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Home Values and Ownership Trends in Zip Code 64688: Rural Missouri's Resilient 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
Zip code 64688, located in Wheeling, Missouri, showcases an interesting dynamic between homeownership and housing market trends. This rural area has experienced notable shifts in population, ownership rates, and housing prices over the past decade.
The ownership percentage in zip code 64688 has shown a general upward trend, increasing from 75% in 2015 to 80% in 2022. This rise in homeownership coincides with a significant increase in average home prices. In 2011, the average home price was $88,652, which steadily climbed to $181,908 by 2022, representing a substantial 105% increase over 11 years. The most dramatic surge occurred between 2020 and 2022, with average home prices jumping from $128,160 to $181,908, a 42% increase in just two years.
Federal interest rates appear to have influenced homeownership rates in this zip code. During periods of low interest rates, such as from 2011 to 2015 when rates remained below 0.2%, homeownership rates stabilized around 75-76%. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, homeownership surprisingly continued to increase, reaching 80% in 2022. This suggests that other local factors may have played a more significant role in driving homeownership in this area than national interest rate trends.
Renter percentages in zip code 64688 have inversely mirrored the homeownership trend, decreasing from 25% in 2015 to 20% in 2022. Despite this decline in the renter population, average rent prices have shown a consistent upward trajectory. In 2013, the average rent was $298, which rose to $633 by 2022, marking a 112% increase over nine years. The most significant jump occurred between 2019 and 2022, with average rent increasing from $407 to $633, a 55% rise in just three years. This sharp increase in rent prices, despite a decreasing renter population, suggests a tightening rental market in the area.
In 2023 and 2024, the housing market in zip code 64688 continued its upward trend. The average home price reached $188,485 in 2023 and further increased to $197,776 in 2024, representing a 4.9% year-over-year growth. This growth occurred despite rising interest rates, which reached 5.02% in 2023 and 5.33% in 2024, indicating strong local demand for housing in the area.
Looking ahead, based on the observed trends, we can forecast continued growth in both average home prices and rent prices over the next five years. Average home prices are projected to surpass $225,000 by 2029, while average rent prices could exceed $800 per month. These predictions assume a continuation of current economic conditions and local market dynamics.
In summary, zip code 64688 has experienced a significant increase in homeownership rates, accompanied by substantial growth in both average home prices and rent prices. The area has shown resilience in its housing market, with prices continuing to rise even in the face of increasing interest rates. The divergence between declining renter percentages and rising rent prices suggests a complex local rental market dynamic that warrants attention.
