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Average Home Values and Ownership in Zip Code 64784: A Rural Missouri Housing Market 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 64784, located in Sheldon, Missouri, presents an interesting case study of homeownership and rental trends in a small Midwestern community. Over the past decade, this area has experienced fluctuations in both ownership percentages and housing prices, reflecting broader economic shifts and local dynamics. The homeownership rate in zip code 64784 has shown a general upward trend from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate was 78%, which increased to 85% by 2020, representing a significant rise in local property ownership. However, there was a notable decrease to 76% in 2022, indicating a recent shift in the housing market. Concurrently, average home prices in the area have shown substantial growth. From 2018 to 2022, average home prices increased from $103,824 to $132,857, representing a 28% increase over four years.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. As interest rates remained low from 2013 to 2020, hovering between 0.09% and 2.16%, homeownership rates generally increased. This aligns with the trend of lower interest rates encouraging homeownership due to more affordable financing options. However, the sharp increase in interest rates to 1.68% in 2022 coincided with a decrease in homeownership rates from 85% to 76%, suggesting that higher borrowing costs may have impacted home buying decisions.
Renter percentages in zip code 64784 have fluctuated inversely to homeownership rates, as expected. The percentage of renters decreased from 22% in 2013 to 15% in 2020, before increasing to 24% in 2022. Average rent prices have shown volatility over the years. In 2013, the average rent was $518, which increased to a peak of $655 in 2017. However, by 2022, average rent had decreased to $566, possibly reflecting changes in local economic conditions or housing supply.
Looking at the most recent data, average home prices in zip code 64784 continued to rise in 2023 and 2024, reaching $134,058 and $151,844 respectively. This represents a significant 13.3% increase from 2023 to 2024. Simultaneously, federal interest rates have remained high, at 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing market dynamics in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 64784 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project that by 2029, average home prices could reach approximately $180,000 to $200,000, assuming a moderate annual growth rate of 3-5%. For rent prices, we expect a more modest increase, potentially reaching an average of $600 to $650 per month by 2029, factoring in historical volatility and local economic conditions.
In summary, zip code 64784 has experienced significant changes in its housing market over the past decade. The area has seen a general trend towards increased homeownership, though with recent fluctuations. Average home prices have shown substantial growth, particularly in recent years. The interplay between interest rates, homeownership rates, and housing prices highlights the complex dynamics at play in this local market. As we look to the future, continued monitoring of these trends will be crucial for understanding the evolving housing landscape in this Missouri community.
