The renter percentage in zip code 62244 has remained relatively low, decreasing from 13% in 2013 to 9% in 2022. This decline in renters corresponds with an overall increase in average rent prices. In 2013, the average rent was $881, which fluctuated over the years, reaching $864 in 2022. The consistently low renter percentage suggests a limited rental market in the area, possibly due to the strong preference for homeownership and the rural nature of the community.

Looking at the most recent data, the average home price in zip code 62244 decreased slightly from $302,837 in 2022 to $291,711 in 2023, before showing a modest increase to $293,138 in 2024. This recent trend indicates a relatively stable housing market with minor fluctuations. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership rates and market dynamics in the area.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 62244 will likely continue to show moderate growth, potentially reaching around $310,000 to $320,000 by 2029. Average rent prices are expected to follow a similar trajectory, possibly increasing to approximately $950 to $1,000 per month. These projections assume a continuation of current economic conditions and local market factors.

In summary, zip code 62244 demonstrates a strong and persistent preference for homeownership, with rates consistently above 90% in recent years. The area has experienced moderate fluctuations in both home values and rent prices, influenced by broader economic factors such as interest rates. The recent uptick in interest rates may pose challenges to maintaining the high homeownership rates, but the established community preference for owning homes suggests that this trend is likely to persist, albeit potentially at a slower growth rate.