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Average Home Values and Ownership in Zip Code 63945: Fairdealing's Stable Market
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
The zip code 63945, located in Fairdealing, Missouri, has experienced significant fluctuations in population and housing dynamics over the past decade. This rural area has seen a general trend of decreasing population, with homeownership rates remaining relatively high throughout the period.
Homeownership rates in this zip code have shown resilience, maintaining a strong majority despite economic fluctuations. In 2013, the homeownership rate stood at 80%, and by 2022, it had increased slightly to 85%. This trend coincides with changes in average home prices, which have seen a notable increase in recent years. While specific data for earlier years is not available, we can observe that the average home price in 2021 was $147,032, rising to $162,178 in 2022, representing a 10.3% increase in just one year.
The relationship between federal interest rates and homeownership rates in this area appears to follow the general trend of lower interest rates encouraging homeownership. For instance, in 2021, when interest rates were at a very low 0.08%, the homeownership rate was at a high of 85%. This correlation suggests that the low-interest environment may have contributed to the ability of residents to finance home purchases.
Renter percentages in zip code 63945 have fluctuated inversely to homeownership rates, naturally. In 2013, renters made up 20% of the population, and this figure decreased to 14% by 2022. Average rent prices have shown volatility over the years. In 2013, the average rent was $463, which increased to $691 in 2016, representing a significant 49.2% jump. However, by 2022, the average rent had slightly decreased to $671. This trend in rent prices doesn't show a clear correlation with the decreasing renter percentage, suggesting that other factors, such as local economic conditions or housing supply, may be influencing these figures.
In 2023 and 2024, we see a continuation of the upward trend in average home prices. The average home price in 2023 was $168,922, marking a 4.2% increase from 2022. In 2024, the average home price further rose to $173,835, representing a 2.9% increase from the previous year. Concurrently, federal interest rates have significantly increased, reaching 5.02% in 2023 and 5.33% in 2024. This rise in interest rates may impact future homeownership trends in the area.
Looking ahead, based on the observed trends, we can project that average home prices in zip code 63945 may continue to increase over the next five years, albeit at a potentially slower rate due to higher interest rates. We might expect average home prices to reach around $190,000 by 2029. For rent prices, given their historical volatility, a precise prediction is challenging. However, if the trend of decreasing renter percentages continues, we might see average rents stabilize or increase moderately, potentially reaching around $700-$750 by 2029.
In summary, zip code 63945 has maintained high homeownership rates despite population decreases, with recent years showing strong growth in average home prices. The area has demonstrated resilience in its housing market, with homeownership rates increasing even as the population declined. The coming years may see continued growth in home values, while rent prices and renter percentages may face more uncertainty influenced by broader economic factors and local market conditions.
