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Average Home Values and Ownership in Zip Code 64776: A Rural Missouri Housing Trend Analysis
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 64776, located in Roscoe, Missouri, presents an intriguing case study of homeownership and housing market trends. This rural area, spanning 307.03 square miles, has experienced fluctuating population and housing dynamics over the past decade. The overall trend shows a slight increase in homeownership rates, coupled with significant growth in average home prices and moderate changes in average rent prices.
The homeownership rate in zip code 64776 has shown a general upward trend, rising from 75% in 2015 to 79% in 2020, before settling at 74% in 2022. This trend coincides with a substantial increase in average home prices, which rose from $96,066 in 2015 to $172,727 in 2022, representing an 80% increase over seven years. The most dramatic price surge occurred between 2020 and 2022, with average home prices jumping from $117,780 to $172,727, a 47% increase in just two years.
Federal interest rates have played a significant role in shaping homeownership trends in the area. The period from 2015 to 2020 saw relatively low interest rates, ranging from 0.13% to 2.16%, which likely contributed to the increase in homeownership rates during this time. As interest rates remained low, reaching a mere 0.08% in 2021, it created favorable conditions for home buying, potentially explaining the peak in homeownership at 79% in 2020.
Renter percentages in zip code 64776 have fluctuated inversely to homeownership rates, ranging from 22% to 26% between 2013 and 2022. Average rent prices have shown moderate growth, increasing from $538 in 2013 to $599 in 2022, a 11.3% rise over nine years. Notably, there was a significant spike in average rent prices to $673 in 2021, coinciding with the lowest federal interest rate of 0.08%, before dropping back to $599 in 2022. The population in the zip code has remained relatively stable, fluctuating between 3,883 in 2010 and 3,938 in 2022, which may have contributed to the moderate changes in rental demand and prices.
In 2023 and 2024, we see continued growth in average home prices, reaching $179,053 in 2023 and slightly decreasing to $177,733 in 2024. This represents a 3.7% increase from 2022 to 2023, followed by a minor 0.7% decrease from 2023 to 2024. Simultaneously, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may explain the slight cooling in home prices.
Looking ahead, based on historical trends and current market conditions, we can forecast continued but moderate growth in average home prices for zip code 64776 over the next five years. The rate of increase is likely to slow compared to the rapid growth seen in 2020-2022, potentially averaging 2-3% annual growth. Average rent prices are expected to continue their gradual upward trend, possibly increasing by 1-2% annually over the next five years, barring any significant economic shifts.
In summary, zip code 64776 has demonstrated resilience in its housing market, with a general trend towards increased homeownership and rising property values. The area has weathered significant economic changes, including dramatic shifts in interest rates and a global pandemic, while maintaining a relatively stable population. The interplay between federal interest rates, homeownership rates, and housing prices underscores the complex dynamics at work in this rural Missouri community. As we move forward, the housing market in this zip code appears poised for continued, albeit more measured, growth in both home values and rental prices.
