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Zip Code 65284: Rising Home Values and Stable Ownership in Sturgeon, 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
Zip code 65284, located in Sturgeon, Missouri, presents an interesting case study of homeownership and housing market trends. This area has experienced fluctuations in both population and housing dynamics over the past decade, with notable shifts in ownership percentages and average home and rent prices.
The homeownership rate in zip code 65284 has shown a slight decline over the years, moving from 81% in 2013 to 77% in 2022. This trend coincides with a significant increase in average home prices, which rose from $119,124 in 2013 to $290,218 in 2022, representing a 143.6% increase over this period. The relationship between these two factors suggests that rising home prices may have made homeownership less accessible for some residents.
Federal interest rates have played a role in shaping homeownership trends in this area. For instance, the period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.4%. During this time, homeownership rates remained relatively stable, ranging from 81% to 76%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, we observed a slight decrease in homeownership rates, settling at 77% in 2022.
Renter percentages in zip code 65284 have shown a corresponding increase, rising from 19% in 2013 to 23% in 2022. This trend aligns with the growth in average rent prices, which increased from $658 in 2013 to $781 in 2022, a 18.7% rise. The population in this zip code has also fluctuated, reaching 2,839 in 2022, which may have contributed to the increased demand for rental properties and subsequent rise in rent prices.
Looking at the most recent data, average home prices in zip code 65284 continued to rise, reaching $303,198 in 2023 and $306,282 in 2024. This represents a 4.5% increase from 2022 to 2023 and a further 1% increase from 2023 to 2024. Interestingly, federal interest rates also saw a significant jump, rising from 1.68% in 2022 to 5.02% in 2023 and 5.33% in 2024, potentially impacting housing market dynamics.
Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 65284 to continue their upward trajectory, potentially reaching around $350,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $900 per month within the same timeframe, assuming current economic conditions and local market factors remain relatively stable.
In summary, zip code 65284 has experienced a gradual shift towards a higher percentage of renters, coupled with substantial increases in both average home prices and rent costs. The interplay between federal interest rates, local population changes, and housing market dynamics has contributed to these trends. As the area continues to evolve, it will be crucial to monitor how these factors shape the future of homeownership and rental markets in this Missouri community.
