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Zip Code 65441: Rising Home Values and Ownership Rates in Bourbon, 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 65441, located in Bourbon, Missouri, has experienced notable shifts in homeownership rates and housing market dynamics over the past decade. This area, covering 172.28 square miles, has seen fluctuations in its population and housing trends, reflecting broader economic changes and local market conditions.
The homeownership rate in zip code 65441 has shown a steady increase from 2013 to 2022. In 2013, 72% of housing units were owner-occupied, and this figure rose to 77% by 2022. This trend coincides with a significant increase in average home prices, which grew from $138,751 in 2013 to $196,048 in 2022, representing a 41.3% increase over nine years.
The relationship between federal interest rates and homeownership rates in this area is notable. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable around 70%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates paradoxically increased to 77%. This suggests that local factors may have had a stronger influence on homeownership than national interest rate trends in this particular zip code.
Renter percentages in zip code 65441 have decreased correspondingly, from 28% in 2013 to 23% in 2022. Interestingly, average rent prices have shown some volatility during this period. The average rent increased from $687 in 2013 to $781 in 2021, before dropping to $692 in 2022. This fluctuation in rent prices, coupled with the decreasing renter percentage, might indicate a shift in local housing preferences or economic conditions favoring homeownership.
Looking at the most recent data, the average home price in zip code 65441 reached $196,093 in 2023 and further increased to $201,349 in 2024. This represents a modest but steady growth in property values. Notably, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 65441 will continue to rise, albeit at a more moderate pace. By 2029, average home prices could potentially reach around $225,000 to $230,000, assuming current economic conditions persist. For rent prices, the forecast suggests a potential stabilization or slight increase, with average rents possibly reaching $750 to $800 per month by 2029.
In summary, zip code 65441 has experienced a notable increase in homeownership rates and average home prices over the past decade, despite rising interest rates. The area has seen a corresponding decrease in renter percentages, with fluctuating rent prices. The recent uptick in both home prices and interest rates suggests a robust local housing market, but future trends will likely depend on broader economic factors and local market conditions.
