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64726: Blairstown's Stable Home Values Amidst Economic Changes
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
Blairstown, located in zip code 64726 in Missouri, is a small community that has experienced fluctuating homeownership rates and housing prices over the past decade. This analysis explores the trends in homeownership, average home prices, and average rent prices in this area.
The homeownership rate in Blairstown has shown some variability over the years. In 2013, the homeownership rate was 89%, which gradually decreased to 81% in 2018. However, there was a slight recovery in recent years, with the rate reaching 86% in 2022. This trend suggests a relatively stable homeownership market in the area, despite some fluctuations.
Average home prices in Blairstown have only been available for recent years. In 2022, the average home price was $292,473. This figure provides a baseline for understanding the local housing market, although long-term trends are not discernible due to limited historical data.
The relationship between federal interest rates and homeownership rates in Blairstown is less clear due to limited data. However, it's worth noting that the federal interest rate increased from 1.68% in 2022 to 5.02% in 2023, which coincided with a slight increase in homeownership from 82% to 86%. This trend goes against the general expectation that higher interest rates might discourage homeownership, suggesting that local factors may have a stronger influence on homeownership rates in this area.
Regarding rental trends, the percentage of renters in Blairstown has fluctuated over the years. In 2013, the renter-occupied rate was 11%, which increased to 18% in 2018 before decreasing to 14% in 2022. Interestingly, average rent prices have shown a downward trend in recent years. The average rent peaked at $1,076 in 2014 and has since decreased to $692 in 2022, representing a significant 35.7% drop over eight years.
Looking at the most recent data, the average home price in Blairstown was $288,377 in 2023 and $288,276 in 2024, showing a slight decrease of 0.03%. This minimal change suggests a relatively stable housing market in the area. The federal interest rate increased from 5.02% in 2023 to 5.33% in 2024, potentially impacting homebuying decisions.
Applying predictive models to forecast 5-year trends, we can expect the average home prices in Blairstown to remain relatively stable, potentially with slight increases in line with inflation. The average rent prices may continue their downward trend but at a slower rate, possibly stabilizing around the current levels.
In summary, Blairstown (zip code 64726) has maintained a high homeownership rate despite some fluctuations. The housing market appears stable with recent average home prices showing minimal changes. The rental market has seen a significant decrease in average rent prices over the past decade, which could be attributed to various local economic factors. These trends suggest a community with a strong preference for homeownership and potentially favorable conditions for renters due to decreasing rent prices.
