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Rising Home Values and Stable Ownership in Wellington's 64097 Zip Code: A Decade of Real Estate Trends
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 64097, located in Wellington, Missouri, presents an interesting case study in homeownership and housing market trends. This area has experienced notable fluctuations in population density and housing dynamics over the past decade. The overall trend shows a slight increase in homeownership rates, coupled with significant growth in average home prices and some volatility in average rent prices.
The homeownership rate in zip code 64097 has shown a modest upward trend from 2013 to 2022. In 2013, the homeownership rate stood at 77%, and by 2022, it had increased to 81%. This 4% increase occurred alongside a substantial rise in average home prices. In 2012, the average home price was $82,430, and by 2022, it had more than doubled to $189,523, representing a 130% increase over this period. This parallel growth suggests that rising property values did not significantly deter homeownership in the area.
Federal interest rates have played a role in shaping homeownership trends in zip code 64097. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%. During this time, homeownership rates increased from 77% to 79%, likely influenced by the favorable borrowing conditions. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate remained stable at around 81%, indicating a resilient local housing market.
Renter percentages in zip code 64097 have shown a slight downward trend, mirroring the increase in homeownership. In 2013, renters made up 23% of the population, which decreased to 18% by 2022. Interestingly, average rent prices have experienced fluctuations during this period. The highest average rent was recorded in 2013 at $866, while the lowest was in 2019 at $710. By 2022, the average rent had rebounded to $790. These fluctuations in rent prices, coupled with the decreasing renter percentage, suggest a complex interplay between housing affordability and local economic factors.
Looking at the most recent data, the average home price in zip code 64097 for 2023 was $186,055, showing a slight decrease from 2022. However, in 2024, the average home price has increased to $188,484, indicating a recovery in the local housing market. This uptick is particularly notable given the significant rise in federal interest rates, which stood at 5.02% in 2023 and further increased to 5.33% in 2024. These higher interest rates typically make mortgages more expensive, yet the housing market in this zip code appears to be maintaining its value.
Applying predictive models to forecast 5-year trends, we anticipate continued growth in average home prices for zip code 64097. Based on the historical data and current economic indicators, average home prices could potentially reach around $220,000 to $230,000 by 2029. For rent prices, the forecast suggests a more moderate increase, potentially reaching an average of $850 to $900 per month in the same timeframe.
In summary, zip code 64097 has demonstrated a resilient housing market with increasing homeownership rates and substantial growth in average home prices over the past decade. Despite fluctuations in the rental market and rising interest rates, the area has maintained a strong preference for homeownership. The recent data from 2023 and 2024 indicates ongoing stability and growth in the housing market, even in the face of higher interest rates. These trends suggest a positive outlook for property values and continued appeal of homeownership in this Missouri community.
