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Rising Home Values and Strong Ownership in Rural Missouri: A Look at Zip Code 64664's 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 64664, located in Mooresville, Missouri, is a rural area characterized by a predominantly owner-occupied housing market. Over the past decade, this community has experienced notable shifts in homeownership rates and housing prices, reflecting broader economic trends and local demographic changes. The homeownership rate in zip code 64664 has shown a general upward trend from 2013 to 2022. In 2013, the owner-occupied rate was 90%, which increased to 93% by 2022. This rise in homeownership coincided with fluctuations in average home prices. The average home price in 2021 was $166,611, rising to $185,249 in 2022, representing an 11.2% increase.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 64664. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.08% to 0.38%. These low rates likely contributed to the high and increasing homeownership rates observed during this time. As interest rates began to rise in 2022 to 1.68%, we still see a continued increase in homeownership, suggesting strong local demand for housing despite rising borrowing costs.
The rental market in zip code 64664 has experienced inverse trends to homeownership. The percentage of renters decreased from 16% in 2017 to 6% in 2022. Despite this decline in renter occupancy, average rent prices have shown volatility. The average rent peaked at $675 in 2016, then declined to $495 in 2022, a 26.7% decrease. This drop in rent prices occurred alongside a significant population decrease, from 320 residents in 2015 to 181 in 2022, which likely influenced the rental market dynamics.
In 2023 and 2024, the housing market in zip code 64664 continued to evolve. The average home price rose to $201,461 in 2023 and further increased to $206,591 in 2024, marking a 2.5% year-over-year growth. Concurrently, federal interest rates climbed to 5.02% in 2023 and 5.33% in 2024, reaching levels not seen since before the 2008 financial crisis. These higher interest rates may impact future homeownership trends and affordability in the area.
Looking ahead, predictive models suggest that average home prices in zip code 64664 may continue to rise moderately over the next five years, potentially reaching around $225,000 by 2029. However, this growth rate may slow compared to recent years due to higher interest rates. Average rent prices are projected to stabilize and potentially increase slightly, possibly reaching $550 per month by 2029, as the local population and housing demand adjust.
In summary, zip code 64664 has demonstrated a strong trend towards homeownership, with rates reaching 93% in 2022. Average home prices have shown consistent growth, even in the face of rising interest rates. The rental market has contracted, both in terms of occupancy and prices, influenced by population decline. The interplay between federal interest rates, local demographics, and housing market dynamics will continue to shape the future of real estate in this Missouri community.
