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Zip Code 65083: 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
Brumley, located in zip code 65083 in Missouri, is a small rural community with a population that has fluctuated over the years. This analysis explores the trends in homeownership, average home prices, and average rent prices in this area.
The homeownership rate in Brumley has seen some fluctuations over the past decade. In 2013, the homeownership rate was 89%, which remained stable through 2015. However, there was a slight decline to 87% in 2016, followed by a small increase to 88% in 2017. The rate then dropped to 85% in 2018, before rising again to 87% in 2022. Despite these fluctuations, Brumley has maintained a relatively high homeownership rate throughout the years.
Examining the relationship between federal interest rates and homeownership rates, we can observe some interesting trends. In 2013, when the federal interest rate was 0.11%, the homeownership rate was at its peak of 89%. As interest rates began to rise gradually from 2016 to 2019, we see a slight decline in homeownership rates. For instance, in 2018, when the interest rate reached 1.83%, the homeownership rate dropped to 85%. This aligns with the general trend that lower interest rates tend to encourage homeownership due to more affordable financing options.
Regarding rental trends, the percentage of renters in Brumley has shown an inverse relationship to homeownership rates. In 2013, the renter-occupied rate was 11%, which remained stable until 2015. There was a slight increase to 13% in 2016, followed by a decrease to 12% in 2017. The renter rate then rose to 15% in 2018, before settling at 13% in 2022. Average rent prices have shown a downward trend over the years. In 2013, the average rent was $676, which remained relatively stable until 2015. However, there was a significant drop to $474 in 2016. The average rent then increased slightly to $521 in 2017 before declining again, reaching $461 in 2022.
Looking at the most recent data, the average home price in Brumley for 2024 is $230,403. This figure represents the current market value of homes in the area. The federal interest rate for 2024 stands at 5.33%, which is significantly higher than the rates observed in previous years. This increase in interest rates could potentially impact homeownership trends and affordability in the coming years.
Applying predictive models to forecast 5-year trends, we can expect average home prices in Brumley to continue a modest upward trajectory, potentially reaching around $250,000 by 2029. However, this growth may be tempered by the higher interest rates, which could slow down the pace of price increases. As for average rent prices, the forecast suggests a potential stabilization or slight increase, possibly reaching around $500 per month by 2029, assuming economic conditions remain relatively stable.
In summary, Brumley has maintained a high homeownership rate despite some fluctuations over the years. The inverse relationship between homeownership and rental rates is evident, with changes in federal interest rates playing a role in these trends. The recent increase in interest rates may impact future homeownership patterns and housing affordability in the area. While average home prices are expected to continue rising moderately, rent prices may stabilize or see slight increases in the coming years.
