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Zip Code 65279: Rising Home Values and Ownership Rates in Rocheport, 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
Rocheport, located in zip code 65279 of Missouri, has experienced significant changes in its housing market over the past decade. This analysis examines the trends in homeownership, housing prices, and rental market dynamics in the area.
The homeownership rate in Rocheport has shown a general upward trend, increasing from 78% in 2013 to 87% in 2022. This rise in homeownership coincides with a significant increase in average home prices, which grew from $183,892 in 2010 to $424,464 in 2022, representing a 130.8% increase over 12 years. The most dramatic rise occurred between 2020 and 2022, with average home prices jumping from $301,438 to $424,464, a 40.8% increase in just two years.
Federal interest rates have played a role in homeownership trends. The period from 2010 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%, which likely contributed to the initial increase in homeownership. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership rates remained relatively stable at around 82-83%. Interestingly, despite a sharp drop in interest rates in 2020 and 2021 (0.38% and 0.08% respectively), homeownership continued to climb, reaching 87% by 2022.
The rental market in Rocheport has shown an inverse relationship to homeownership trends. The percentage of renters decreased from 22% in 2013 to 13% in 2022. Average rent prices have fluctuated over the years, peaking at $1,015 in 2013 and then generally declining to $870 in 2022. This downward trend in rent prices, coupled with the increasing homeownership rate, suggests a shift towards buying rather than renting in the area. The population has remained relatively stable, ranging from 2,203 to 2,664 between 2010 and 2022, which may have contributed to the consistency in housing demand.
In 2023 and 2024, average home prices in Rocheport continued to rise, albeit at a slower pace. The average home price reached $427,766 in 2023 and $429,377 in 2024, representing a modest increase of 0.8% and 0.4% respectively from the previous year. This slowdown in price growth coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially dampening demand for home purchases.
Looking ahead, based on the historical data and recent trends, we can predict that average home prices in Rocheport may continue to increase over the next five years, but at a more moderate pace compared to the rapid growth seen in 2020-2022. The high interest rates could slow down price appreciation, potentially leading to average home prices reaching around $450,000-$475,000 by 2029. Average rent prices, which have been declining, may stabilize or see a slight increase as higher mortgage rates could push some potential buyers back into the rental market. We might expect average rent prices to reach $900-$950 by 2029.
In summary, Rocheport has experienced a significant increase in homeownership and average home prices over the past decade, with a corresponding decrease in the rental market. The recent slowdown in price growth and high interest rates suggest a potential shift towards a more balanced housing market in the coming years.
