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Zip Code 64080: Rising Home Values and Ownership Rates in Pleasant Hill, 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
Pleasant Hill, located in zip code 64080 in Missouri, has experienced notable shifts in its housing market over the past decade. This analysis explores the trends in homeownership, average home prices, and average rent prices, providing insights into the local real estate dynamics. The homeownership rate in Pleasant Hill has remained relatively stable, with minor fluctuations over the years. In 2013, the homeownership rate stood at 77%, and by 2022, it had increased slightly to 81%. This overall trend suggests a strong preference for homeownership in the area. Concurrently, average home prices have shown a significant upward trajectory. In 2013, the average home price was $157,124, which more than doubled to $330,349 by 2022, representing a substantial 110% increase over this period.
The relationship between federal interest rates and homeownership rates in Pleasant Hill presents an interesting dynamic. Despite historically low interest rates from 2013 to 2021, ranging from 0.08% to 1.83%, the homeownership rate remained relatively stable. This suggests that other local factors, such as employment opportunities or lifestyle preferences, may have a stronger influence on homeownership decisions in this area than national interest rate trends.
Renter percentages in Pleasant Hill have shown slight variations, complementing the homeownership trends. In 2013, the renter-occupied rate was 23%, which decreased to 19% by 2022. Average rent prices have fluctuated over this period, with some notable changes. In 2013, the average rent was $937, which decreased to $840 in 2022, representing a 10.4% decrease. This trend is particularly interesting given the significant increase in average home prices over the same period, potentially indicating a local preference for homeownership or changes in the rental property market.
Looking at the most recent data, the average home price in Pleasant Hill for 2023 was $331,553, showing a slight increase from 2022. The 2024 average home price stands at $335,812, indicating continued growth in the housing market. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. This increase in interest rates could potentially impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate a continued increase in average home prices, albeit at a potentially slower rate due to higher interest rates. Average home prices could reach approximately $360,000 to $380,000 by 2029. Rent prices may see a moderate increase, potentially reaching around $1,000 to $1,100 per month, as demand for rental properties could increase if higher interest rates deter some potential homebuyers.
In summary, Pleasant Hill (zip code 64080) has demonstrated a strong housing market with increasing average home prices and a stable, high homeownership rate. The divergence between rising home prices and fluctuating rent prices suggests a complex local real estate environment. The recent increase in interest rates may influence future trends, potentially moderating home price growth and affecting the balance between homeownership and renting in the coming years.
