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Zip Code 64071: Average Home Values and Ownership Trends in Rural 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 64071, located in Mayview, Missouri, presents an intriguing case study of homeownership and rental trends over the past decade. This rural area has experienced fluctuations in its population and housing market, with overall trends showing a slight decrease in homeownership and an increase in average home and rent prices.
The ownership percentage in zip code 64071 has shown a slight decline from 2013 to 2022. In 2013, the homeownership rate was 92%, which gradually decreased to 85% by 2022. This trend coincides with a significant increase in average home prices. In 2012, the average home price was $86,408, which more than doubled to $219,037 by 2022. This sharp rise in home prices may have contributed to the slight decrease in homeownership rates, as affordability became an issue for potential buyers.
Federal interest rates have played a role in homeownership trends in the area. From 2013 to 2016, interest rates remained relatively low, ranging from 0.11% to 0.4%. During this period, homeownership rates remained stable at around 85-86%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a slight decrease in homeownership rates to 85%. This suggests that higher interest rates may have made home purchases less attractive or affordable for some residents.
The renter percentage in zip code 64071 has shown a corresponding increase from 8% in 2013 to 15% in 2022. This trend aligns with the rise in average rent prices. In 2013, the average rent was $528, which increased to $691 by 2022, representing a 31% increase over the period. The population of the zip code fluctuated during this time, peaking at 1,077 in 2013 and declining to 813 by 2022. Despite the population decrease, the rise in rent prices suggests a tightening rental market, possibly due to limited housing supply or increased demand for rental properties.
In 2023 and 2024, the average home prices in zip code 64071 showed a slight decline. The average home price in 2023 was $218,545, dropping marginally to $217,332 in 2024. This slight decrease occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. This suggests that other local factors may be influencing home prices in the area, potentially offsetting the impact of higher interest rates.
Looking ahead, based on the historical data and current trends, we can predict that average home prices in zip code 64071 may continue to experience modest growth over the next five years, albeit at a slower rate than seen in the past decade. Average rent prices are likely to follow a similar trajectory, with continued gradual increases. However, if interest rates remain high, this could potentially slow down the growth in home prices and may lead to a slight increase in the rental market as homeownership becomes less affordable.
In summary, zip code 64071 has experienced a gradual shift towards more renters, with homeownership rates declining slightly from 2013 to 2022. Average home prices have more than doubled during this period, while average rent prices have also seen significant increases. The relationship between federal interest rates and homeownership rates is evident, with higher rates correlating with slight decreases in homeownership. The recent stabilization of home prices in 2023 and 2024, despite high interest rates, suggests a complex interplay of local factors influencing the housing market in this area.
