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Zip Code 64079: Rising Home Values and Ownership Trends in Platte City, 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 64079, located in Platte City, Missouri, has experienced significant changes in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 64079 has shown variability over the years, with a general upward trend. In 2013, the homeownership rate was 65%, which increased to 71% by 2022. This rise in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $199,690, which steadily rose to $351,417 by 2022, representing a 76% increase over this period. This trend suggests that despite rising home prices, more residents were able to enter the housing market as owners.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 64079. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%. During this time, homeownership rates increased from 65% to 66%, likely due to more affordable financing options. As interest rates began to rise more sharply from 2017 onwards, reaching 1.68% in 2022, homeownership rates continued to climb, reaching 71% in 2022. This suggests that other factors, such as local economic conditions or housing supply, may have outweighed the impact of rising interest rates on homeownership in this area.
The rental market in zip code 64079 has shown interesting trends in relation to homeownership and average rent prices. As homeownership rates increased, the percentage of renters naturally decreased, from 35% in 2013 to 29% in 2022. Despite this decrease in the renter population, average rent prices have generally trended upward. In 2013, the average rent was $1,264, which increased to $1,297 by 2022, a modest 2.6% increase. This relatively small increase in rent prices compared to the significant rise in home prices may have contributed to the shift towards homeownership in the area.
In 2023 and 2024, the housing market in zip code 64079 continued to evolve. The average home price reached $358,361 in 2023 and further increased to $369,846 in 2024, showing continued growth in property values. Notably, federal interest rates also saw a significant rise, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and affordability in the area.
Looking ahead, predictive models suggest that average home prices in zip code 64079 are likely to continue their upward trajectory over the next five years, albeit potentially at a slower pace due to higher interest rates. Average rent prices are also expected to increase, possibly at a faster rate than in recent years, as higher mortgage rates may push more people towards renting. However, the exact magnitude of these changes will depend on various factors, including local economic conditions, housing supply, and broader market trends.
In summary, zip code 64079 has demonstrated a strong trend towards homeownership despite rising home prices. The area has seen significant appreciation in property values, with average home prices nearly doubling over a decade. While rent prices have increased more modestly, the rental market has contracted as more residents have become homeowners. The interplay between federal interest rates, home prices, and local market conditions will continue to shape the housing landscape in this Platte City, Missouri zip code in the coming years.
