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Zip Code 64064: Rising Home Values and Ownership Rates in Lee's Summit, 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 64064, located in Lee's Summit, Missouri, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has seen a general trend of increasing homeownership and rising property values, reflecting the growing desirability of the region.
The homeownership rate in zip code 64064 has shown a notable upward trend, increasing from 79% in 2013 to 82% in 2022. This rise in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price in the area was $228,798, which grew steadily to reach $416,767 by 2022, representing an impressive 82% increase over this period. The year 2021 saw a particularly significant jump in average home prices, rising from $329,378 in 2020 to $371,738, a 12.9% increase in a single year.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 64064. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 0.38%, which likely contributed to the increase in homeownership rates during this time. As interest rates began to rise in 2022 to 1.68%, we saw a slight dip in homeownership from 86% in 2021 to 82% in 2022, illustrating the inverse relationship between interest rates and homeownership.
The renter population in zip code 64064 has fluctuated over the years, with the percentage of renters decreasing from 17% in 2013 to 14% in 2020 and 2021, before rising again to 18% in 2022. Despite these fluctuations, average rent prices have shown a steady upward trend. In 2013, the average rent was $1,004, which increased to $1,297 by 2022, representing a 29% increase. The population of the zip code has also grown during this period, from 16,652 in 2013 to 18,784 in 2022, potentially contributing to the demand for rental properties and the subsequent rise in average rent prices.
In 2023 and 2024, we see a continuation of the upward trend in average home prices in zip code 64064. The average home price reached $428,266 in 2023 and further increased to $439,505 in 2024. This represents a 2.7% and 5.5% increase from 2022, respectively. Notably, federal interest rates also saw a significant rise during this period, reaching 5.02% in 2023 and 5.33% in 2024, which are the highest rates observed since 2007.
Looking ahead, based on the historical trends and current market conditions, we can expect average home prices in zip code 64064 to continue their upward trajectory over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also likely to increase, driven by population growth and the overall appreciation of property values in the area. However, the rate of increase may moderate as the market adjusts to economic conditions and housing supply catches up with demand.
In summary, zip code 64064 has demonstrated strong growth in both homeownership rates and property values over the past decade. The area has shown resilience in the face of changing economic conditions, with average home prices and rent both showing consistent upward trends. The interplay between federal interest rates, homeownership rates, and property values will continue to shape the housing market in this zip code in the coming years.
