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Zip Code 65085: Rising Homeownership Rates and Stable Home Values in Westphalia, 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
Westphalia, located in zip code 65085 in Missouri, is a small community that has experienced fluctuations in its population and housing market over the past decade. The area has seen a general trend towards increased homeownership and relatively stable average rent prices, with some notable shifts in recent years.
The homeownership rate in zip code 65085 has shown a steady increase from 2013 to 2022. In 2013, the homeownership rate was 87%, and by 2022, it had risen to 90%. This 3% increase in homeownership occurred despite fluctuations in the population, which ranged from a low of 1,060 in 2012 to a high of 1,388 in 2022. The trend towards increased homeownership could be attributed to various factors, including local economic conditions and housing market dynamics.
Federal interest rates have played a significant role in homeownership trends. From 2010 to 2015, interest rates remained exceptionally low, hovering around 0.1% to 0.18%. This period coincided with a slight decrease in homeownership from 87% in 2013 to 84% in 2015. However, as interest rates began to rise gradually from 2016 onwards, reaching 1.68% in 2022, homeownership in the area also increased, reaching 90% by 2022. This trend suggests that local factors may have had a more significant impact on homeownership rates than national interest rates in this particular zip code.
Renter percentages in zip code 65085 have shown an inverse relationship to homeownership rates, decreasing from 13% in 2013 to 10% in 2022. Average rent prices have fluctuated over the years, with some correlation to the renter percentage. In 2013, the average rent was $505, rising to a peak of $551 in 2016 when the renter percentage was at its highest at 18%. Subsequently, as the renter percentage decreased, average rent prices also declined, reaching $491 in 2022. These trends suggest that changes in the local rental market may be influenced by supply and demand dynamics within the community.
In 2023 and 2024, the average home prices in zip code 65085 showed remarkable stability. The average home price in 2023 was $273,754, and in 2024 it slightly increased to $273,903, representing a minimal growth of 0.05%. This stability in home prices is particularly noteworthy given the significant increase in federal interest rates, which rose from 5.02% in 2023 to 5.33% in 2024. Despite these high interest rates, the local housing market has maintained its value, possibly indicating strong demand or limited housing supply in the area.
Looking ahead to the next five years, based on the current trends and economic indicators, we can expect the average home prices in zip code 65085 to continue their slow but steady growth. Assuming the current rate of increase holds, average home prices could reach approximately $275,000 by 2029. Average rent prices, which have shown more volatility, may stabilize or see modest increases, potentially reaching around $550 per month by 2029 if the current trend continues.
In summary, zip code 65085 has demonstrated a strong trend towards homeownership, with rates increasing from 87% to 90% between 2013 and 2022. The area has shown resilience in its housing market, maintaining stable home prices even in the face of rising interest rates. The rental market has seen some fluctuations, with average rents generally following the trends in renter percentages. As the community continues to evolve, these housing market dynamics will likely play a crucial role in shaping the area's demographic and economic landscape in the coming years.
