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Rising Home Values and Stable Ownership in Zip Code 64659: Meadville's Resilient Real Estate 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 64659, located in Meadville, Missouri, showcases an interesting blend of rural charm and evolving real estate dynamics. This area has experienced fluctuations in homeownership rates and property values over the past decade, with a general trend towards increasing average home prices and relatively stable ownership percentages.
The relationship between homeownership rates and average home prices in this zip code reveals some intriguing patterns. In 2013, the homeownership rate stood at 80%, with an average home price of $86,891. As average home prices steadily increased, reaching $171,908 by 2022, the homeownership rate showed only minor fluctuations, settling at 77% in 2022. This suggests a resilient local housing market where rising property values have not significantly deterred homeownership.
Federal interest rates have played a role in shaping homeownership trends in zip code 64659. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%. During this time, homeownership rates remained relatively stable, between 75% and 80%. As interest rates began to rise more notably from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed remarkable resilience, maintaining levels above 74%. This indicates that local factors may have a stronger influence on homeownership decisions in this area than national interest rate trends.
Renter percentages and average rent prices in zip code 64659 have shown some correlation over the years. In 2013, the renter-occupied rate was 19%, with an average rent of $495. As the renter percentage increased to 26% in 2017, average rent also rose to $549. However, by 2022, the renter percentage decreased slightly to 23%, while average rent continued to climb to $573. This suggests that local demand for rentals and overall property values may be influencing rent prices more than the proportion of renters in the population.
In 2023 and 2024, average home prices in zip code 64659 continued their upward trajectory, reaching $179,244 in 2023 and $188,948 in 2024. This represents a significant increase from previous years, indicating a strong local housing market. Concurrently, federal interest rates rose to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homebuying decisions in the area.
Looking ahead, predictive models suggest that average home prices in zip code 64659 are likely to continue their upward trend over the next five years. Based on historical data and current market conditions, we can expect average home prices to potentially reach around $220,000 to $240,000 by 2029. Average rent prices are also projected to increase, albeit at a more moderate pace, potentially reaching $650 to $700 per month in the same timeframe.
In summary, zip code 64659 demonstrates a robust housing market with steadily increasing average home prices and relatively stable homeownership rates. Despite fluctuations in federal interest rates, local factors appear to play a significant role in shaping the area's real estate landscape. The resilience of homeownership rates in the face of rising property values suggests a strong community attachment and local economic stability. As the market continues to evolve, it will be interesting to observe how these trends develop and impact the overall character of this Missouri community.
