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Home Values and Ownership in Zip Code 64625: Breckenridge's Evolving 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
Breckenridge, located in zip code 64625 in Missouri, has experienced notable shifts in its housing market over the past decade. This small community has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local demographic changes.
The relationship between homeownership percentages and average home prices in Breckenridge reveals an interesting pattern. In 2013, the homeownership rate was 73%, with an average home price of $51,949. As average home prices steadily increased, reaching $110,619 by 2019, the homeownership rate also rose to 81%. This suggests that rising property values did not deter homeownership in the area. However, from 2020 to 2022, there was a slight decline in homeownership, dropping to 74%, despite continued growth in average home prices, which reached $154,204 in 2022.
Federal interest rates have played a role in shaping homeownership trends in Breckenridge. The period from 2013 to 2019, when homeownership rates increased from 73% to 81%, coincided with relatively low federal interest rates, ranging from 0.11% to 2.16%. This environment of affordable financing likely contributed to the growth in homeownership. However, the slight decrease in homeownership from 2020 to 2022 occurred despite historically low interest rates, suggesting other factors may have influenced this trend.
Renter percentages and average rent prices in Breckenridge have shown an inverse relationship to homeownership trends. In 2013, renters made up 26% of the population, with an average rent of $530. As homeownership increased, the percentage of renters decreased to 18% by 2019, with average rent slightly increasing to $533. However, from 2020 to 2022, there was a rebound in the renter population to 26%, coinciding with a significant increase in average rent to $650. This trend might be attributed to the growing population, which increased from 638 in 2019 to 752 in 2022, potentially creating more demand for rental properties.
Looking at the most recent data, the average home price in Breckenridge for 2023 was $151,966, showing a slight decrease from 2022. In 2024, the average home price has stabilized at $152,048. Interestingly, this period coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may contribute to a cooling of the housing market in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Breckenridge will continue to grow, but at a more moderate pace. Given the recent stabilization and higher interest rates, we project average home prices to reach approximately $170,000 by 2029. For average rent prices, considering the recent upward trend and population growth, we forecast an increase to around $750 per month by 2029.
In summary, Breckenridge has experienced a complex interplay between homeownership rates, average home prices, and rental market dynamics. The community saw increased homeownership and property values from 2013 to 2019, followed by a slight shift towards renting in recent years. The impact of federal interest rates on these trends has been notable, with recent increases potentially influencing future market behavior. As the city continues to grow, balancing affordable housing options for both owners and renters will likely be a key consideration for local policymakers and real estate stakeholders.
