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Zip Code 65774: Rising Home Values and Ownership Trends in Rural 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 65774, located in Weaubleau, Missouri, has experienced notable fluctuations in population and housing dynamics over the past decade. This rural area has seen a general trend of increasing homeownership rates and rising average home prices, while average rent prices have also shown an upward trajectory.
The homeownership rate in zip code 65774 has demonstrated a significant increase from 2013 to 2022. In 2013, the homeownership rate stood at 76%, and by 2022, it had risen to 78%. This upward trend coincided with a substantial increase in average home prices. In 2016, the average home price was $95,922, and by 2022, it had soared to $161,989, representing a remarkable 68.9% increase over six years. This correlation suggests that rising property values may have incentivized more residents to invest in homeownership, despite the potential for higher purchase costs.
Federal interest rates have played a crucial role in shaping homeownership trends in the area. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), the homeownership rate actually decreased slightly from 76% to 65%. However, as interest rates began to rise more significantly from 2017 to 2022 (1.00% to 1.68%), the homeownership rate rebounded and increased to 78%. This counterintuitive trend might be explained by other local economic factors or a desire to secure property before interest rates climbed further.
The renter population in zip code 65774 has experienced fluctuations in tandem with average rent prices. In 2013, the renter-occupied percentage was 24%, with an average rent of $419. By 2022, the renter percentage had decreased slightly to 22%, while the average rent had increased to $595, representing a 42% rise over nine years. The peak of renting occurred in 2016, with 35% of residents renting and an average rent of $540. The subsequent decrease in the renter population, despite rising rents, may be attributed to the growing preference for homeownership in the area.
As of 2024, the average home price in zip code 65774 stands at $161,365, showing a slight decrease from the 2023 value of $166,556. This recent dip comes alongside a significant increase in federal interest rates, which reached 5.33% in 2024, up from 5.02% in 2023. These higher interest rates may be contributing to a cooling effect on home prices in the area.
Looking ahead, predictive models suggest that average home prices in zip code 65774 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. Average rent prices are expected to maintain their upward trajectory, potentially reaching around $700-$750 by 2029, driven by ongoing demand for rental properties in the area.
In summary, zip code 65774 has witnessed a strong trend towards homeownership, with rising property values and increasing average home prices. Despite fluctuations in the renter population, average rent prices have shown consistent growth. The interplay between federal interest rates, homeownership rates, and property values reveals a complex housing market in this Missouri community, with recent data indicating a potential stabilization in home prices amidst higher interest rates.
