Zip Code 63629: Rising Home Values and Ownership Rates in Bunker, Missouri's Rural Setting
CATEGORY
Property Value
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Percent Owner Occupied
Housing Prices
Median Rent
Population
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Zip code 63629, located in Bunker, Missouri, has experienced notable shifts in population, homeownership rates, and housing prices over the past decade. This rural area has seen a general trend of decreasing population coupled with increasing homeownership rates and rising average home prices in recent years.
The homeownership rate in zip code 63629 has shown a gradual increase from 81% in 2013 to 85% in 2022. This upward trend in homeownership coincides with a significant rise in average home prices. In 2017, the average home price was $111,507, which steadily increased to $163,389 by 2022, representing a 46.5% increase over five years. This suggests that despite rising home prices, residents in this area have been increasingly able or willing to purchase homes.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.09% to 0.40%), homeownership rates remained relatively stable around 81-83%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates actually increased slightly to 84%, possibly indicating a rush to purchase homes before rates climbed further. The dramatic drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a peak in homeownership at 86% in 2021.
Renter percentages in zip code 63629 have inversely mirrored homeownership trends, decreasing from 19% in 2013 to 15% in 2022. Interestingly, average rent prices have shown significant volatility. In 2013, the average rent was $510, which decreased to a low of $353 in 2016 before rising again to $618 in 2022. This fluctuation in rent prices doesn't seem to directly correlate with the steady decrease in renter percentages, suggesting other factors, such as local economic conditions or housing availability, may be influencing renting patterns.
As of 2024, the average home price in zip code 63629 stands at $168,544, showing a slight decrease from the 2023 value of $170,493. This recent stabilization comes after a period of rapid growth, particularly the jump from $138,638 in 2021 to $163,389 in 2022. The current federal interest rate in 2024 is 5.33%, which is significantly higher than the rates seen in the previous decade, potentially impacting future homebuying decisions.
Looking ahead, predictive models suggest that average home prices in zip code 63629 may continue to rise moderately over the next five years, potentially reaching around $185,000 by 2029. However, this growth rate is expected to be slower than the rapid increases seen between 2020 and 2022. Average rent prices are forecasted to stabilize and potentially increase slightly, possibly reaching $650-$700 by 2029, assuming current economic trends persist.
In summary, zip code 63629 has demonstrated a clear trend towards increased homeownership and rising home values over the past decade, despite a declining population. The area has shown resilience in its housing market, with homeownership rates continuing to climb even in the face of rising home prices and fluctuating interest rates. The rental market, while smaller, has seen significant price volatility. Moving forward, the housing market in this zip code is expected to continue its upward trajectory, albeit at a more moderate pace.
