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Zip Code 65772: Rising Home Values and Steady Ownership in Washburn, 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 65772, located in Washburn, Missouri, presents an interesting case study of homeownership and housing market trends in a small urban area. Over the past decade, this community has experienced fluctuations in both ownership rates and housing prices, reflecting broader economic shifts and local demographic changes.
The homeownership rate in zip code 65772 has remained relatively stable, with slight fluctuations between 2013 and 2022. In 2013, the ownership rate stood at 85%, and by 2022, it had decreased slightly to 81%. During this period, average home prices showed a significant upward trend. In 2016, the average home price was $128,724, which increased steadily to reach $225,763 by 2022, representing a 75% increase over six years. This substantial rise in home values did not significantly impact the homeownership rate, suggesting a resilient local housing market and potentially strong economic conditions for existing homeowners.
Federal interest rates have played a role in shaping homeownership trends in zip code 65772. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), the homeownership rate remained high, between 82% and 85%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), there was a slight decline in homeownership, dropping to 80% by 2019. However, the community maintained a relatively high rate of homeownership despite these changes, indicating other factors such as local economic conditions and housing availability may have played a significant role in sustaining homeownership levels.
Renter percentages in zip code 65772 have shown a slight increase over time, moving from 15% in 2013 to 19% in 2022. This trend coincided with an increase in average rent prices. In 2013, the average rent was $534, which rose to $722 by 2022, representing a 35% increase. The population of the area also fluctuated during this period, reaching 2,090 in 2022, the highest in the observed years. This population growth, combined with rising home prices, may have contributed to the increased demand for rental properties and the subsequent rise in rent prices.
In 2023 and 2024, the housing market in zip code 65772 continued its upward trajectory. The average home price in 2023 was $233,888, further increasing to $244,113 in 2024. This represents a 3.5% year-over-year increase from 2022 to 2023, and a 4.4% increase from 2023 to 2024. Notably, these price increases occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. This suggests a strong local housing market that has remained resilient in the face of higher borrowing costs.
Looking ahead, based on the observed trends, we can project continued growth in both home prices and rent in zip code 65772 over the next five years. Average home prices are likely to continue their upward trajectory, potentially reaching around $280,000 to $300,000 by 2029. Rent prices may also continue to rise, potentially reaching an average of $800 to $850 per month in the same timeframe. These projections assume consistent economic conditions and housing demand in the area.
In summary, zip code 65772 has demonstrated a stable housing market with a high rate of homeownership, despite significant increases in home values. The area has shown resilience to rising interest rates and maintained a strong demand for both owned and rented properties. The continued rise in both home prices and rents, coupled with population growth, suggests a vibrant local economy and an attractive residential market in Washburn, Missouri.
