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Average Home Values and Ownership in Zip Code 64761: A Decade of Steady Growth in Rural 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 64761, located in Leeton, Missouri, presents an interesting case study of homeownership and housing market trends in a small Midwestern community. Over the past decade, this area has experienced fluctuations in its homeownership rates, average home prices, and average rent prices, reflecting broader economic shifts and local demographic changes.
The homeownership rate in zip code 64761 has shown resilience, maintaining a relatively high level throughout the observed period. In 2013, the area boasted an 81% homeownership rate, which increased to 84% by 2022. This trend aligns with the steady rise in average home prices, which grew from $106,197 in 2013 to $201,716 in 2022, representing a substantial 90% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code reveals an interesting pattern. Despite the Federal Reserve's policy of maintaining low interest rates from 2013 to 2021 (ranging from 0.08% to 0.40%), the homeownership rate in 64761 remained relatively stable, fluctuating between 81% and 86%. This suggests that other local factors, such as employment opportunities or community preferences, may have played a more significant role in homeownership decisions than national interest rate trends.
Renter percentages and average rent prices in zip code 64761 have shown an inverse relationship to homeownership trends. As the percentage of renters decreased from 19% in 2013 to 16% in 2022, average rent prices experienced some volatility. Average rent peaked at $766 in 2013, declined to $707 in 2019, and then slightly recovered to $716 in 2022. This trend might indicate a tightening rental market, with fewer rental units available as more properties transitioned to owner-occupied status.
Looking at the most recent data, average home prices in zip code 64761 continued their upward trajectory, reaching $203,224 in 2023 and $203,509 in 2024. This represents a modest but steady increase, suggesting ongoing demand for housing in the area. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homebuying activity and affordability in the region.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 64761 will continue to rise, albeit at a more moderate pace. Given the historical growth rate and recent market conditions, we project average home prices could reach approximately $225,000 to $235,000 by 2029. For average rent prices, the forecast suggests a potential increase to around $750 to $775 per month over the next five years, assuming continued economic stability and gradual population growth in the area.
In summary, zip code 64761 has demonstrated a strong preference for homeownership, with rates consistently above 80% since 2013. The substantial increase in average home prices, nearly doubling from 2013 to 2022, reflects robust demand for housing in this Missouri community. While rental markets have shown some fluctuation, the overall trend points towards a housing landscape dominated by owner-occupied properties. As the area moves forward, balancing affordability with continued growth will be crucial for maintaining the vibrant mix of homeowners and renters that characterizes this zip code.
