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Zip Code 65674: Rising Home Values and Stable Ownership in Humansville, 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 65674, located in Humansville, Missouri, presents an intriguing case study of homeownership and rental trends. This area has experienced fluctuating ownership rates and significant changes in average home and rent prices over the past decade, reflecting broader economic shifts and local market dynamics.
The homeownership rate in zip code 65674 has shown a general decline from 2013 to 2022, with some fluctuations. In 2013, the ownership rate was 80%, which decreased to 73% by 2022. This downward trend coincides with a substantial increase in average home prices. In 2013, the average home price was $88,404, which rose dramatically to $182,242 by 2022, representing a 106% increase over nine years. This inverse relationship suggests that rising home prices may have made homeownership less attainable for some residents.
Federal interest rates have played a significant role in shaping homeownership trends in the area. From 2013 to 2016, interest rates remained very low, hovering around 0.1% to 0.4%. During this period, homeownership rates remained relatively stable, ranging from 75% to 80%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), we observed a slight decline in homeownership rates, dropping to 72% in 2017 before rebounding slightly to 76% in 2019. The sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a temporary dip in homeownership to 67% in 2020, followed by a recovery to 73% by 2022 as rates began to rise again.
Renter percentages in zip code 65674 have generally increased from 20% in 2013 to 27% in 2022, mirroring the decline in homeownership. Average rent prices have also shown an upward trend, rising from $583 in 2013 to $638 in 2022, a 9.4% increase. However, this increase in rent prices has been less dramatic than the rise in home prices. The population in the area has remained relatively stable, fluctuating between 2,295 and 2,749 residents during this period, which suggests that changes in rental demand are more likely driven by shifts from homeownership to renting rather than significant population growth.
In 2023 and 2024, the average home prices in zip code 65674 continued to rise, reaching $187,990 in 2023 and $198,043 in 2024. This represents a further 8.7% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Looking ahead, our predictive models suggest that average home prices in zip code 65674 will continue to rise over the next five years, potentially reaching around $240,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. Average rent prices are also expected to increase, albeit at a slower rate, potentially reaching approximately $700 per month by 2029. These predictions assume a continuation of current economic conditions and local market factors.
In summary, zip code 65674 has experienced a gradual shift towards renting, with homeownership rates declining as average home prices have more than doubled over the past decade. Rent prices have increased more modestly, potentially making renting a more attractive option for some residents. The interplay between federal interest rates, home prices, and homeownership rates highlights the complex factors influencing housing trends in this area. As home prices continue to rise, it will be crucial to monitor how these trends impact the local community and housing affordability in the coming years.
