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Zip Code 65082: Rising Home Values and Ownership Trends in Tuscumbia, 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
Tuscumbia, located in zip code 65082 in Missouri, has experienced notable fluctuations in its housing market over the past decade. This small town, with a population of 1,437 in 2022, has seen significant changes in homeownership rates, average home prices, and average rent prices. The homeownership rate in Tuscumbia has shown a generally increasing trend from 2013 to 2022. In 2013, the homeownership rate was 81%, and by 2022, it had risen to 86%. This upward trend coincides with a substantial increase in average home prices. From 2019 to 2022, average home prices in the area rose from $148,240 to $220,706, representing a 48.9% increase over just three years.
The relationship between federal interest rates and homeownership rates in Tuscumbia appears to follow the general trend observed nationwide. As interest rates remained relatively low from 2013 to 2021, ranging from 0.08% to 2.16%, homeownership rates in Tuscumbia generally increased. This aligns with the principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Conversely, the percentage of renters in Tuscumbia has shown a slight decline from 2013 to 2022, dropping from 19% to 14%. Despite this decrease in the renter population, average rent prices have seen an overall increase. In 2013, the average rent was $530, which rose to $605 by 2022, representing a 14.2% increase over nine years. This trend suggests that even with a smaller renter population, demand for rental properties has remained strong enough to drive up prices.
In 2023 and 2024, the housing market in Tuscumbia has shown signs of stabilization. The average home price in 2023 was $222,588, a slight increase from 2022. However, in 2024, the average home price decreased marginally to $220,853. This slight downturn coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may be contributing to a cooling effect on home prices.
Looking ahead, predictive models suggest that average home prices in Tuscumbia may experience modest growth over the next five years. Based on current trends, average home prices could potentially reach around $240,000 by 2029. Average rent prices are also expected to continue their upward trajectory, potentially reaching approximately $650 by 2029.
In summary, Tuscumbia's housing market has demonstrated resilience and growth over the past decade. The town has seen a steady increase in homeownership rates, accompanied by significant appreciation in average home values. While the renter population has decreased, average rent prices have continued to rise. The recent stabilization in home prices, coupled with rising interest rates, suggests a potential shift in the market dynamics. As Tuscumbia moves forward, these trends will likely continue to shape its housing landscape, with moderate growth expected in both home values and rental prices.
