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Zip Code 63440 in Ewing, Missouri: Rising Homeownership and Home Values in a Rural Setting
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 63440, located in Ewing, Missouri, has experienced significant shifts in homeownership rates and housing prices over the past decade. This rural area, with a population density of just 13 people per square mile as of 2022, has seen a notable increase in homeownership and fluctuations in both average home prices and average rent prices.
The trend in homeownership percentage in zip code 63440 has shown a remarkable upward trajectory, particularly in recent years. In 2013, the homeownership rate was 77%, which increased steadily to reach 88% by 2022. This substantial rise in homeownership coincided with an increase in average home prices. From 2017 to 2022, average home prices in the area rose from $138,043 to $211,384, representing a significant 53% increase over five years.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting case. Despite the general trend of lower interest rates encouraging homeownership, this area saw its highest increase in homeownership during a period of rising interest rates. From 2017 to 2019, when interest rates climbed from 1% to 2.16%, homeownership still increased from 72% to 81%. This suggests that local factors may have played a more significant role in driving homeownership than national interest rate trends in this particular zip code.
Conversely, the percentage of renters in zip code 63440 has decreased significantly, dropping from 28% in 2016 to just 12% in 2022. Despite this decrease in the renter population, average rent prices have shown an overall upward trend. The average rent price increased from $536 in 2016 to $656 in 2022, a 22% increase over six years. This rise in rent prices, despite a shrinking renter population, could be attributed to various factors such as improved rental property quality or limited rental inventory.
Looking at the most recent data, the average home price in zip code 63440 for 2023 was $206,372, showing a slight decrease from 2022. However, in 2024, the average home price has rebounded to $217,801. This recent uptick occurs alongside a notable increase in federal interest rates, which rose to 5.33% in 2024, the highest level in over a decade.
Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 63440 to continue their overall upward trajectory, potentially reaching around $250,000 by 2029. Average rent prices are also likely to increase, potentially surpassing $700 per month within the same timeframe, assuming current trends persist.
In summary, zip code 63440 has experienced a significant increase in homeownership rates, rising from 77% to 88% between 2013 and 2022. This trend has been accompanied by substantial growth in average home prices, which increased by 53% from 2017 to 2022. Despite a decreasing renter population, average rent prices have also shown an upward trend. The area's housing market has demonstrated resilience, with home prices rebounding in 2024 despite high interest rates, suggesting strong local demand for homeownership.
