Loading Content...
Zip Code 65619: Rising Home Values and Fluctuating Ownership in Battlefield, Missouri
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 65619, located in Battlefield, Missouri, has experienced notable changes in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 65619 has shown a general decline from 2013 to 2020, followed by a recent uptick. In 2013, the homeownership rate stood at 81%, gradually decreasing to 72% by 2020. However, there has been a reversal of this trend, with homeownership increasing to 77% in 2022. Concurrently, average home prices have seen a consistent upward trajectory. In 2010, the average home price was $141,300, which steadily increased to $276,557 by 2022, representing a substantial 95.7% increase over this period.
Federal interest rates have played a significant role in shaping homeownership trends in the area. The period from 2010 to 2016 saw historically low interest rates, ranging from 0.1% to 0.4%. This coincided with relatively stable homeownership rates in zip code 65619, hovering around 80%. As interest rates began to rise from 2017 onwards, reaching 2.16% in 2019, we observed a gradual decline in homeownership percentages. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in zip code 65619 have shown an inverse relationship to homeownership rates, increasing from 18% in 2013 to 28% in 2020, before decreasing slightly to 23% in 2022. Average rent prices have fluctuated over this period, with some correlation to the renter percentage. In 2013, the average rent was $895, peaking at $985 in 2014 when the renter percentage was 19%. Interestingly, as the renter percentage increased to 28% in 2020, the average rent decreased to $861, possibly due to increased supply or economic factors related to the global pandemic.
Looking at the most recent data, the average home price in zip code 65619 continued its upward trend, reaching $289,075 in 2023 and $293,597 in 2024. This represents a 6.2% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 65619 will continue to rise, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $330,000 to $350,000, assuming a moderate annual growth rate of 2-3%. Average rent prices are also expected to increase, potentially reaching $950 to $1,000 by 2029, reflecting ongoing demand for rental properties in the area.
In summary, zip code 65619 has experienced a notable increase in average home prices over the past decade, with recent years showing particularly strong growth. While homeownership rates declined from 2013 to 2020, there has been a recent rebound. The interplay between federal interest rates, homeownership percentages, and average home and rent prices highlights the complex dynamics of the local housing market. As the area continues to evolve, these trends will likely shape the future of housing in Battlefield, Missouri.
