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Home Values and Ownership in Zip Code 64623: A Decade of Resilience in Bosworth, Missouri
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 64623, located in Bosworth, Missouri, is a rural area covering approximately 60.32 square miles. This zip code has experienced fluctuations in homeownership rates and average rent prices over the past decade, with a general trend towards increased homeownership in recent years.
The homeownership rate in zip code 64623 has shown a slight upward trend from 2013 to 2022. In 2013, the homeownership rate was 86%, which decreased to 80% in 2017 but rebounded to 84% by 2022. This overall increase in homeownership occurred despite fluctuations in average rent prices. The average rent in the area peaked at $749 in 2015 before declining to $490 in 2017 and 2018. By 2022, the average rent had risen to $609, still below the 2015 peak.
Federal interest rates have played a role in homeownership trends in zip code 64623. The period from 2013 to 2015 saw historically low interest rates, ranging from 0.11% to 0.13%, which likely contributed to the high homeownership rate of 84% in 2015. As interest rates began to rise from 2016 onwards, reaching 1.83% in 2018, there was a slight dip in homeownership to 81%. However, the area maintained a relatively high homeownership rate even as interest rates continued to increase, suggesting other factors also influence local homeownership patterns.
Renter percentages in zip code 64623 have shown an inverse relationship to homeownership rates, as expected. The renter population peaked at 20% in 2017, coinciding with the lowest average rent of $490. Since then, the renter percentage has decreased to 15% in 2022, even as average rent prices increased to $609. This trend suggests that factors beyond rent prices, such as local economic conditions or housing availability, may be influencing renting decisions in the area.
In 2023 and 2024, zip code 64623 experienced significant changes in the housing market. The average home price in 2024 is reported at $134,705, marking a notable figure for this rural area. Concurrently, federal interest rates have risen substantially, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and affordability in the area.
Looking ahead, predictive models suggest that average home prices in zip code 64623 may continue to rise moderately over the next five years, potentially reaching around $145,000 by 2029. Average rent prices are projected to remain relatively stable, possibly fluctuating between $600 and $650 per month. These predictions are based on historical trends and current economic indicators.
In summary, zip code 64623 has maintained a high homeownership rate despite fluctuations in average rent prices and rising interest rates. The area has shown resilience in its housing market, with a recent uptick in average home prices. The interplay between homeownership rates, rent prices, and federal interest rates highlights the complex dynamics shaping the local real estate landscape in this rural Missouri community.
