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Zip Code 64011: Rising Home Values and Strong Ownership Rates in Bates City, Missouri
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
The zip code 64011, located in Bates City, Missouri, presents an interesting case study in homeownership and real estate trends. Over the past decade, this area has experienced fluctuations in both homeownership rates and property values, reflecting broader economic shifts and local market dynamics. Homeownership rates in zip code 64011 have remained relatively high, consistently above 85% throughout the observed period. The ownership percentage peaked at 91% in both 2013 and 2020, with a slight dip to 85% in 2016. This high rate of homeownership correlates with the trend in average home prices, which have shown a steady increase over time. In 2013, the average home price was $151,829, and by 2022, it had risen significantly to $338,396, representing a remarkable 123% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code shows some interesting patterns. Despite the historically low interest rates from 2010 to 2016 (ranging from 0.09% to 0.4%), homeownership rates remained relatively stable, hovering around 87-91%. This suggests that factors other than interest rates, such as local economic conditions or housing supply, may have played a more significant role in homeownership decisions in this area.
Renter percentages in zip code 64011 have remained relatively low, complementing the high homeownership rates. The renter population peaked at 15% in 2016 and has since decreased to 11% in 2022. Average rent prices have shown considerable volatility over the years. In 2013, the average rent was $1,003, rising to $1,044 in 2015, before dropping significantly to $749 in 2017. By 2022, the average rent had increased again to $890. This fluctuation in rent prices doesn't show a clear correlation with the renter percentage, suggesting that other factors, such as local economic conditions or housing supply, may have a more significant impact on the rental market in this area.
Looking at the most recent data, the average home price in zip code 64011 continued to rise in 2023, reaching $344,158, and further increased to $347,677 in 2024. This represents a 2.7% increase from 2022 to 2024, indicating a continued upward trend in property values. Concurrently, federal interest rates have risen sharply, reaching 5.02% in 2023 and 5.33% in 2024. This significant increase in interest rates may impact future homeownership rates and property values in the area.
Applying predictive models to forecast 5-year trends, we can expect the average home prices in zip code 64011 to continue their upward trajectory, albeit at a potentially slower rate due to higher interest rates. If the current trend persists, average home prices could reach approximately $400,000 by 2029. Rent prices may also see a moderate increase, potentially reaching around $1,000 per month on average, assuming economic conditions remain stable and housing supply keeps pace with demand.
In summary, zip code 64011 has maintained a strong homeownership market with steadily increasing property values over the past decade. The area has shown resilience in maintaining high homeownership rates despite fluctuations in interest rates and economic conditions. The rental market, while smaller, has experienced more volatility in pricing. As we move forward, the interplay between rising home values, increased interest rates, and local economic factors will likely shape the real estate landscape in this Missouri community.
