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Zip Code 64030: Rising Home Values and Shifting Ownership Trends in Grandview, 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 64030, located in Grandview, Missouri, has experienced significant changes in its housing market over the past decade. This area has seen notable shifts in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 64030 has shown a declining trend from 2013 to 2019, with a slight recovery in recent years. In 2013, 59% of housing units were owner-occupied, but this figure dropped to 49% by 2019. Concurrently, average home prices have seen substantial growth. In 2013, the average home price was $70,514, which more than doubled to $189,921 by 2022. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less attainable for some residents.
Federal interest rates have played a role in shaping homeownership trends in zip code 64030. The period from 2013 to 2015 saw historically low interest rates, ranging from 0.11% to 0.13%. During this time, homeownership rates remained relatively stable, hovering around 54-59%. However, as interest rates began to rise from 2016 onwards, reaching 1.83% in 2018, homeownership rates declined to 49%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership by making mortgages more affordable.
Renter percentages in zip code 64030 have shown an upward trend, increasing from 41% in 2013 to 51% in 2019, before slightly decreasing to 49% in 2022. Average rent prices have also experienced growth, rising from $948 in 2013 to $1,048 in 2021, with a slight decrease to $997 in 2022. The population of the area has remained relatively stable, growing from 24,748 in 2013 to 25,950 in 2022. This suggests that the increase in renter percentages and average rent prices may be influenced by factors such as rising home prices and changing demographics rather than significant population growth.
In 2023 and 2024, the housing market in zip code 64030 continued to evolve. The average home price reached $201,910 in 2023 and further increased to $211,818 in 2024, representing a 5.2% and 4.9% year-over-year growth, respectively. Simultaneously, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Looking ahead, predictive models suggest that average home prices in zip code 64030 may continue to rise over the next five years, potentially reaching around $250,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,200 per month within the same timeframe. However, the rate of increase for both home prices and rents may slow down compared to the rapid growth observed in recent years.
In summary, zip code 64030 has experienced a shift towards renting, with homeownership rates declining as average home prices have more than doubled since 2013. Average rent prices have also increased, albeit at a slower pace. The interplay between federal interest rates, housing affordability, and local market conditions continues to shape the housing landscape in this area. As the market evolves, it will be important to monitor how these trends impact the community's housing accessibility and affordability.
