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Zip Code 64084: Rayville's Rising Home Values and Strong 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 64084, located in Rayville, Missouri, presents an interesting case study of homeownership and housing market trends. This area has maintained a consistently high rate of homeownership over the past decade, with average home prices showing a significant upward trajectory.
The ownership percentage in zip code 64084 has remained remarkably stable, hovering around 90% throughout most of the observed period. In 2013, the homeownership rate stood at 92%, and by 2022, it was at 94%. This high rate of homeownership coincides with a substantial increase in average home prices. In 2012, the average home price was $101,404, which steadily rose to $292,305 by 2022, representing a dramatic 188% increase over a decade.
The relationship between federal interest rates and homeownership rates in this zip code appears to deviate from typical trends. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 0.4%), the homeownership rate remained relatively constant. This suggests that other local factors may have a stronger influence on homeownership in this area than national interest rate trends.
Renter percentages in zip code 64084 have remained consistently low, mirroring the high homeownership rates. The renter-occupied percentage was 8% in 2013 and fluctuated slightly, ending at 6% in 2022. Average rent prices have shown some volatility over the years. In 2013, the average rent was $816, peaked at $825 in 2014, and then decreased to $778 by 2022. This represents a 4.7% decrease in average rent over the period, despite the significant increase in home prices.
In 2023 and 2024, the housing market in zip code 64084 continued its upward trend. The average home price reached $302,327 in 2023 and further increased to $315,170 in 2024. This represents a 7.8% increase from 2022 to 2024. Notably, these price increases occurred despite a sharp rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024.
Looking ahead, based on the historical data and current trends, we can project continued growth in average home prices for zip code 64084 over the next five years. Using a simple linear regression model, we estimate that average home prices could reach approximately $400,000 by 2029. However, rent prices are more challenging to predict due to their historical volatility. If recent trends continue, we might expect average rent to remain relatively stable, possibly fluctuating between $750 and $800 over the next five years.
In summary, zip code 64084 demonstrates a robust housing market characterized by high homeownership rates and steadily increasing home values. The area has shown resilience to national economic factors such as interest rate changes, suggesting strong local demand for homeownership. While home prices have surged, rent prices have remained relatively stable, indicating a potential opportunity for renters in this predominantly owner-occupied market.
