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Average Home Values and Ownership in Zip Code 64029: A Decade of Growth in Grain Valley, 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
Grain Valley, located in zip code 64029 in Missouri, has experienced significant growth and changes in its housing market over the past decade. This analysis explores the trends in homeownership, average home prices, and average rent prices in this thriving community.
The homeownership rate in Grain Valley has shown a general upward trend, increasing from 68% in 2013 to 71% in 2022. This rise in homeownership coincides with a substantial increase in average home prices. In 2013, the average home price was $164,172, which steadily climbed to $319,300 by 2022, representing a 94.5% increase over nine years. This trend suggests a strong correlation between rising home values and increased homeownership in the area.
Federal interest rates have played a significant role in shaping homeownership trends in Grain Valley. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.4%), homeownership rates remained stable at around 66-68%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership surprisingly increased to 71%. This trend contradicts the typical expectation that higher interest rates discourage homeownership, indicating other factors such as local economic growth or housing demand may have had a stronger influence in Grain Valley.
Renter percentages in Grain Valley have fluctuated inversely to homeownership rates, decreasing from 32% in 2013 to 29% in 2022. Despite this decrease, average rent prices have shown a consistent upward trend. In 2013, the average rent was $1,070, which increased to $1,192 by 2022, representing an 11.4% rise. This increase in rent prices, despite a decreasing renter population, suggests a growing demand for rental properties, possibly driven by the city's population growth from 16,789 in 2013 to 20,636 in 2022.
In 2023 and 2024, the housing market in Grain Valley continued its upward trajectory. The average home price reached $327,886 in 2023 and further increased to $336,289 in 2024, showing a 2.6% year-over-year growth. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking the highest rates in over a decade. Despite these high interest rates, the continued rise in home prices suggests a robust demand for housing in the area.
Looking ahead, predictive models forecast a continued increase in both average home prices and rent prices over the next five years. Average home prices are projected to reach approximately $380,000 by 2029, assuming a similar growth rate observed in recent years. Average rent prices are expected to climb to around $1,350 per month in the same period, reflecting the ongoing demand for rental properties in this growing city.
In summary, Grain Valley has demonstrated a resilient and growing housing market characterized by increasing homeownership rates, rising average home prices, and steadily increasing average rent prices. The city's ability to maintain these positive trends, even in the face of rising interest rates, suggests a strong local economy and sustained demand for housing in this Missouri community.
