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Home Values and Ownership in Zip Code 64482: Rock Port's Stable Housing Market
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
Rock Port, located in zip code 64482 in Missouri, is a small community with a population of 1,517 as of 2022. This area has experienced relatively stable homeownership rates and gradual changes in average home and rent prices over the past decade.
The homeownership rate in Rock Port has remained relatively steady, fluctuating between 68% and 72% from 2013 to 2022. In 2013, the homeownership rate was 72%, and it stood at 71% in 2022. During this period, average home prices have shown an upward trend. The average home price in 2019 was $105,600, increasing to $140,029 by 2022, representing a significant 32.6% increase over three years.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were exceptionally low (0.11% to 0.4%), homeownership rates remained relatively stable around 70-72%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), there was a slight dip in homeownership to 68% in 2020. However, the homeownership rate rebounded to 71% in 2022 despite rising interest rates, possibly due to other economic factors or local market conditions.
Renter percentages in Rock Port have shown small fluctuations, ranging from 28% to 32% between 2013 and 2022. The average rent prices have been somewhat volatile during this period. In 2013, the average rent was $564, rising to a peak of $646 in 2014. It then experienced some fluctuations, dropping to $525 in 2019 before increasing again to $646 in 2022. This represents a 23% increase from the lowest point in 2019 to 2022.
In 2023, the average home price in Rock Port reached $144,846, and in 2024, it further increased to $148,896. This represents a 3.5% year-over-year increase from 2023 to 2024. Concurrently, federal interest rates rose from 5.02% in 2023 to 5.33% in 2024, indicating a continuing trend of rising borrowing costs.
Looking ahead, based on the observed trends, we can predict that average home prices in Rock Port may continue to rise moderately over the next five years, potentially reaching around $165,000 to $170,000 by 2029. Average rent prices, which have shown more volatility, might stabilize and increase at a slower rate, potentially reaching $700 to $750 per month in the same timeframe.
In summary, Rock Port has maintained a relatively stable homeownership rate despite fluctuations in average home prices and federal interest rates. The community has experienced significant growth in average home values, particularly since 2019. Rent prices have shown more volatility but have generally trended upward. The interplay between these factors suggests a resilient local housing market that has adapted to changing economic conditions while maintaining a consistent balance between homeowners and renters.
