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Homeownership and Average Home Values in Zip Code 63434: A Decade of Resilience in Bethel, 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 63434, located in Bethel, Missouri, presents an interesting case study of homeownership and rental trends in a small, rural community. This area has experienced fluctuations in population and housing dynamics over the past decade, with homeownership rates generally remaining above 60% despite variations in average home prices and rent.
The homeownership rate in zip code 63434 has shown resilience, hovering between 60% and 69% from 2013 to 2022. In 2013, the homeownership rate was 66%, and by 2022, it had increased slightly to 68%. During this period, average home prices saw significant growth. The average home price in 2022 was $188,083, indicating a substantial market for homeowners in the area.
Federal interest rates have played a role in homeownership trends in zip code 63434. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period coincided with generally stable homeownership rates in the area, supporting the notion that lower interest rates can encourage homeownership. For instance, in 2018, when the interest rate was 1.83%, the homeownership rate peaked at 69%.
Renter percentages in zip code 63434 have fluctuated inversely to homeownership rates, ranging from 30% to 40% between 2013 and 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $521, which decreased to $444 in 2020 before rising again to $504 in 2022. These fluctuations in rent prices appear to correlate with changes in the renter population, as seen in 2019 when the renter percentage increased to 40% and the average rent dropped to $454.
Moving to more recent data, in 2023, the average home price in zip code 63434 increased to $195,013, and in 2024, it further rose to $208,936. This represents a significant 11.1% increase in average home prices over two years. Concurrently, federal interest rates have also risen sharply, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership rates in the area.
Looking ahead, based on the observed trends and recent data, we can project that average home prices in zip code 63434 may continue to rise over the next five years, potentially reaching around $240,000 by 2029. However, this growth rate might slow down if interest rates remain high. Average rent prices could also see moderate increases, possibly reaching $550-$600 by 2029, assuming the population remains stable and demand for rentals continues.
In summary, zip code 63434 has maintained a strong homeownership base despite fluctuations in average home prices and rent. The area has seen recent significant increases in home values, coupled with rising interest rates. These factors, along with the interplay between homeownership and rental trends, will likely shape the housing market in this Missouri community in the coming years.
