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Zip Code 64068: Liberty, Missouri's Rising Home Values and Shifting Ownership Trends
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 64068, located in Liberty, Missouri, has experienced notable shifts in its housing market over the past decade. This area has seen fluctuations in homeownership rates, coupled with significant changes in average home prices and average rent prices, reflecting the dynamic nature of its real estate landscape.
The homeownership rate in zip code 64068 has shown a gradual decline from 2013 to 2022. In 2013, the homeownership rate stood at 78%, but by 2022, it had decreased to 74%. This 4% drop coincided with a substantial increase in average home prices. In 2013, the average home price was $152,673, which rose dramatically to $295,167 by 2022, representing a 93% increase over this period. This inverse relationship suggests that rising home prices may have made homeownership less accessible for some residents in the area.
Federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), the homeownership rate remained relatively stable at around 77%. However, as interest rates began to climb from 2017 onwards, reaching 1.68% in 2022, the homeownership rate saw a gradual decline. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The renter population in zip code 64068 has increased correspondingly with the decline in homeownership. The percentage of renters rose from 22% in 2013 to 26% in 2022. This change was accompanied by a steady increase in average rent prices. In 2013, the average rent was $1,003, which increased to $1,080 by 2022, representing a 7.7% rise. The growth in the renter population and rent prices occurred alongside a population increase from 37,322 in 2013 to 38,270 in 2022, suggesting a growing demand for rental properties in the area.
Looking at the most recent data, the average home price in zip code 64068 continued its upward trajectory, reaching $309,231 in 2023 and further increasing to $317,357 in 2024. This represents a 4.8% increase from 2022 to 2023 and a 2.6% increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing market dynamics.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in zip code 64068 will continue to rise, albeit at a more moderate pace. By 2029, average home prices could potentially reach around $350,000 to $375,000, representing a 10-18% increase from 2024 levels. Average rent prices are also expected to continue their upward trend, potentially reaching $1,200 to $1,300 per month by 2029, an increase of approximately 11-20% from 2022 levels.
In summary, zip code 64068 has experienced a gradual shift towards a higher proportion of renters, driven by rising home prices and fluctuating interest rates. The substantial increase in average home prices, coupled with the moderate rise in average rent prices, suggests a changing housing landscape that may continue to favor the rental market in the coming years. These trends highlight the evolving nature of the housing market in this Missouri community and the potential challenges and opportunities for both homeowners and renters in the future.
