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Clinton, Missouri (ZIP Code 64735): Average Home Values and Ownership Trends Amid Interest Rate Fluctuations
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
Clinton, Missouri, zip code 64735, has experienced notable changes in its housing market over the past decade, particularly in terms of average home values. From 2012 to 2022, the average home price in Clinton increased substantially from $87,362 to $196,352, representing a remarkable 124.8% growth. This significant rise in property values occurred despite relatively stable homeownership rates, which fluctuated between 68% and 72% from 2013 to 2022. The city's homeownership rates have remained consistent over the years, with the highest rate of 72% observed in 2016 and the lowest rate of 68% seen in 2014, 2020, 2021, and 2022. This stability in homeownership suggests a strong, established community base in Clinton. Interestingly, the relationship between federal interest rates and local homeownership rates does not show a strong correlation, indicating that local factors may have a more significant influence on homeownership in this market. The rental market in Clinton has mirrored the homeownership trends, with renter percentages ranging from 28% to 32% between 2013 and 2022. Average rent prices have fluctuated over the years without a clear long-term trend. In 2013, the average rent was $666, peaking at $738 in 2016, before declining to $688 in 2022. The city's population has remained relatively stable during this period, with 13,888 residents in 2013 and 13,813 in 2022, suggesting that changes in rental prices are influenced by factors other than population growth.
Recent data shows some interesting developments in Clinton's housing market. The average home price experienced a slight decrease from $196,352 in 2022 to $193,963 in 2023, a 1.2% drop. However, it rebounded to $199,312 in 2024, showing a 2.8% increase from 2023. This recent uptick is particularly noteworthy as it occurred despite the federal interest rate rising to 5.33% in 2024, suggesting a resilient local housing market. Looking ahead, predictive models forecast continued growth in Clinton's housing market over the next five years, albeit at a more moderate pace than the rapid growth observed from 2020 to 2022. By 2029, average home prices in Clinton could potentially reach the $230,000 to $250,000 range. The rental market is expected to follow a similar trajectory, with average rent prices potentially increasing to around $750 to $800 per month by 2029. In conclusion, Clinton's housing market in zip code 64735 has demonstrated remarkable resilience and growth over the past decade. The significant increase in average home prices, coupled with stable homeownership rates, indicates a strong local demand for housing. While rental prices have shown fluctuations, they have not matched the consistent upward trend of home prices. The recent rebound in home prices, despite higher interest rates, further underscores the strength of Clinton's real estate market. As the city moves forward, it appears well-positioned for continued, albeit more moderate, growth in its real estate sector, making it an area of interest for both homeowners and investors.
