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Rising Home Values and Ownership in Zip Code 64489: Stanberry, Missouri's Dynamic Real Estate 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 64489, located in Stanberry, Missouri, has experienced notable shifts in homeownership rates and property values over the past decade. This area has seen a general trend towards increased homeownership and fluctuating average home and rent prices.
The homeownership rate in zip code 64489 has shown a significant upward trend, rising from 66% in 2013 to 79% in 2022. This increase in homeownership coincided with a substantial rise in average home prices. In 2016, the average home price was $80,387, which steadily increased to $126,627 by 2022, representing a 57.5% increase over six years. This trend suggests a strong correlation between rising homeownership rates and increasing property values in the area.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 64489. The period from 2013 to 2015 saw historically low interest rates, hovering around 0.1% to 0.13%. During this time, homeownership rates fluctuated between 63% and 70%. As interest rates began to rise gradually from 2016 onwards, reaching 1.68% in 2022, homeownership rates continued to climb, reaching 79% in 2022. This trend suggests that despite rising interest rates, other factors such as local economic conditions and housing market dynamics may have had a stronger influence on homeownership decisions in this zip code.
The rental market in zip code 64489 has shown inverse trends to homeownership. As homeownership rates increased, the percentage of renters decreased from 34% in 2013 to 21% in 2022. Interestingly, average rent prices have been volatile during this period. In 2013, the average rent was $433, which dropped to $323 in 2016 before spiking to $627 in 2017. By 2022, the average rent had stabilized at $543. This fluctuation in rent prices, coupled with the decreasing percentage of renters, suggests a complex rental market affected by factors such as housing availability and local economic conditions.
Looking at the most recent data, average home prices in zip code 64489 reached $123,240 in 2023 and further increased to $127,855 in 2024. This represents a 3.7% increase from 2023 to 2024, indicating continued growth in the local housing market. Concurrently, federal interest rates rose to 5.02% in 2023 and 5.33% in 2024, marking a significant increase from previous years.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 64489 will continue to rise, potentially reaching around $150,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For rent prices, the forecast suggests a more moderate increase, potentially stabilizing around $600-$650 per month by 2029, considering the historical volatility and recent stabilization of rent prices.
In summary, zip code 64489 has experienced a notable increase in homeownership rates, rising from 66% to 79% between 2013 and 2022. This trend has been accompanied by a significant increase in average home prices, from $80,387 in 2016 to $127,855 in 2024. The rental market has seen a decrease in the percentage of renters and fluctuating rent prices. Despite rising interest rates, the local housing market has shown resilience and continued growth. These trends suggest a strong local housing market with increasing property values and a shift towards homeownership.
