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Zip Code 64152: Rising Home Values and Strong Ownership Trends in Parkville, 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 64152, located in Parkville, Missouri, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has seen a notable increase in both population and average home values, reflecting its growing desirability as a residential location.
The ownership percentage in zip code 64152 has shown a strong upward trend, rising from 75% in 2013 to 83% in 2022. This increase in homeownership coincides with a substantial rise in average home prices. In 2013, the average home price was $211,423, which steadily increased to $381,790 by 2022, representing an impressive 80.6% growth over nine years. This trend suggests a strong correlation between rising home values and increased homeownership rates in the area.
Federal interest rates have played a significant role in influencing homeownership trends. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.4%), homeownership in the zip code increased from 75% to 77%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership continued to climb, reaching 83% in 2022. This trend indicates that despite rising interest rates, other factors such as local economic conditions and housing demand have contributed to the sustained increase in homeownership.
Conversely, the percentage of renters in zip code 64152 has decreased from 25% in 2013 to 17% in 2022. Despite this decline in the renter population, average rent prices have shown an overall upward trend. In 2013, the average rent was $1,269, which fluctuated slightly over the years but ultimately rose to $1,248 in 2022. The increase in rent prices, despite a decreasing renter population, suggests a high demand for rental properties in the area, possibly driven by the overall population growth from 25,485 in 2013 to 30,224 in 2022.
In 2023 and 2024, the housing market in zip code 64152 continued its upward trajectory. The average home price reached $392,142 in 2023 and further increased to $400,138 in 2024, marking a 2.7% and 4.8% increase from 2022, respectively. This growth occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially indicating strong local market fundamentals overriding national economic factors.
Looking ahead, predictive models suggest that the robust growth in average home prices is likely to continue, albeit at a potentially slower pace due to higher interest rates. Over the next five years, average home prices in zip code 64152 are projected to increase by approximately 3-5% annually, potentially reaching around $460,000 to $480,000 by 2029. Average rent prices are expected to follow a similar trend, with projected increases of 2-4% annually, potentially reaching $1,350 to $1,400 by 2029.
In summary, zip code 64152 has demonstrated a strong housing market characterized by increasing homeownership rates, rising average home prices, and steady growth in rental prices. The area's ability to maintain these trends despite fluctuations in interest rates suggests a resilient local economy and sustained demand for housing in this Parkville location.
