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Zip Code 65583: Resilient Housing Market in Waynesville, Missouri Shows Cyclical Homeownership and Rising Home Values
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 65583, located in Waynesville, Missouri, has experienced notable fluctuations in homeownership rates and housing prices over the past decade. This area, spanning 104.28 square miles, has seen significant changes in its real estate landscape, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 65583 has shown a general downward trend from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate was 59%, which remained relatively stable in 2014 at 60%. However, it began to decline in subsequent years, reaching a low of 48% in 2018 and 2021. Interestingly, there was a sharp increase in 2022, with the homeownership rate jumping back to 59%. This volatility in homeownership rates coincided with changes in average home prices. The average home price in 2013 was $158,785, which remained relatively stable until 2015 when it began to decline, reaching a low of $141,394 in 2016. From 2017 onwards, there was a steady increase in average home prices, with a significant jump from $177,037 in 2021 to $198,722 in 2022, aligning with the sudden increase in homeownership rates.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, the period of low interest rates from 2013 to 2016 (ranging from 0.09% to 0.4%) coincided with relatively high homeownership rates. However, as interest rates began to rise from 2017 onwards, there was a general decline in homeownership rates until 2022, when despite higher interest rates, homeownership saw a significant increase.
Renter percentages in zip code 65583 have generally increased from 2013 to 2022, mirroring the decline in homeownership rates. The renter percentage rose from 41% in 2013 to a peak of 52% in 2018 and 2021. Average rent prices have shown some volatility over this period. In 2013, the average rent was $1,014, which increased to $1,041 in 2016. However, there was a significant drop to $928 in 2018, followed by a recovery to $988 in 2019. The most recent data shows average rent at $1,016 in 2022. These fluctuations in rent prices don't always align directly with changes in renter percentages, suggesting other factors, such as local economic conditions and housing supply, may play a role.
In 2023 and 2024, the average home prices in zip code 65583 continued their upward trajectory. The average home price reached $212,319 in 2023 and further increased to $224,209 in 2024. This represents a substantial rise from the 2022 average of $198,722. Concurrently, federal interest rates have also seen a significant increase, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates, coupled with rising home prices, may impact affordability and future homeownership trends in the area.
Looking ahead, based on the trends observed, we can project potential scenarios for the next five years. Average home prices in zip code 65583 are likely to continue their upward trend, potentially reaching around $260,000 by 2029. However, this growth rate may slow down if interest rates remain high, potentially affecting affordability. Average rent prices may also see a moderate increase, potentially reaching around $1,100 to $1,200 by 2029, assuming continued demand for rental properties in the area.
In summary, zip code 65583 has experienced significant shifts in its housing market over the past decade. The area has seen a general trend towards increased renting, with homeownership rates fluctuating but showing a recent uptick. Average home prices have shown strong growth, especially in recent years, while rent prices have been more volatile. The interplay between interest rates, home prices, and renter/owner dynamics will likely continue to shape the housing market in this zip code in the coming years.
