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Zip Code 64429: Rising Home Values and Increasing Ownership in Cameron, 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 64429, located in Cameron, Missouri, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing homeownership and rising average home prices, with some fluctuations in average rent prices.
The ownership percentage in zip code 64429 has shown a significant upward trend, rising from 54% in 2013 to 64% in 2022. This increase in homeownership correlates strongly with the rise in average home prices, which grew from $99,337 in 2013 to $208,164 in 2022, representing a substantial 109.6% increase over this period. The most dramatic year-over-year increase occurred between 2020 and 2021, when average home prices jumped from $158,795 to $183,149, a 15.3% rise in a single year.
Federal interest rates appear to have played a role in homeownership trends in this zip code. The period of historically low interest rates from 2013 to 2021, ranging from 0.08% to 0.4%, coincided with the steady increase in homeownership rates. This relationship supports the well-established trend that lower interest rates generally encourage homeownership due to more affordable financing options.
Conversely, the percentage of renters in zip code 64429 decreased from 46% in 2013 to 36% in 2022. Despite this decline in the renter population, average rent prices showed an overall upward trend, increasing from $721 in 2013 to $826 in 2022, a 14.6% rise. Interestingly, the highest average rent of $871 was recorded in 2021, before slightly decreasing in 2022. This trend suggests that even with a smaller renter population, demand for rental properties remained strong enough to support rising rent prices.
In 2023 and 2024, the housing market in zip code 64429 continued to evolve. The average home price reached $216,723 in 2023 and further increased to $221,738 in 2024, representing a 6.5% growth over two years. This continued appreciation occurred despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for some prospective homebuyers.
Looking ahead, predictive models suggest that the upward trend in average home prices is likely to continue, albeit at a more moderate pace. Over the next five years, average home prices in zip code 64429 are projected to increase by approximately 3-4% annually, potentially reaching around $260,000 by 2029. Average rent prices are expected to follow a similar trajectory, with estimated annual increases of 2-3%, potentially reaching approximately $950 per month by 2029.
In summary, zip code 64429 has demonstrated a clear trend towards increased homeownership and rising property values over the past decade. The interplay between federal interest rates, homeownership rates, and housing prices has been evident, with low interest rates correlating with increased homeownership. Despite a decreasing renter population, rent prices have generally trended upward, indicating sustained demand in the rental market. As the area moves forward, continued growth in both home values and rent prices is anticipated, reflecting the ongoing desirability and economic stability of this Missouri community.
