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Rising Home Values and Ownership in Zip Code 63873: Portageville's Agricultural Area Sees Steady Growth
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
Portageville, located in zip code 63873 in Missouri, has experienced significant changes in homeownership and housing prices over the past decade. This small community has seen a general trend of increasing homeownership rates alongside fluctuating average home and rent prices.
The homeownership rate in Portageville has shown an overall upward trend from 2013 to 2022. In 2013, the homeownership rate stood at 60%, and by 2022, it had increased to 64%. This rise in homeownership coincided with a significant increase in average home prices. In 2013, the average home price was $56,809, and by 2022, it had risen to $99,589, representing a 75.3% increase over this period. The most substantial year-over-year increase occurred between 2021 and 2022, with average home prices jumping from $84,295 to $99,589, an 18.1% increase in a single year.
Federal interest rates have played a role in homeownership trends in Portageville. From 2013 to 2016, when interest rates were consistently low (ranging from 0.09% to 0.4%), homeownership rates remained relatively stable, fluctuating between 58% and 60%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates actually increased from 59% to 62%. This suggests that other local factors may have had a stronger influence on homeownership than interest rates alone in this particular market.
Renter percentages in Portageville have generally decreased as homeownership rates increased. In 2013, renters occupied 40% of housing units, while by 2022, this figure had decreased to 36%. Average rent prices, however, have shown significant volatility. In 2013, the average rent was $501, rising to a peak of $702 in 2018, before declining to $639 in 2022. This represents a 27.5% increase in average rent from 2013 to 2022, despite the decrease in the percentage of renters. The population of Portageville has declined from 4,824 in 2013 to 4,348 in 2022, which may have influenced the rental market dynamics.
In 2023 and 2024, the housing market in Portageville continued to show growth. The average home price reached $102,642 in 2023 and further increased to $103,509 in 2024, representing a modest but steady appreciation. Notably, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends and housing affordability in the area.
Looking ahead, based on the historical trends and current market conditions, we can project that average home prices in Portageville may continue to rise over the next five years, albeit at a more moderate pace. The average home price could potentially reach around $115,000 to $120,000 by 2029. Average rent prices, which have shown volatility, might stabilize and see gradual increases, potentially reaching $700 to $750 per month by 2029.
In summary, Portageville has experienced a notable increase in homeownership rates and average home prices over the past decade, despite a declining population. The rental market has seen fluctuations in both occupancy rates and average rents. The recent rise in interest rates and the continued appreciation of home values will likely shape the housing market dynamics in this zip code in the coming years, potentially affecting affordability and homeownership trends.
