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Zip Code 64061: Rising Home Values and High Ownership Rates in Kingsville, 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
Kingsville, located in zip code 64061 in Missouri, has experienced significant shifts in homeownership rates and housing prices over the past decade. This small city, with a population of 3,228 in 2022, has seen a notable increase in homeownership and fluctuating average home and rent prices. The ownership percentage in zip code 64061 has shown a strong upward trend, particularly in recent years. In 2013, the homeownership rate was 92%, which increased to 96% by 2022. This substantial rise in homeownership coincided with a significant increase in average home prices. In 2013, the average home price was $159,975, which rose steadily to $353,311 by 2022, representing a 120.9% increase over nine years. This trend suggests a strong correlation between rising home values and increased homeownership in the area.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 64061. The period from 2013 to 2021 saw historically low interest rates, ranging from 0.08% to 0.14%. These low rates likely contributed to the high homeownership rates observed during this time, as they made mortgages more affordable for potential buyers. The sharp increase in interest rates to 1.68% in 2022 and 5.02% in 2023 coincided with a continued rise in homeownership, possibly due to buyers rushing to purchase homes before rates climbed further.
The rental market in zip code 64061 has experienced inverse trends compared to homeownership. The percentage of renters decreased from 8% in 2013 to just 4% in 2022. Despite this decline in the renter population, average rent prices have shown volatility. In 2013, the average rent was $793, which peaked at $988 in 2014, then fluctuated before settling at $954 in 2022. This trend suggests that even with fewer renters, demand for rental properties remained relatively strong, possibly due to the overall population growth from 2,615 in 2019 to 3,228 in 2022.
In 2023 and 2024, the housing market in zip code 64061 continued to evolve. The average home price reached $356,432 in 2023 and further increased to $368,653 in 2024, showing a continued upward trajectory. Simultaneously, federal interest rates climbed to 5.02% in 2023 and 5.33% in 2024, representing the highest rates in over a decade. These high 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 64061 will continue to rise over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices are expected to stabilize or increase moderately, influenced by the limited rental market and overall housing demand in the area.
In summary, zip code 64061 has experienced a significant increase in homeownership rates and average home prices over the past decade. The interplay between federal interest rates, housing prices, and rental market dynamics has shaped a unique real estate landscape in this Missouri city. As the market continues to evolve, the trends of high homeownership and rising property values are likely to persist, albeit with potential moderation due to higher interest rates.
