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Zip Code 64048: Rising Home Values and Stable Ownership in Kearney, 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
Kearney, located in zip code 64048 in Missouri, is a suburban community that has experienced notable shifts in its housing market over the past decade. This area has maintained a consistently high rate of homeownership, with average home prices showing a steady upward trend, while average rent prices have fluctuated.
The homeownership rate in zip code 64048 has remained relatively stable, hovering around 90% throughout the observed period. In 2013, the homeownership rate was 93%, and by 2022, it stood at 92%. Despite minor fluctuations, this high rate of homeownership has persisted even as average home prices have increased significantly. In 2010, the average home price was $155,045, and by 2022, it had risen to $343,623, representing a substantial 121.6% increase over 12 years.
The relationship between federal interest rates and homeownership rates in this area appears to be less pronounced than typically observed. Despite historically low interest rates between 2010 and 2021 (ranging from 0.08% to 2.16%), the homeownership rate remained relatively constant. This suggests that other factors, such as local economic conditions or housing supply, may have played a more significant role in maintaining the high homeownership rate in this zip code.
Renter percentages in zip code 64048 have remained low, ranging from 6% to 11% between 2013 and 2022. Interestingly, average rent prices have shown considerable volatility during this period. In 2013, the average rent was $720, which increased to a peak of $1,112 in 2018, before declining to $841 in 2022. This represents a 16.8% increase in average rent over the nine-year period, despite the fluctuations. The low renter percentage coupled with the variable rent prices suggests a limited and potentially competitive rental market in the area.
Looking at the most recent data, the average home price in zip code 64048 continued its upward trajectory, reaching $359,466 in 2023 and $372,613 in 2024. This represents a 4.6% increase from 2022 to 2023 and a further 3.7% increase from 2023 to 2024. Notably, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and home prices.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 64048 will continue to rise, albeit at a potentially slower rate due to higher interest rates. Based on historical data and current trends, average home prices could reach approximately $425,000 to $450,000 by 2029. Average rent prices are expected to stabilize and potentially increase moderately, possibly reaching $1,100 to $1,200 per month by 2029, assuming consistent demand and limited new rental inventory.
In summary, zip code 64048 in Kearney, Missouri, has maintained a remarkably high homeownership rate despite significant increases in average home prices. The rental market, while small, has experienced volatile average rent prices. The area's resilience in maintaining high homeownership rates, even in the face of rising home prices and interest rates, suggests a strong local housing market with potential for continued growth in property values.
