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Zip Code 65757: Rising Home Values and Ownership Rates in Strafford, 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 65757, located in Strafford, Missouri, has experienced significant changes in homeownership rates and housing market dynamics over the past decade. This area has shown a notable trend towards increased homeownership and rising average home prices, while also demonstrating fluctuations in average rent prices.
The ownership percentage in zip code 65757 has shown a steady increase from 75% in 2013 to 85% in 2022, indicating a strong shift towards homeownership. During this same period, average home prices have seen substantial growth. In 2013, the average home price was $134,994, which more than doubled to $290,004 by 2022. This represents a remarkable 115% increase in average home values over nine years. The trend suggests a positive correlation between rising homeownership rates and increasing average home prices in the area.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 65757. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period coincided with the increase in homeownership from 75% to 84%. Lower interest rates typically make mortgages more affordable, encouraging home buying. However, despite a sharp rise in interest rates to 5.02% in 2023 and 5.33% in 2024, homeownership in the area has continued to increase, reaching 85% in 2022, suggesting other factors may be influencing this trend.
Conversely, the percentage of renters in zip code 65757 has decreased from 25% in 2013 to 15% in 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $830, which decreased to $748 in 2016 before rising again to $861 in 2019. However, by 2022, average rent had decreased to $783. This fluctuation in rent prices, coupled with the declining renter population, suggests a complex rental market dynamic in the area.
Looking at the most recent data, average home prices in zip code 65757 continued to rise, reaching $298,489 in 2023 and $306,274 in 2024. This represents a 2.9% increase from 2023 to 2024, indicating a continued upward trend in the housing market. Concurrently, interest rates have remained high at 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 anticipate average home prices in zip code 65757 to continue their upward trajectory, potentially reaching around $350,000 by 2029. Average rent prices are expected to stabilize and potentially increase slightly, possibly reaching $850-$900 per month in the next five years. These predictions are based on the historical trends and current market conditions.
In summary, zip code 65757 has demonstrated a strong trend towards increased homeownership and rising average home prices over the past decade. Despite fluctuations in the rental market and recent increases in interest rates, the area has maintained a robust housing market. The continued growth in average home prices, even in the face of higher interest rates, suggests a resilient and desirable real estate market in this Missouri zip code.
