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Average Home Values and Ownership in Zip Code 64401: A Decade of Growth in Agency, 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 64401, located in Agency, Missouri, presents an interesting case study of homeownership and housing market trends. This area has experienced significant fluctuations in both population and housing dynamics over the past decade, with a notable trend towards increased homeownership in recent years. The ownership percentage in zip code 64401 has shown a strong upward trend, particularly in the last few years. In 2013, the homeownership rate was 89%, which remained relatively stable until 2019. However, from 2020 to 2022, there was a substantial increase, with the ownership rate reaching 95% in 2022. This rise in homeownership coincided with a steady increase in average home prices. The average home price in 2013 was $171,771, and it grew consistently over the years, reaching $289,008 in 2022. This represents a significant 68% increase in average home prices over this period.
The relationship between federal interest rates and homeownership rates in this area is noteworthy. Despite the general trend of lower interest rates encouraging homeownership, zip code 64401 saw its highest homeownership rate (95% in 2022) when interest rates began to rise significantly from 0.08% in 2021 to 1.68% in 2022. This suggests that local factors may have played a more significant role in driving homeownership than national interest rate trends in this particular area.
Renter percentages and average rent prices in zip code 64401 have shown an inverse relationship to homeownership trends. As homeownership increased, the percentage of renters decreased from 14% in 2019 to just 5% in 2022. Interestingly, average rent prices showed considerable volatility during this period. The average rent increased from $911 in 2019 to $1,105 in 2021, before dropping to $828 in 2022. This volatility in rent prices, coupled with the decreasing renter population, suggests a shifting dynamic in the local rental market.
In 2023 and 2024, the housing market in zip code 64401 continued to evolve. The average home price reached $295,614 in 2023 and further increased to $301,925 in 2024, representing a steady growth trend. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from previous years.
Looking ahead, based on the historical data and current trends, we can project some potential scenarios for the next five years. Average home prices in zip code 64401 are likely to continue their upward trajectory, albeit at a potentially slower rate due to higher interest rates. We might expect average home prices to reach around $330,000 to $350,000 by 2029. Rent prices, which have shown volatility, may stabilize or increase moderately, possibly reaching an average of $900 to $1,000 per month by 2029, assuming the rental market doesn't contract further.
In summary, zip code 64401 has demonstrated a strong trend towards homeownership, with a remarkable 95% ownership rate in 2022. This shift has occurred alongside steady increases in average home prices and fluctuating rent prices. The area's resilience in maintaining high homeownership rates despite rising interest rates is particularly noteworthy. As we look to the future, the housing market in this zip code is poised for continued growth in home values, while the rental market may face adjustments due to the diminishing renter population.
