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Zip Code 64021: Rising Home Values and Strong Ownership Trends in Rural 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 64021, located in Corder, Missouri, presents an intriguing case study of homeownership and rental trends in a small Midwestern community. Over the past decade, this area has maintained a consistently high rate of homeownership, hovering around 80-85%. The average home prices have shown a steady upward trend, while average rent prices have fluctuated but generally increased over time.
The ownership percentage in zip code 64021 has remained remarkably stable, with only minor fluctuations between 2013 and 2022. In 2013, the homeownership rate stood at 74%, rising to 85% by 2016 and maintaining that level through 2020. There was a slight dip to 81% in 2021, before settling at 83% in 2022. This high rate of homeownership coincided with a significant increase in average home prices. From 2012 to 2022, average home prices in the area rose from $69,574 to $164,786, representing a substantial 137% increase over a decade.
The relationship between federal interest rates and homeownership rates in this zip code appears to deviate from typical trends. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 1.83%), the homeownership rate remained relatively stable rather than showing a marked increase. This suggests that other local factors may have a stronger influence on homeownership in this area than national interest rate trends.
Renter percentages in zip code 64021 have remained low, ranging from 14% to 19% between 2013 and 2022. Interestingly, average rent prices have shown considerable volatility during this period. In 2013, the average rent was $572, dropping to $467 in 2016 before rising sharply to $666 in 2021. However, it then decreased to $522 in 2022. This fluctuation in rent prices does not appear to have a strong correlation with the percentage of renters, which remained relatively stable.
In 2023 and 2024, average home prices in zip code 64021 showed a slight decline followed by a modest increase. The average home price in 2023 was $163,124, down 1% from 2022. However, in 2024, the price rebounded to $167,371, representing a 2.6% increase from 2023. This occurred against the backdrop of rising federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024.
Looking ahead, based on the historical data and recent trends, we can project the following 5-year trends for zip code 64021: Average home prices are likely to continue their overall upward trajectory, albeit at a more moderate pace. We might expect average home prices to reach around $185,000 to $195,000 by 2029. Average rent prices may continue to show volatility but with an overall upward trend. Projections suggest average rents could range between $600 and $750 by 2029, depending on local economic conditions and housing supply.
In summary, zip code 64021 demonstrates a strong preference for homeownership, with consistently high rates despite fluctuations in home prices and interest rates. The area has experienced significant appreciation in home values over the past decade, while rent prices have shown more variability. These trends suggest a stable, owner-oriented community with a growing real estate market, albeit one that may be influenced more by local factors than national economic trends.
