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Zip Code 65738: Rising Home Values and Shifting Ownership Trends in Republic, 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 65738, situated in Republic, Missouri, has undergone significant transformations in its housing market over the past decade. This area has experienced notable 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 65738 has shown a general decline over the years, with some fluctuations. In 2013, the homeownership rate stood at 69%, reaching a peak of 72% in 2016 before gradually decreasing to 66% by 2022. This trend coincides with a substantial increase in average home prices. In 2013, the average home price was $121,124, which more than doubled to $243,677 by 2022, representing a 101% increase over nine years. Federal interest rates have played a significant role in shaping homeownership trends. The period from 2013 to 2016, when homeownership rates were highest, coincided with historically low interest rates ranging from 0.11% to 0.40%. This environment of low borrowing costs likely contributed to the peak in homeownership. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, we observed a corresponding decline in homeownership rates.
The rental market in zip code 65738 has shown interesting trends as well. The percentage of renters increased from 30% in 2014 to 34% in 2022. During this period, average rent prices fluctuated. In 2013, the average rent was $935, rising to $982 in 2014, then experiencing some volatility before settling at $890 in 2022. It's worth noting that despite the increase in the renter population, rent prices did not show a consistent upward trend, suggesting other factors such as local economic conditions or housing supply may have influenced rental rates.
Looking at more recent data, the average home price in zip code 65738 continued to rise, reaching $251,738 in 2023 and $255,194 in 2024. This represents a 3.3% increase from 2022 to 2023 and a further 1.4% increase from 2023 to 2024, indicating a slowing but still upward trend in home values. Interestingly, federal interest rates have also increased significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing market dynamics.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in average home prices, albeit at a potentially slower rate due to higher interest rates. Average home prices could reach around $280,000 to $300,000 by 2029. For rent prices, the forecast suggests a potential increase, possibly reaching an average of $1,100 to $1,200 per month by 2029, assuming economic conditions remain stable and population growth continues.
In summary, zip code 65738 has experienced a significant increase in average home prices over the past decade, coupled with a gradual decline in homeownership rates. The rental market has seen an increase in the proportion of renters, although average rent prices have not shown a consistent upward trend. Recent data shows continued growth in home values, but with signs of moderation. The interplay between interest rates, housing prices, and demographic shifts will likely continue to shape the housing market in this area in the coming years.
