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Average Home Values and Ownership in Zip Code 64024: A Decade of Growth in Excelsior Springs, 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
Zip code 64024, located in Excelsior Springs, Missouri, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, known for its historic mineral springs and resort heritage, has seen a generally stable homeownership rate with fluctuating average home and rent prices.
The homeownership rate in zip code 64024 has remained relatively steady, with slight fluctuations between 69% and 74% from 2013 to 2022. Interestingly, as average home prices increased, the homeownership rate showed resilience. For instance, in 2013, the homeownership rate was 70% with an average home price of $81,798. By 2022, despite the average home price rising significantly to $207,493, the homeownership rate held steady at 72%. This suggests that local residents have maintained their ability to purchase homes despite rising prices.
Federal interest rates have played a role in homeownership trends. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%. During this time, the homeownership rate in zip code 64024 reached its peak of 74% in 2015. As interest rates began to rise more sharply from 2017 onwards, there was a slight decline in homeownership, dropping to 69% in 2017 before stabilizing around 70-72% in subsequent years.
Renter percentages have inversely mirrored homeownership rates, ranging from 26% to 31% between 2013 and 2022. Average rent prices have shown an overall upward trend, albeit with some fluctuations. In 2013, the average rent was $847, which increased to $920 by 2022, representing an 8.6% increase over nine years. Notably, there was a significant jump in average rent from $869 in 2019 to $927 in 2020, possibly influenced by the changing economic landscape during the COVID-19 pandemic.
Looking at more recent data, the average home price in zip code 64024 continued its upward trajectory, reaching $220,266 in 2023 and further increasing to $228,446 in 2024. This represents a substantial 10% increase from 2022 to 2024. Concurrently, federal interest rates have risen dramatically, from 1.68% in 2022 to 5.02% in 2023, and further to 5.33% in 2024. These higher interest rates may impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 64024 will continue to rise, potentially reaching around $275,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For rent prices, the model suggests a more moderate increase, potentially reaching an average of about $1,000 per month by 2029, assuming the current economic conditions and population trends continue.
In summary, zip code 64024 has demonstrated a resilient housing market with stable homeownership rates despite significant increases in average home prices. The area has weathered fluctuations in federal interest rates and maintained a balance between owner-occupied and renter-occupied housing. The recent sharp rise in both home prices and interest rates presents a new challenge for the local housing market, which will likely influence future homeownership trends and affordability in this Missouri community.
