices has been evident, with low-interest periods generally supporting homeownership. Rent prices have shown less predictable patterns, likely influenced by local factors. Looking forward, the area is expected to see continued growth in home values, with potential challenges posed by rising interest rates. The rental market may see moderate growth, balancing affordability with demand in this evolving Midwestern community.
