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Zip Code 64040: Rising Home Values and Stable Ownership in Holden, Missouri
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 64040, located in Holden, Missouri, has experienced notable fluctuations in homeownership rates and housing prices over the past decade. This area, spanning 162.93 square miles, has seen a general trend of increasing average home prices, while homeownership rates have remained relatively stable with some variations.
The relationship between homeownership rates and average home prices in zip code 64040 reveals interesting patterns. In 2013, when the average home price was $114,817, the homeownership rate stood at 79%. As average home prices steadily increased, reaching $173,034 in 2019, the homeownership rate slightly decreased to 76%. However, by 2022, despite a significant jump in average home prices to $261,235, the homeownership rate rebounded to 81%, indicating a resilient local housing market.
Federal interest rates have played a crucial role in shaping homeownership trends in the area. The period from 2013 to 2015 saw historically low interest rates, ranging from 0.11% to 0.13%, coinciding with a slight decline in homeownership from 79% to 75%. As interest rates began to rise, reaching 1.83% in 2018, homeownership rates stabilized around 78%. Interestingly, the sharp drop in interest rates to 0.08% in 2021 corresponded with a rise in homeownership to 79%, suggesting that lower rates may have encouraged home purchases.
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Renter percentages and average rent prices in zip code 64040 have shown their own distinct trends. In 2013, with 21% of residents renting, the average rent was $751. As the renter population increased to 25% in 2015, average rent slightly decreased to $744, possibly indicating increased rental supply. By 2019, while the renter percentage remained at 24%, average rent spiked to $931, suggesting growing demand or improved rental quality. In 2022, despite a decrease in the renter population to 19%, average rent remained high at $930, potentially reflecting a tighter rental market.
Looking at the most recent data, the average home price in zip code 64040 reached $263,677 in 2023 and further increased to $272,149 in 2024. This continued upward trend in home prices occurs alongside a significant rise in interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact affordability and future homeownership rates in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 64040 will continue to rise, potentially reaching around $300,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For rent prices, the model suggests a more moderate increase, potentially reaching an average of $1,000 to $1,100 per month by 2029, considering the historical volatility in rent prices and the recent stabilization.
In summary, zip code 64040 has demonstrated a robust housing market with increasing average home prices and generally stable homeownership rates. The area has shown resilience in maintaining high homeownership levels despite rising home prices and fluctuating interest rates. The rental market has experienced more volatility, with recent trends suggesting a tightening market. As we look to the future, continued growth in both home prices and rent is anticipated, though external economic factors may influence these projections.
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