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Zip Code 65756: Rising Home Values and Strong Ownership in Stotts City, 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 65756, located in Stotts City, Missouri, has experienced significant fluctuations in population and housing dynamics over the past decade. This small community has seen notable changes in homeownership rates and housing prices, reflecting broader economic trends and local developments.
The ownership percentage in this zip code has remained consistently high, ranging from 86% to 94% between 2013 and 2022. This strong preference for homeownership is coupled with a steady increase in average home prices. In 2019, the average home price was $141,667, which rose to $213,179 by 2022, representing a substantial 50.5% increase over just three years. This upward trend in home prices coincides with the area's high rate of owner-occupied housing.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 65756. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 2.16%. These low rates likely contributed to the sustained high levels of homeownership in the area, as they made mortgages more affordable for potential buyers. The ownership rate peaked at 94% in 2022, coinciding with a slight increase in interest rates to 1.68%, suggesting that residents were possibly motivated to purchase homes before rates climbed further.
Renter percentages in zip code 65756 have remained relatively low, fluctuating between 6% and 13% from 2013 to 2022. Average rent prices have shown an overall upward trend during this period. In 2013, the average rent was $477, which increased to $565 by 2022, representing an 18.4% rise. The population growth from 533 in 2013 to 690 in 2022 may have contributed to this increase in rent prices, as demand for rental properties potentially grew alongside the population.
In 2023, the average home price in zip code 65756 reached $216,761, marking a slight increase from the previous year. However, 2024 has seen a minor correction, with average home prices dipping to $212,450. This slight decrease coincides with a significant rise in federal interest rates, which stood at 5.02% in 2023 and further increased to 5.33% in 2024. These higher interest rates may be tempering home price growth and potentially affecting affordability for prospective buyers.
Looking ahead, predictive models suggest that average home prices in zip code 65756 may continue to experience moderate growth over the next five years, albeit at a slower pace than observed in recent years due to higher interest rates. Rent prices are projected to maintain a steady upward trajectory, reflecting ongoing demand for rental properties in the area.
In summary, zip code 65756 has demonstrated a strong preference for homeownership, with consistently high owner-occupancy rates. The area has seen significant appreciation in home values, particularly from 2019 to 2022. Rent prices have also increased, though at a more modest rate. The recent uptick in interest rates appears to be moderating home price growth, potentially shifting the dynamics of the local housing market in the coming years.
