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Rising Home Values and Ownership Trends in Zip Code 64019: Missouri's Centerview Housing 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 64019, located in Centerview, Missouri, has experienced notable shifts in population and housing dynamics over the past decade. This area has seen fluctuations in homeownership rates and significant changes in both average home prices and average rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 64019 has shown resilience, maintaining a relatively high level throughout the observed period. In 2013, the homeownership rate stood at 76%, and by 2022, it had increased to 82%. This upward trend in homeownership coincided with a substantial rise in average home prices. In 2013, the average home price was $165,291, and by 2022, it had nearly doubled to $322,778, representing a 95% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting dynamic. Despite the general trend of lower interest rates encouraging homeownership, this area showed increased homeownership even as interest rates rose. For instance, from 2016 to 2018, when federal interest rates increased from 0.4% to 1.83%, the homeownership rate in the zip code remained stable at around 78%. This suggests that local factors may have played a more significant role in driving homeownership than national interest rate trends.
Renter percentages in zip code 64019 have shown a corresponding decrease as homeownership rates increased. In 2013, renters made up 24% of the occupied housing units, while by 2022, this had dropped to 18%. Interestingly, despite the decrease in the proportion of renters, average rent prices saw a significant increase. The average rent price rose from $639 in 2013 to $793 in 2022, a 24% increase. This trend might indicate a growing demand for rental properties among a smaller but potentially more affluent renter population, or it could reflect broader economic factors affecting the rental market.
Looking at the most recent data, the average home price in zip code 64019 continued to rise in 2023, reaching $324,112. This represents a slight increase of 0.4% from 2022. In 2024, the average home price further increased to $331,393, a 2.2% rise from 2023. These increases occurred despite the federal interest rate climbing to 5.02% in 2023 and 5.33% in 2024, suggesting a robust local housing market that has remained resilient in the face of rising borrowing costs.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 64019 will continue to rise, albeit at a more moderate pace. Based on historical data and current market conditions, we project that average home prices could reach approximately $375,000 to $400,000 by 2029. For average rent prices, the forecast suggests a continued upward trend, potentially reaching $950 to $1,000 per month by 2029, assuming current economic conditions and local market factors remain relatively stable.
In summary, zip code 64019 has demonstrated a strong trend towards homeownership, with a significant increase in average home prices over the past decade. The rental market, while shrinking in terms of occupancy percentage, has seen rising average rent prices. The area's housing market has shown resilience in the face of rising interest rates, suggesting strong local demand and economic factors supporting property values. These trends point to a dynamic and evolving housing market in this Missouri community.
