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Zip Code 65633: Rising Home Values and Stable Ownership in Rural 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 65633, located in Crane, Missouri, has experienced significant changes in homeownership rates and housing prices over the past decade. This rural area, spanning 83.7 square miles, has seen a gradual shift in its residential landscape, with notable trends in both ownership and rental markets.
The ownership percentage in zip code 65633 has shown a general upward trend, increasing from 73% in 2013 to 79% in 2022. This rise in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $99,685, which steadily climbed to $221,083 by 2022, representing a remarkable 121.8% increase over nine years. The most significant jump occurred between 2020 and 2021, with average home prices surging from $157,215 to $187,557, a 19.3% increase in just one year.
Federal interest rates have played a crucial role in shaping homeownership trends in the area. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 2.16%. These low rates likely contributed to the increased homeownership, as they made mortgages more affordable for potential buyers. The sharp rise in homeownership from 75% in 2020 to 78% in 2021, despite rapidly rising home prices, may be attributed to the extremely low interest rate of 0.08% in 2021, which encouraged home buying activity.
Conversely, the renter percentage in zip code 65633 has decreased from 27% in 2013 to 21% in 2022. Despite this decline, average rent prices have shown an overall upward trend. In 2013, the average rent was $642, which increased to $768 by 2022, a 19.6% rise. Notably, there was a significant spike in average rent in 2021, reaching $878, before dropping back to $768 in 2022. This temporary increase in rent might be related to the population growth from 3,723 in 2020 to 3,729 in 2021, creating a brief surge in rental demand.
Looking at the most recent data, the average home price in zip code 65633 reached $224,302 in 2023, showing a slight increase from 2022. However, in 2024, there's a marginal decrease to $224,047. This slight dip might be influenced by the higher federal interest rate of 5.33% in 2024, potentially cooling the housing market slightly. Despite this minor decrease, home prices remain significantly higher than in previous years.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 65633 will continue to rise, albeit at a more moderate pace. The rate of increase is expected to slow down, potentially reaching around $250,000 by 2029. For rent prices, the forecast suggests a steady increase, potentially reaching an average of $850-$900 per month by 2029, assuming current economic conditions and population trends persist.
In summary, zip code 65633 has experienced a significant increase in homeownership rates and average home prices over the past decade, likely influenced by historically low interest rates. Despite a decreasing renter population, average rent prices have also trended upward. The recent stabilization in home prices and the current higher interest rates suggest a potential cooling of the rapid growth seen in previous years, but the overall trend remains positive for both homeownership and property values in this Missouri community.
