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Rising Home Values and Ownership Rates in Zip Code 64439: A Decade of Growth in Dearborn, 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 64439, located in Dearborn, Missouri, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has maintained a predominantly owner-occupied housing market, with homeownership rates consistently above 80% since 2013.
The homeownership rate in zip code 64439 has shown a general upward trend, increasing from 81% in 2013 to 87% in 2022. This rise in homeownership has coincided with a substantial increase in average home prices. In 2013, the average home price was $161,814, which steadily climbed to $289,041 by 2022, representing a 78.6% increase over this period. The most significant annual jump occurred between 2020 and 2021, when average home prices rose from $230,311 to $262,243, a 13.9% increase in a single year.
Federal interest rates have played a role in shaping homeownership trends in the area. The period from 2013 to 2015 saw historically low interest rates, hovering around 0.1%, which likely contributed to the initial rise in homeownership from 81% to 85%. As interest rates began to increase from 2016 onwards, reaching 2.16% by 2019, homeownership rates remained relatively stable, fluctuating between 83% and 85%. Interestingly, despite a significant drop in interest rates to 0.08% in 2021, homeownership only marginally increased to 84%, suggesting other factors were also influencing housing decisions in the area.
Renter percentages in zip code 64439 have inversely mirrored the homeownership trends, decreasing from 19% in 2013 to 13% in 2022. Despite this decline in the renter population, average rent prices have shown volatility. Starting at $758 in 2013, rent prices peaked at $790 in 2016 before experiencing a sharp decline to $657 in 2021, representing a 16.8% decrease over five years. However, by 2022, average rent had rebounded to $715, an 8.8% increase from the previous year. These fluctuations in rent prices occurred against a backdrop of varying population levels, with the area experiencing both growth and decline at different points between 2013 and 2022.
As of 2024, the average home price in zip code 64439 has reached $300,433, continuing the upward trend observed in previous years. This represents a 3.9% increase from the 2023 average of $292,800. Notably, the federal interest rate has also risen significantly, standing at 5.33% in 2024, up from 5.02% in 2023. This higher interest rate environment may impact future homebuying decisions in the area.
Looking ahead, based on historical trends and current market conditions, we can project that average home prices in zip code 64439 will continue to rise over the next five years, potentially reaching around $350,000 by 2029. However, the rate of increase may slow compared to the rapid growth seen in recent years due to higher interest rates. Average rent prices are likely to stabilize and potentially increase moderately, possibly reaching $800-$850 per month by 2029, assuming economic conditions remain stable and housing demand in the area persists.
In summary, zip code 64439 has experienced a significant increase in homeownership rates and average home prices over the past decade, with a corresponding decrease in the renter population. Despite fluctuations in rent prices and population, the area has maintained a strong owner-occupied housing market. The recent rise in interest rates and continued growth in home prices suggest a potentially more challenging environment for new homebuyers, which may influence future homeownership trends in this Missouri community.
