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Zip Code 65779: Average Home Values and Ownership Trends in Wheatland, 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
Wheatland, located in zip code 65779 in Missouri, has experienced notable shifts in its housing market over the past decade. This small community has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Wheatland has shown some variability over the years. In 2013, the homeownership rate stood at 85%, remaining stable through 2014. However, there was a significant drop to 79% in 2015, which held steady until 2017. The rate then decreased further to 76% in 2018 before rising again to 81% in 2020. As of 2022, the homeownership rate settled at 77%. Interestingly, these changes in homeownership rates have coincided with trends in average home prices. The average home price in 2016 was $96,428, and it steadily increased to $163,022 by 2022, representing a substantial 69% increase over six years.
The relationship between federal interest rates and homeownership rates in Wheatland follows a generally expected pattern. For instance, the period from 2013 to 2015 saw relatively low interest rates (0.11% to 0.13%), which coincided with high homeownership rates of 85%. As interest rates began to rise more significantly from 2016 onwards, reaching 1.83% in 2018, we observed a decline in homeownership rates to 76%. This trend aligns with the principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in Wheatland have mirrored the inverse of homeownership rates, naturally. The renter-occupied percentage increased from 15% in 2013 to 24% in 2018, before declining slightly to 23% in 2022. Average rent prices have shown an overall upward trend, rising from $465 in 2013 to $557 in 2022, with a peak of $646 in 2021. This represents a 19.8% increase in average rent over the decade. It's worth noting that the population of Wheatland has fluctuated during this period, from 1,853 in 2013 to 1,531 in 2022, which may have influenced rental demand and prices.
In 2023 and 2024, we see continued changes in the housing market of Wheatland. The average home price reached $165,836 in 2023, showing a slight increase from 2022. However, in 2024, there was a minor decrease to $162,214. This recent trend coincides with a significant rise in federal interest rates, which jumped to 5.02% in 2023 and further to 5.33% in 2024. These higher interest rates may be contributing to the slight cooling in home prices.
Looking ahead, predictive models suggest that average home prices in Wheatland may experience moderate growth over the next five years, potentially reaching around $175,000 by 2029. This projection assumes a steady economic environment and continued demand in the area. Average rent prices are also expected to increase, potentially reaching approximately $600 per month by 2029, reflecting ongoing inflationary pressures and housing demand.
In summary, Wheatland has experienced significant changes in its housing market over the past decade. The community has seen a general trend of increasing average home prices and rents, with fluctuations in homeownership rates that appear to be influenced by federal interest rate changes. The recent stabilization of home prices in 2023-2024, coupled with rising interest rates, suggests a potential shift in the market dynamics that will be important to monitor in the coming years.
