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Zip Code 65483: Rising Home Values and Resilient Ownership in Houston, 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 65483, located in Houston, Missouri, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, with a population of 4,378 in 2022, has seen interesting fluctuations in its real estate market, reflecting broader economic trends and local dynamics.
The homeownership rate in zip code 65483 has shown a non-linear trend over the years. In 2013, 71% of housing units were owner-occupied. This rate declined to 62% by 2019, indicating a shift towards renting. However, the trend reversed sharply in recent years, with homeownership climbing back to 73% in 2022. This resurgence in homeownership coincided with significant changes in average home prices. The average home price in the area rose from $83,049 in 2013 to $156,569 in 2022, representing an 88.5% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting case. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 0.4%), homeownership initially declined. However, as interest rates began to rise in 2022 to 1.68%, homeownership paradoxically increased to 73%. This suggests that local factors may have played a more significant role in homeownership decisions than national interest rate trends in this particular area.
Renter percentages and average rent prices in zip code 65483 have also shown noteworthy trends. The percentage of renters increased from 29% in 2013 to a peak of 38% in 2019, before declining to 27% in 2022. Interestingly, average rent prices did not consistently follow this trend. Average rent peaked at $726 in 2014, then gradually decreased to $611 in 2019, despite the increasing renter population. By 2022, as the renter population decreased, average rent had risen slightly to $642, suggesting a complex interplay between supply, demand, and local economic factors.
In 2023 and 2024, zip code 65483 continued to see changes in its housing market. The average home price rose to $163,844 in 2023 and further to $167,769 in 2024, representing a 7.2% increase over two years. This growth occurred despite a significant increase in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. These figures indicate a resilient local housing market that has continued to appreciate even in the face of higher borrowing costs.
Looking ahead, predictive models suggest that the housing market in zip code 65483 may continue its upward trajectory, albeit at a potentially slower pace. Average home prices are forecasted to increase by approximately 15-20% over the next five years, reaching around $195,000 to $200,000 by 2029. Average rent prices are expected to follow a similar trend, potentially rising by 10-15% to reach approximately $700-$725 per month in the same period.
In summary, zip code 65483 has demonstrated a dynamic housing market characterized by fluctuating homeownership rates, steadily increasing average home prices, and complex rental market trends. The area has shown resilience in the face of changing interest rates and economic conditions, with recent years marking a strong return to homeownership despite rising property values. As the market continues to evolve, both homeowners and renters in this Missouri community can anticipate further growth in property values and rental costs in the coming years.
