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Average Home Values and Ownership in Zip Code 64078: Peculiar's Stable Market Amidst Rising Prices
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 64078, located in Peculiar, Missouri, has experienced significant demographic and real estate changes over the past decade. This area has seen a steady increase in population, growing from 8,807 in 2010 to 10,582 in 2022, reflecting a thriving community. The ownership percentage has remained relatively stable, while average home prices and average rent prices have shown notable fluctuations.
The homeownership rate in zip code 64078 has remained consistently high, ranging between 83% and 86% from 2013 to 2022. This stability in homeownership coincides with a substantial increase in average home prices. In 2010, the average home price was $173,689, which dipped to $148,072 in 2013 before beginning a steady climb. By 2022, the average home price had risen to $327,501, representing an impressive 88.5% increase from 2010. This upward trend in home prices, despite maintaining high homeownership rates, suggests a strong and desirable housing market in the area.
Federal interest rates have played a crucial role in shaping homeownership trends. From 2010 to 2016, interest rates remained exceptionally low, hovering between 0.09% and 0.40%. This period coincided with the highest homeownership rates in the zip code, reaching 86% in 2015 and 2016. As interest rates began to rise from 2017 onwards, there was a slight decrease in homeownership, dropping to 84% in 2017. However, the community's strong preference for homeownership persisted even as interest rates continued to climb.
Renter percentages in zip code 64078 have fluctuated between 13% and 17% from 2013 to 2022. Interestingly, average rent prices have shown a general upward trend during this period. In 2013, the average rent was $978, which increased to $1,205 by 2019, representing a 23.2% rise. However, there was a notable drop in 2020 to $1,033, possibly influenced by the global pandemic. By 2022, the average rent had stabilized at $1,055. These rent price changes occurred against a backdrop of increasing population, suggesting that demand for rental properties remained strong despite the high homeownership rates.
In 2023 and 2024, the housing market in zip code 64078 continued to evolve. The average home price in 2023 was $331,559, showing a slight increase from 2022. In 2024, it further rose to $337,691, indicating a continued upward trend in property values. Concurrently, federal interest rates have significantly increased, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homebuying decisions and potentially influence the balance between owners and renters in the area.
Looking ahead, predictive models suggest that average home prices in zip code 64078 will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. The average home price could reach approximately $375,000 by 2029. Average rent prices are also expected to increase, potentially reaching around $1,200 by 2029, driven by population growth and the area's continued desirability.
In summary, zip code 64078 demonstrates a robust housing market characterized by high homeownership rates and steadily increasing property values. Despite rising interest rates, the area has maintained strong homeownership levels, indicating its attractiveness to residents. The rental market, while smaller, has shown resilience with gradually increasing average rents. As the population continues to grow, both the ownership and rental markets are poised for continued stability and growth in the coming years.
