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Zip Code 65588: Rising Home Values and Ownership Trends in Winona, 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
Winona, located in zip code 65588 in Missouri, has experienced significant demographic shifts over the past decade, particularly in homeownership rates and housing prices. This analysis examines these trends, providing insights into the local real estate market dynamics.
The homeownership rate in Winona has shown a notable increase in recent years. In 2018, 70% of residents were homeowners, but by 2022, this figure had risen to 82%. This substantial increase in homeownership coincides with a significant rise in average home prices. In 2016, the average home price was $96,923, and by 2022, it had climbed to $148,183, representing a 52.9% increase over six years.
The relationship between federal interest rates and homeownership rates in Winona appears to follow the general trend of lower interest rates encouraging homeownership. For instance, as interest rates remained low from 2016 to 2020 (ranging from 0.4% to 0.38%), homeownership rates increased from 74% to 71%. However, even as interest rates began to rise in 2022 to 1.68%, homeownership in Winona continued to increase, reaching 82%, suggesting other local factors may be influencing this trend.
Conversely, the percentage of renters in Winona has decreased from 30% in 2018 to 18% in 2022. This decline in the renter population corresponds with fluctuations in average rent prices. The average rent peaked at $567 in 2013 and has since experienced a general downward trend, reaching $493 in 2022. This decrease in average rent, coupled with the declining renter population, suggests a shift towards homeownership in the area.
In 2023, the average home price in Winona reached $150,924, showing a continued upward trend. However, in 2024, there has been a slight decrease to $142,331. This recent dip coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and further to 5.33% in 2024. These higher interest rates may be contributing to the recent cooling in home prices.
Looking ahead, based on the historical data and current trends, we can expect the average home prices in Winona to potentially stabilize or experience modest growth over the next five years. The recent increase in interest rates may temper rapid price appreciation. Average rent prices are likely to remain relatively stable or increase slightly, given the decreasing rental population and the potential for increased demand if homeownership becomes less affordable due to higher interest rates.
In summary, Winona has experienced a significant shift towards homeownership, with a corresponding increase in average home prices over the past decade. The recent rise in interest rates may influence future trends, potentially stabilizing home prices and affecting the balance between homeownership and renting in this Missouri community.
