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Zip Code 65742: Rising Home Values and Ownership Trends in Rogersville, 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 65742, located in Rogersville, Missouri, has experienced significant growth and changes in its housing market over the past decade. This area has seen a steady increase in population and homeownership rates, coupled with rising average home prices and fluctuating average rent prices.
The homeownership rate in zip code 65742 has shown a general upward trend from 2013 to 2022. In 2013, the homeownership rate was 77%, which increased to 79% by 2022. This trend coincides with a substantial increase in average home prices. In 2013, the average home price was $152,937, which more than doubled to $312,572 by 2022. This significant appreciation in home values likely contributed to the growing appeal of homeownership in the area.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), the homeownership rate remained relatively stable at around 77-78%. As interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), the homeownership rate actually increased to 81% in 2018, possibly due to anticipation of further rate increases motivating buyers to enter the market. The sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a slight increase in homeownership to 81% in 2021.
The percentage of renters in zip code 65742 has generally decreased over time, from 22% in 2013 to 21% in 2022. However, average rent prices have shown considerable fluctuation. In 2013, the average rent was $687, which decreased to $644 in 2015 before rising again to $863 in 2019. By 2022, the average rent had settled at $794. These fluctuations in rent prices, combined with the increasing population (from 13,104 in 2013 to 15,335 in 2022), suggest a complex rental market influenced by various factors including housing supply and demand dynamics.
In 2023 and 2024, the housing market in zip code 65742 continued to evolve. The average home price reached $322,687 in 2023 and further increased to $330,621 in 2024. This represents a significant jump from the 2022 average of $312,572, indicating continued strong growth in the local real estate market. Notably, federal interest rates also rose sharply during this period, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homebuying trends.
Looking ahead, based on the historical data and current trends, we can project potential scenarios for the next five years. Average home prices in zip code 65742 are likely to continue their upward trajectory, potentially reaching around $400,000 by 2029 if the current growth rate persists. However, the pace of increase may moderate due to higher interest rates. Average rent prices, which have been more volatile, might stabilize around $850-$900 per month, assuming continued population growth and a balanced supply of rental properties.
In summary, zip code 65742 has demonstrated a strong housing market with increasing homeownership rates and rapidly appreciating home values. The area has maintained a high proportion of owner-occupied homes despite rising prices, suggesting strong local demand and potentially favorable economic conditions. The rental market, while smaller, has shown resilience with fluctuating but generally increasing rent prices. These trends, combined with steady population growth, paint a picture of a dynamic and evolving housing market in this Missouri community.
