Loading Content...
Zip Code 64070: Rising Home Values and Ownership Rates in Lone Jack, Missouri
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 64070, located in Lone Jack, Missouri, has experienced significant changes in homeownership rates and housing prices over the past decade. This area, covering 37.8 square miles, has seen a notable increase in homeownership and fluctuations in both average home prices and average rent prices.
The ownership percentage in zip code 64070 has shown a consistent upward trend, rising from 84% in 2013 to an impressive 93% in 2022. This substantial increase in homeownership coincides with a significant rise in average home prices. In 2013, the average home price was $184,700, which steadily climbed to $394,150 by 2022, representing a 113% increase over this period. This correlation suggests that despite rising home prices, more residents in the area have been able to transition into homeownership.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting dynamic. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 2.16%), the homeownership rate continued to climb steadily. This trend contradicts the typical expectation that lower interest rates lead to increased homeownership. Instead, it appears that other factors, such as local economic conditions or housing supply, may have played a more significant role in driving homeownership in this area.
The percentage of renters in zip code 64070 has decreased consistently, from 16% in 2013 to 7% in 2022. Interestingly, average rent prices have shown considerable volatility during this period. Average rent peaked at $1,017 in 2015 and 2017, before declining to $759 in 2019, and then rebounding to $918 in 2022. This fluctuation in rent prices, coupled with the decreasing renter population, suggests a shift in the local housing market dynamics, possibly influenced by the growing preference for homeownership in the area.
In 2023 and 2024, the average home prices in zip code 64070 continued to rise, reaching $401,881 in 2023 and $414,493 in 2024. This represents a 5.2% increase from 2022 to 2024. Concurrently, federal interest rates have also increased significantly, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership trends in the area.
Looking ahead, based on the historical data and current trends, we can predict that average home prices in zip code 64070 will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. We might expect to see average home prices reaching around $450,000 to $475,000 by 2029. Average rent prices, which have been more volatile, are harder to predict but may stabilize or see modest increases, potentially reaching $950 to $1,000 per month by 2029.
In summary, zip code 64070 has experienced a remarkable increase in homeownership rates over the past decade, coupled with significant growth in average home prices. The area has bucked national trends by continuing to increase homeownership even during periods of rising home prices and interest rates. The rental market has shrunk considerably, with fluctuating rent prices reflecting changing market conditions. As we move forward, the interplay between rising home prices, higher interest rates, and the strong preference for homeownership in this area will be crucial factors shaping the local housing market.
