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Rising Home Values and Ownership Trends in Zip Code 63349: Hawk Point's Decade of Change
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 63349, representing Hawk Point in Missouri, presents an intriguing case study of homeownership trends and real estate dynamics. This area has experienced significant fluctuations in population and housing market conditions over the past decade, with a general trend towards increased homeownership and rising property values.
The homeownership rate in zip code 63349 has shown a notable upward trend, increasing from 81% in 2013 to a peak of 90% in 2019. This rise in homeownership coincided with a steady increase in average home prices, which grew from $140,137 in 2013 to $184,199 in 2019, representing a 31.4% increase over this period. The correlation between rising homeownership rates and increasing home values suggests a growing demand for property ownership in the area.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 63349. The period from 2013 to 2015 saw historically low interest rates, ranging from 0.11% to 0.13%, which likely contributed to the sharp increase in homeownership from 81% to 86% during this time. As interest rates began to rise gradually from 2016 to 2019, reaching 2.16% by 2019, the homeownership rate continued to climb, albeit at a slower pace, reaching its peak of 90% in 2019.
Renter percentages in zip code 63349 have inversely mirrored the homeownership trends, declining from 19% in 2013 to 10% in 2019. Despite this decrease in the renter population, average rent prices have shown an upward trajectory. The average rent increased from $865 in 2013 to $991 in 2019, a 14.6% rise. This trend suggests that despite fewer renters, demand for rental properties remained strong, possibly due to the growing population in the area, which increased from 1,534 in 2013 to 2,349 in 2019.
In 2023 and 2024, the housing market in zip code 63349 continued to evolve. The average home price reached $264,757 in 2023 and further increased to $275,534 in 2024, representing a 4.1% year-over-year growth. This price appreciation occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership rates and market dynamics in the area.
Looking ahead, predictive models suggest that average home prices in zip code 63349 are likely to continue their upward trajectory over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average rent prices are also expected to increase, driven by ongoing demand and the overall appreciation of real estate values in the area.
In summary, zip code 63349 has demonstrated a strong trend towards homeownership, with significant increases in both the percentage of owner-occupied homes and average home prices. The rental market, while shrinking in terms of percentage, has seen rising average rents. These trends, coupled with population growth and evolving interest rates, paint a picture of a dynamic real estate market in Hawk Point, Missouri.
