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Average Home Values and Ownership in Zip Code 65244: A Rural Missouri Community's Housing Dynamics
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 65244, located in Clifton Hill, Missouri, presents an intriguing case study of homeownership and real estate trends in a small rural community. This area has maintained consistently high homeownership rates over the past decade, with average home prices showing a steady upward trajectory. The rental market, while small, has also experienced notable shifts in both occupancy rates and average rent prices.
The homeownership rate in zip code 65244 has remained remarkably stable, hovering around 93% from 2016 to 2022. This high rate of owner-occupied housing reflects a strong preference for homeownership in the community. Concurrent with this trend, average home prices have shown significant appreciation. In 2012, the average home price was $107,993, which steadily increased to $214,454 by 2022, representing a 98.6% increase over a decade. This substantial growth in home values suggests a robust local real estate market, despite the area's relatively small population.
Federal interest rates have played a role in shaping homeownership trends in the area. The period from 2012 to 2015 saw historically low interest rates, ranging from 0.09% to 0.14%. During this time, homeownership rates in zip code 65244 reached their peak, with 94% of housing units being owner-occupied in 2015. As interest rates began to rise from 2016 onwards, there was a slight decrease in homeownership, though it remained high at 93% in 2022. This resilience in homeownership rates, even as interest rates climbed, indicates a strong local preference for owning rather than renting.
The rental market in zip code 65244, while small, has shown interesting fluctuations. The percentage of renter-occupied housing units has varied between 5% and 12% over the past decade. Average rent prices have generally trended upward, increasing from $664 in 2014 to $812 in 2022, a 22.3% rise. However, there have been some fluctuations, with the highest average rent of $855 recorded in 2021. These changes in rental rates and occupancy percentages suggest a dynamic, albeit limited, rental market that responds to local economic conditions and housing availability.
In 2023 and 2024, the real estate market in zip code 65244 continued its upward trajectory. The average home price reached $217,206 in 2023 and further increased to $227,682 in 2024, representing a 4.8% year-over-year growth. This rise occurred despite the significant increase in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. The continued appreciation in home values, even in a high-interest rate environment, suggests strong underlying demand for housing in this area.
Looking ahead, predictive models suggest that the upward trend in both average home prices and rent prices is likely to continue over the next five years. Based on historical data and current market conditions, average home prices in zip code 65244 could potentially reach the $260,000 to $280,000 range by 2029. Average rent prices may also see steady growth, potentially approaching $900 to $950 per month in the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 65244 demonstrates a remarkably stable and high rate of homeownership, coupled with consistent growth in average home values. The area has shown resilience to fluctuations in interest rates, maintaining strong homeownership levels even as rates have increased. While the rental market is small, it has shown adaptability to changing economic conditions. The continued appreciation of home values, even in recent years of higher interest rates, suggests a robust local real estate market with potential for further growth in both the ownership and rental sectors.
