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Zip Code 65747: High Homeownership Rates Persist Amid Rising Home Values in Shell Knob, 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 65747, encompassing Shell Knob in Missouri, presents an intriguing case study of homeownership and housing market trends. This rural area has experienced significant fluctuations in its housing landscape over the past decade, with homeownership rates remaining consistently high but showing some variability. The average home prices have seen a substantial increase, while average rent prices have also risen, albeit at a more moderate pace.
The homeownership rate in zip code 65747 has remained remarkably high, fluctuating between 88% and 93% from 2013 to 2022. This strong preference for homeownership coincides with a steady increase in average home prices. In 2013, the average home price was $150,313, which rose to $329,747 by 2022, representing a dramatic 119% increase over nine years. This upward trend in home prices did not significantly deter homeownership, as the rate remained at 90% in 2022, suggesting a robust local housing market and a strong desire for property ownership among residents.
Federal interest rates have played a role in shaping homeownership trends in the area. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates in zip code 65747 remained high, between 88% and 93%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed resilience, maintaining at 90% in 2022. This suggests that local factors and the preference for homeownership in this rural area may have outweighed the impact of rising interest rates on homebuying decisions.
Renter percentages in zip code 65747 have remained relatively low, fluctuating between 7% and 12% from 2013 to 2022. Despite this low percentage, average rent prices have increased significantly. In 2013, the average rent was $516, which rose to $770 by 2022, marking a 49% increase. This upward trend in rent prices occurred despite a slight decrease in population from 3,406 in 2013 to 3,374 in 2022, indicating that other factors, such as housing quality improvements or regional economic changes, may have influenced rent prices.
In 2023 and 2024, the housing market in zip code 65747 continued its upward trajectory. The average home price reached $341,457 in 2023 and further increased to $348,109 in 2024, representing a 5.6% rise over two years. This growth occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, highlighting the resilience of the local housing market.
Looking ahead, predictive models suggest that the upward trend in both average home prices and rent prices is likely to continue over the next five years. Based on historical data and current market conditions, average home prices in zip code 65747 could potentially reach around $400,000 by 2029. Average rent prices may similarly increase, potentially approaching $900 per month in the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 65747 demonstrates a strong preference for homeownership, with consistently high rates despite rising home prices. The area has shown resilience to increasing interest rates, maintaining its high homeownership levels. The rental market, while small, has seen significant price increases. As the housing market continues to evolve, this zip code appears poised for further growth in both home values and rental prices, reflecting its desirability and the ongoing demand for housing in the area.
