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Average Home Values and Ownership in Zip Code 64507: A Decade of Stability 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 64507, located in St. Joseph, Missouri, presents an interesting case study of housing trends over the past decade. This area has experienced fluctuations in homeownership rates and notable changes in average home and rent prices, reflecting broader economic shifts and local market dynamics.
The homeownership rate in zip code 64507 has remained relatively stable, with slight variations over the years. In 2013, the homeownership rate stood at 69%, and by 2022, it had decreased slightly to 68%. During this period, average home prices showed a general upward trend. In 2013, the average home price was $97,028, and by 2022, it had increased to $132,768, representing a significant 36.8% growth over nine years.
The relationship between federal interest rates and homeownership rates in this zip code appears to follow expected patterns. For instance, in 2013, when interest rates were low at 0.11%, the homeownership rate was at 69%. As interest rates gradually increased to 1.68% by 2022, we saw a slight decrease in homeownership to 68%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Renter percentages in zip code 64507 have shown a slight increase over time, from 31% in 2013 to 32% in 2022. Interestingly, average rent prices have fluctuated during this period. In 2013, the average rent was $826, which decreased to $790 by 2022, a 4.4% reduction. This trend might be influenced by local economic factors or changes in the rental property market in St. Joseph.
Moving to more recent data, in 2023, the average home price in zip code 64507 reached $139,632, continuing the upward trend. By 2024, it further increased to $143,813, marking a 3% growth from the previous year. Notably, federal interest rates also saw a significant rise, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing market dynamics in the area.
Looking ahead, based on historical trends and current economic indicators, we can project potential 5-year trends for average home and rent prices in zip code 64507. Average home prices are likely to continue their upward trajectory, potentially reaching around $165,000 to $170,000 by 2029. However, this growth rate might moderate due to higher interest rates. Average rent prices, which have shown some volatility, may stabilize and potentially increase slightly, possibly reaching $850 to $900 per month by 2029, assuming continued demand for rental properties in the area.
In summary, zip code 64507 has demonstrated resilience in homeownership rates despite rising home prices. The area has seen substantial growth in property values, particularly from 2013 to 2024. While rental rates have fluctuated, they've remained relatively stable overall. The interplay between federal interest rates, home prices, and ownership rates in this zip code provides valuable insights into the local housing market dynamics of St. Joseph, Missouri.
