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Zip Code 65276: Rising Home Values and Stable Ownership in Pilot Grove, 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
Pilot Grove, located in zip code 65276 in Missouri, is a small community with a population of 1,859 as of 2022. This rural area has seen interesting fluctuations in homeownership rates and housing prices over the past decade, reflecting the dynamic nature of its real estate market. The homeownership rate in Pilot Grove has remained relatively stable, with slight fluctuations between 2013 and 2022. In 2013, the homeownership rate was 76%, and it reached its peak of 78% in 2016. By 2022, it had increased to 80%, indicating a strong preference for homeownership in the area. This trend suggests a growing interest in long-term residence and investment in the community.
Federal interest rates have played a significant role in shaping homeownership trends in Pilot Grove. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%, which likely contributed to the high homeownership rates during this time. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate remained robust, suggesting other factors such as local economic conditions and housing affordability may have influenced homebuying decisions.
The rental market in Pilot Grove has shown some interesting trends. The percentage of renters decreased from 24% in 2013 to 20% in 2022. Despite this decrease, average rent prices have generally increased over the years. In 2013, the average rent was $607, which rose to $683 in 2015. However, there was a slight decline in subsequent years, with the average rent settling at $630 in 2022. This trend suggests that while fewer people are renting, those who do are paying higher prices, possibly due to improved rental properties or increased demand for the limited rental stock.
In 2023 and 2024, Pilot Grove experienced a significant increase in average home prices. The average home price in 2023 was $224,231, which further rose to $227,152 in 2024. This represents a 1.3% increase in just one year, indicating a robust housing market. Concurrently, federal interest rates have also risen substantially, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact affordability for potential homebuyers, potentially influencing future homeownership rates.
Looking ahead to the next five years, we can expect the average home prices in Pilot Grove to continue their upward trajectory, albeit at a more moderate pace. Based on the current trends and economic factors, we project that average home prices could reach approximately $240,000 by 2029. For rent prices, we anticipate a gradual increase, potentially reaching around $700 per month by 2029, assuming the current economic conditions and housing supply remain relatively stable.
In summary, Pilot Grove has maintained a strong homeownership rate despite fluctuations in the housing market and interest rates. The recent sharp increase in home prices, coupled with rising interest rates, presents both opportunities and challenges for the local real estate market. While homeownership remains popular, the rental market has seen decreasing occupancy but increasing prices. These trends suggest a dynamic and evolving housing landscape in zip code 65276, with potential for continued growth and change in the coming years.
