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Zip Code 65745: Rising Home Values and Shifting Ownership Patterns in Seligman, 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
Seligman, located in zip code 65745 in Missouri, is a small community that has experienced fluctuating demographic trends over the past decade. This analysis explores the relationship between homeownership rates, average home prices, and average rent prices in the area.
From 2013 to 2022, Seligman witnessed a notable shift in its homeownership landscape. In 2013, the homeownership rate stood at 81%, but by 2022, it had decreased to 76%. This decline in homeownership coincided with a significant increase in average home prices. In 2016, the average home price was $105,077, and by 2022, it had risen to $198,056, representing an 88.5% increase over six years.
The relationship between federal interest rates and homeownership rates in Seligman follows a well-established trend. As interest rates decreased from 1.83% in 2018 to 0.08% in 2021, the homeownership rate initially dropped from 74% to 72% in 2020 but then rebounded to 76% by 2022. This aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in Seligman have shown an inverse relationship to homeownership rates. In 2013, the renter-occupied percentage was 18%, which increased to 28% by 2020 before slightly decreasing to 24% in 2022. Average rent prices have also seen an upward trend, rising from $591 in 2013 to $733 in 2022, a 24% increase. This trend in rental prices has occurred despite fluctuations in the city's population, which peaked at 2,484 in 2016 and stood at 2,355 in 2022.
Looking at the most recent data, the average home price in Seligman reached $209,609 in 2023 and further increased to $214,153 in 2024. This represents a 2.2% increase from 2023 to 2024. Concurrently, federal interest rates rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting homeownership affordability.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Seligman will continue to rise, potentially reaching around $250,000 by 2029. This projection is based on the steady increase observed from 2016 to 2024. Average rent prices are also expected to follow an upward trajectory, potentially surpassing $800 per month by 2029, considering the 24% increase seen between 2013 and 2022.
In summary, Seligman has experienced a decline in homeownership rates concurrent with rising average home prices. Renter percentages have increased, as have average rent prices, though at a slower rate than home prices. The recent spike in federal interest rates may influence future homeownership trends. As the community continues to evolve, these housing market dynamics will play a crucial role in shaping the demographic and economic landscape of zip code 65745.
