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Zip Code 65646: Rising Home Values and Ownership Rates in Everton, Missouri's Rural Real Estate Market
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 65646, located in Everton, Missouri, has experienced significant changes in homeownership rates and housing prices over the past decade. This rural area has seen a notable increase in homeownership while facing fluctuations in both average home prices and average rent prices.
The ownership percentage in zip code 65646 has shown a steady upward trend, increasing from 83% in 2013 to 89% in 2022. This rise in homeownership coincides with a substantial increase in average home prices. In 2012, the average home price was $111,796, which grew to $220,925 by 2022, representing a 97.6% increase over this period. The most significant jump occurred between 2020 and 2021, with average home prices rising from $145,830 to $182,909, a 25.4% increase in just one year.
The relationship between federal interest rates and homeownership rates in this zip code appears to follow the general trend of lower interest rates encouraging homeownership. For instance, as interest rates remained low between 2013 and 2016 (ranging from 0.09% to 0.4%), homeownership rates increased from 83% to 84%. The continued low interest rates through 2020 (0.38%) corresponded with a further increase in homeownership to 89% by 2022, despite a brief dip to 84% in 2020.
Renter percentages in zip code 65646 have correspondingly decreased from 17% in 2013 to 11% in 2022. Despite this decline in the renter population, average rent prices have shown an overall upward trend. The average rent increased from $517 in 2013 to $636 in 2022, a 23% increase. However, rent prices have been volatile, peaking at $681 in 2018 before declining to $600 in 2019 and then rising again. This volatility might be attributed to the decreasing population, which fell from 1,968 in 2013 to 1,629 in 2022, potentially affecting the rental market dynamics.
In 2023, the average home price in zip code 65646 reached $226,489, with federal interest rates at 5.02%. Moving into 2024, the average home price has further increased to $236,698, while interest rates have slightly risen to 5.33%. This continued upward trend in home prices, despite higher interest rates, suggests strong demand in the local housing market.
Looking ahead, predictive models forecast a continued increase in average home prices for zip code 65646 over the next five years. Based on the historical data and current trends, average home prices could potentially reach around $280,000 by 2029. Average rent prices are also expected to continue their upward trajectory, potentially reaching approximately $750 per month in the same timeframe. However, these projections may be influenced by various factors including economic conditions, population changes, and interest rate fluctuations.
In summary, zip code 65646 has experienced a significant increase in homeownership rates and average home prices over the past decade, with a corresponding decrease in the renter population. Despite a declining overall population, both home prices and rent prices have shown an upward trend, indicating a robust local housing market. The area has demonstrated resilience to rising interest rates, with home prices continuing to appreciate even as rates have increased in recent years.
