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Average Home Values and Ownership in Zip Code 64683: A Decade of Resilience in Trenton, 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 64683, located in Trenton, Missouri, presents an intriguing case study of homeownership and rental trends over the past decade. This rural area has experienced fluctuations in both population and housing market dynamics, with homeownership rates generally remaining above 60% throughout the observed period.
The relationship between homeownership percentages and average home prices in zip code 64683 reveals some interesting patterns. In 2013, when homeownership was at 70%, the average home price was $47,055. As homeownership rates slightly decreased to 64% by 2018, average home prices increased to $60,070. This trend suggests that despite a minor decline in homeownership, property values continued to appreciate. The most significant jump in average home prices occurred between 2020 and 2021, rising from $67,401 to $80,160, while homeownership increased from 65% to 67%.
Federal interest rates have played a role in shaping homeownership trends in the area. The period from 2013 to 2020 saw historically low interest rates, generally below 2%, which likely contributed to maintaining relatively high homeownership rates in the zip code. For instance, in 2016, when the federal interest rate was 0.4%, homeownership stood at 66%. As interest rates began to rise more significantly in 2022 to 1.68%, homeownership remained stable at 66%, suggesting a resilient local housing market.
Renter percentages and average rent prices in zip code 64683 have shown their own distinct trends. In 2013, with 30% of residents renting, the average rent was $557. By 2017, as the renter percentage increased to 36%, average rent rose slightly to $596. Interestingly, in 2021, despite a decrease in renters to 33%, average rent reached its peak at $706. This suggests that factors beyond simply supply and demand, such as improvements in rental property quality or overall economic conditions, may have influenced rent prices.
Looking at the most recent data, the average home price in zip code 64683 for 2023 was $76,481, showing a slight decrease from the 2022 value of $76,884. However, in 2024, there's a significant jump to $88,323, indicating a robust recovery and growth in the local housing market. This increase coincides with a rise in federal interest rates to 5.33% in 2024, which is notably higher than previous years.
Applying predictive models to forecast 5-year trends, we anticipate continued growth in average home prices for zip code 64683. Based on the historical data and recent uptick, average home prices could potentially reach around $100,000 by 2029. For rent prices, the trend suggests a more moderate increase, potentially reaching an average of $750-$800 per month in the same timeframe.
In summary, zip code 64683 has demonstrated resilience in its housing market, with homeownership rates remaining relatively stable despite fluctuations in home prices and interest rates. The recent surge in average home prices, coupled with increasing interest rates, indicates a strong local real estate market. Rent prices have shown more volatility but generally trend upward. These patterns suggest a dynamic and evolving housing landscape in this Missouri community, with potential for continued growth in both the ownership and rental sectors.
