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Rising Home Values and Ownership Trends in Zip Code 64739: A Rural Missouri Housing Market Analysis
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 64739, located in Creighton, Missouri, has experienced notable fluctuations in homeownership rates and housing prices over the past decade. This area has shown resilience in maintaining a high percentage of owner-occupied homes while navigating changes in the real estate market.
The ownership percentage in zip code 64739 has remained relatively stable, with a slight upward trend over the years. In 2013, the homeownership rate stood at 87%, and by 2022, it had increased to 88%. This stability in homeownership occurred despite significant changes in average home prices. The average home price in the area saw a substantial increase from $178,281 in 2017 to $294,262 in 2022, representing a 65% rise over five years. This trend suggests that despite rising home values, residents in this zip code have maintained their ability to own homes.
Federal interest rates have played a role in homeownership trends in zip code 64739. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.40%, which likely contributed to the sustained high homeownership rates during this time. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), there was a slight dip in homeownership to 85% in 2017, but it quickly recovered to 87% by 2019. The sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with an increase in homeownership to 88% and 91% respectively, demonstrating the impact of favorable financing conditions on homeownership.
Renter percentages in zip code 64739 have shown an inverse relationship to homeownership rates, naturally decreasing as homeownership increased. The renter-occupied housing percentage peaked at 17% in 2016 and has since decreased to 12% in 2022. Average rent prices, however, have not followed a consistent pattern with renter percentages. From 2013 to 2022, average rent prices increased from $630 to $797, a 26.5% rise, despite fluctuations in the renter population. This suggests that rental prices in the area are influenced by factors beyond just local demand, possibly including overall market conditions and property values.
In 2023 and 2024, the average home prices in zip code 64739 continued to rise, reaching $295,952 in 2023 and $306,645 in 2024. This represents a modest increase of 3.6% from 2022 to 2024, indicating a slowdown in the rapid price growth seen in previous years. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing affordability in the area.
Looking ahead, based on historical trends and current market conditions, we can expect average home prices in zip code 64739 to continue rising, albeit at a more moderate pace. A 5-year forecast suggests that average home prices could reach approximately $340,000 to $350,000 by 2029, assuming a conservative annual growth rate of 2-3%. Average rent prices are also likely to increase, potentially reaching $900 to $950 per month in the same timeframe, following the historical trend of gradual increases.
In summary, zip code 64739 has demonstrated strong homeownership rates despite rising home prices, with a recent slight moderation in price growth. The area has shown resilience to changes in federal interest rates, maintaining high owner-occupancy levels. While rental prices have increased, they have not directly correlated with renter percentages, suggesting a complex local real estate market influenced by various factors beyond simple supply and demand dynamics.
