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Average Home Values and Ownership in Zip Code 63960: A Decade of Change in Puxico, 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
Puxico, located in zip code 63960 in Missouri, is a small community with a population of 2,772 as of 2022. This area has experienced some interesting shifts in homeownership and housing prices over the past decade, reflecting broader economic trends and local dynamics.
The homeownership rate in Puxico has seen a gradual decline from 2013 to 2022. In 2013, the homeownership rate stood at 82%, but by 2022, it had decreased to 74%. This 8% drop in homeownership coincided with a significant increase in average home prices. In 2016, the average home price was $105,975, and by 2022, it had risen to $139,709, representing a 31.8% increase over six years.
The relationship between federal interest rates and homeownership rates in Puxico follows a generally expected pattern. As interest rates remained low from 2013 to 2021, ranging from 0.08% to 1.83%, homeownership rates initially remained stable but then began to decline. This decline, despite low interest rates, suggests that other factors such as rising home prices may have played a more significant role in affecting homeownership in this area.
The percentage of renters in Puxico has increased from 18% in 2013 to 26% in 2022, an 8% rise that mirrors the decline in homeownership. During this period, average rent prices also increased, albeit more modestly compared to home prices. The average rent rose from $556 in 2013 to $606 in 2022, a 9% increase. This trend suggests that while renting became more prevalent, it also became slightly less affordable, though not as dramatically as homeownership.
Looking at the most recent data, the average home price in Puxico reached $143,395 in 2023, showing continued growth. However, in 2024, there was a slight decrease to $142,236. This minor dip coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and further to 5.33% in 2024. These higher interest rates may be contributing to the stabilization of home prices in the area.
Applying predictive models to forecast 5-year trends, we can anticipate that average home prices in Puxico may continue to rise, but at a more moderate pace than seen in recent years. The current high interest rates could slow down price growth, potentially leading to a 10-15% increase over the next five years, bringing the average home price to around $160,000-$165,000 by 2029. Average rent prices are likely to follow a similar trend, potentially increasing by 8-12% over the same period, which could result in average rents reaching approximately $650-$680 by 2029.
In summary, Puxico has experienced a shift towards more renting and less homeownership over the past decade, accompanied by significant increases in both home prices and rents. The recent rise in interest rates appears to be moderating home price growth, and this trend is likely to continue in the near future. These changes reflect broader economic patterns and local market conditions, highlighting the dynamic nature of housing markets even in smaller communities.
