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Zip Code 64015: Soaring Home Values and Stable Ownership in Blue Springs, 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
Zip code 64015, located in Blue Springs, Missouri, has experienced significant changes in homeownership rates and housing prices over the past decade. This suburban area has seen a mix of fluctuations in both owner-occupied and renter-occupied properties, alongside notable increases in average home prices and rent costs.
The homeownership rate in zip code 64015 has remained relatively stable, with slight variations over the years. In 2013, the area had a 72% homeownership rate, which dipped slightly to 69% in 2014 before recovering to 73% by 2020. This stability in homeownership occurred despite substantial increases in average home prices. The average home price in 2013 was $140,119, which steadily rose to $280,515 by 2022, representing a remarkable 100% increase over nine years. This trend suggests that despite rising home prices, the area maintained its appeal to homeowners, possibly due to other factors such as community amenities or job opportunities.
Federal interest rates have played a role in homeownership trends in zip code 64015. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates coincided with the area's stable homeownership rates and rising home prices, likely making homeownership more accessible despite increasing property values. The slight dip in homeownership in 2014 to 69% occurred when interest rates were at their lowest (0.09%), which may have encouraged some transition to homeownership in subsequent years as rates gradually increased.
Renter percentages in zip code 64015 have shown minor fluctuations, ranging from 25% to 29% between 2013 and 2022. The average rent prices have seen a steady increase during this period, rising from $1,009 in 2013 to $1,235 in 2022, a 22.4% increase. Interestingly, the highest renter percentage of 29% was observed in both 2014 and 2022, coinciding with significant jumps in average rent prices. The population of the zip code has also grown from 29,271 in 2013 to 31,152 in 2022, which may have contributed to the increased demand for rental properties and subsequent rise in rent prices.
In 2023 and 2024, average home prices in zip code 64015 continued their upward trajectory, reaching $290,803 in 2023 and $298,278 in 2024. This represents a 3.7% increase from 2022 to 2023 and a further 2.6% increase from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from the previous years' low rates.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 64015 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project average home prices could reach approximately $330,000 to $350,000 by 2029. Average rent prices are also expected to increase, potentially reaching $1,400 to $1,500 per month by 2029, driven by population growth and housing demand.
In summary, zip code 64015 has demonstrated remarkable resilience in homeownership rates despite significant increases in average home prices. The area has maintained a strong owner-occupied housing market while experiencing moderate growth in the rental sector. The recent sharp rise in interest rates may impact future homeownership trends, potentially slowing the rate of home price appreciation and affecting the balance between owners and renters in the coming years.
