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Average Home Values and Ownership in Zip Code 63362: A Decade of Growth in Moscow Mills, 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
Moscow Mills, located in zip code 63362 in Missouri, has experienced significant changes in its housing market over the past decade. This growing community has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local demographic shifts.
The homeownership rate in Moscow Mills has shown a notable trend, starting at 80% in 2013 and reaching 82% in 2022. This high rate of homeownership has persisted despite substantial increases in average home prices. In 2013, the average home price was $156,255, which steadily rose to $299,621 by 2022, representing a 91.8% increase over nine years. This trend suggests a strong local housing market and continued demand for homeownership, even as prices climbed.
The relationship between federal interest rates and homeownership rates in Moscow Mills is particularly interesting. Despite the fluctuations in interest rates, the city maintained a high homeownership rate. For instance, when interest rates were at historic lows (0.08% in 2021), the homeownership rate peaked at 84%. However, even as interest rates rose to 1.68% in 2022, the homeownership rate remained robust at 82%, indicating that other factors beyond interest rates were influencing homeownership decisions in this area.
Renter percentages and average rent prices in Moscow Mills have shown an inverse relationship to homeownership trends. The percentage of renters decreased from 21% in 2015 to 18% in 2022. Interestingly, average rent prices have also seen a decline during this period. In 2015, the average rent was $1,014, which increased to $1,162 in 2016 but then gradually decreased to $894 by 2022. This decline in both renter percentage and average rent prices, coupled with the city's population growth from 6,414 in 2015 to 8,274 in 2022, suggests a shift towards homeownership and possibly the development of more affordable housing options.
In 2023 and 2024, the housing market in Moscow Mills continued to evolve. The average home price in 2023 reached $306,931, a 2.4% increase from 2022. By 2024, it further increased to $311,989, showing a continued upward trend. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Looking ahead, predictive models suggest that average home prices in Moscow Mills are likely to continue their upward trajectory over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices, which have been declining, may stabilize or see modest increases as the rental market adjusts to changing economic conditions and housing preferences.
In summary, Moscow Mills has maintained a strong homeownership market despite rising home prices, with a concurrent decrease in both the renter population and average rent prices. The community's ability to sustain high homeownership rates in the face of rising home prices and fluctuating interest rates indicates a robust local economy and strong demand for housing. As the city continues to grow, these trends will likely shape its housing landscape in the coming years.
