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Zip Code 65771: Rising Home Values and Resilient Ownership in Saddlebrooke, 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 65771, located in Saddlebrooke, Missouri, has experienced significant fluctuations in homeownership rates and housing prices over the past decade. This area, covering 37.02 square miles, has seen notable shifts in its real estate landscape, reflecting broader economic trends and local market dynamics. The ownership percentage in zip code 65771 has shown a remarkable increase over recent years, rising from 57% in 2016 to 81% in 2022. This substantial growth in homeownership coincides with a significant increase in average home prices. In 2016, the average home price was $195,349, which steadily climbed to $366,133 by 2022, representing an impressive 87.4% increase over six years. This trend suggests a strong correlation between rising home values and increasing homeownership rates in the area.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 65771. The period from 2016 to 2020 saw relatively low interest rates, ranging from 0.4% to 2.16%, which likely contributed to the surge in homeownership from 57% to 78% during this time. As interest rates remained low, more residents were able to afford mortgages, driving up both homeownership rates and average home prices.
Conversely, the renter percentage in zip code 65771 has decreased from 43% in 2016 to 19% in 2022. This decline in renters corresponds with fluctuations in average rent prices. In 2016, the average rent was $681, which decreased to $523 by 2022, a 23.2% reduction. The population has remained relatively stable during this period, with 1,944 residents in 2016 and 2,014 in 2022. This suggests that as more residents transitioned to homeownership, the demand for rentals decreased, potentially leading to lower rent prices.
In 2023 and 2024, the upward trend in average home prices continued, reaching $377,635 in 2023 and $385,420 in 2024. This represents a 5.3% increase from 2022 to 2024. Interestingly, this growth occurred despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024. This suggests a robust local housing market that has maintained momentum even in the face of higher borrowing costs.
Looking ahead, based on historical trends and current market conditions, we can predict continued growth in average home prices for zip code 65771 over the next five years, albeit at a potentially slower rate due to higher interest rates. Average home prices could reach approximately $425,000 by 2029. Rent prices, which have been declining, may stabilize or see modest increases as the rental market adjusts to the reduced supply of rental properties, potentially reaching around $550 by 2029.
In summary, zip code 65771 has experienced a significant shift towards homeownership, accompanied by substantial increases in average home prices. This trend has occurred alongside decreasing rental rates and fluctuating rent prices. The area's real estate market has shown resilience, continuing to appreciate even as interest rates have risen sharply in recent years. These patterns reflect a dynamic local housing market that has favored homeownership and property value appreciation.
