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Zip Code 65791: Rising Home Values and Shifting Ownership in Thayer, 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 65791, located in Thayer, Missouri, has experienced notable fluctuations in population and housing dynamics over the past decade. This area has seen significant changes in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 65791 has remained relatively stable, with minor fluctuations between 2013 and 2022. In 2013, the homeownership rate was 71%, which decreased slightly to 67% by 2022. During this period, average home prices in the area have shown a substantial upward trend. In 2016, the average home price was $74,874, which steadily increased to $126,469 by 2022, representing a significant 68.9% increase over six years.
The relationship between federal interest rates and homeownership rates in this zip code shows an interesting pattern. Despite historically low interest rates between 2013 and 2021 (ranging from 0.08% to 1.83%), the homeownership rate remained relatively stable, only fluctuating between 65% and 71%. This suggests that other local factors may have a stronger influence on homeownership in this area than national interest rate trends.
Renter percentages in zip code 65791 have shown a slight increase from 29% in 2013 to 33% in 2022. Average rent prices have experienced some volatility during this period. In 2013, the average rent was $565, which decreased to $476 in 2017 before rising again to $657 in 2022, representing a 16.3% increase over the entire period. The population of the zip code decreased from 3,773 in 2013 to 2,914 in 2022, which may have influenced the rental market dynamics.
In 2023 and 2024, the average home prices in zip code 65791 continued to rise, reaching $132,461 in 2023 and $133,191 in 2024. This represents a 4.7% increase from 2022 to 2023 and a modest 0.6% increase from 2023 to 2024. Concurrently, federal interest rates increased significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends and housing affordability in the area.
Looking ahead, based on the observed trends, we can predict that average home prices in zip code 65791 will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. The average home price could reach approximately $150,000 by 2029. Average rent prices are also likely to increase, potentially reaching around $750 per month by 2029, assuming the current growth rate continues.
In summary, zip code 65791 has experienced a significant increase in average home prices despite a relatively stable homeownership rate. The rental market has seen moderate growth in both percentage of renters and average rent prices. The recent sharp increase in interest rates may influence future housing market dynamics, potentially slowing down the rapid growth in home prices and affecting affordability for both buyers and renters in the coming years.
