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Zip Code 64444: Rising Home Values and Declining Ownership in Edgerton, 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 64444, located in Edgerton, Missouri, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has seen a general trend of decreasing homeownership and increasing rental occupancy, coupled with fluctuating property values and rent costs.
The homeownership rate in zip code 64444 has shown a declining trend from 2013 to 2022. In 2013, the area boasted a high 88% homeownership rate. However, by 2022, this figure had dropped to 73%, representing a substantial 15 percentage point decrease over nine years. Conversely, the average home prices in the area have shown a steady upward trajectory. In 2013, the average home price was $146,144, which increased to $283,610 by 2022, marking a significant 94% rise over the same period.
The relationship between federal interest rates and homeownership rates in this zip code appears to follow the generally expected trend. As interest rates remained low from 2013 to 2021 (ranging from 0.08% to 2.16%), homeownership rates initially remained high but gradually decreased. The sharp increase in interest rates to 1.68% in 2022 coincided with a more pronounced drop in homeownership, falling from 75% in 2021 to 73% in 2022.
Renter percentages in zip code 64444 have shown an inverse relationship to homeownership rates, increasing from 12% in 2013 to 27% in 2022. Interestingly, average rent prices have not shown a consistent upward trend despite the increase in renter occupancy. Average rent peaked at $948 in 2019 but then decreased to $799 in 2022. This fluctuation might be influenced by changes in the local economy or housing market conditions.
In 2023 and 2024, the average home prices in zip code 64444 continued to rise, reaching $294,446 in 2023 and $305,477 in 2024. This represents a 3.8% increase from 2022 to 2023 and a further 3.7% increase from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing market dynamics in the area.
Looking ahead, based on the historical data and current trends, we can predict that average home prices in zip code 64444 may continue to rise over the next five years, potentially reaching around $350,000 by 2029. However, the rate of increase might slow down due to higher interest rates. Average rent prices, which have been more volatile, may stabilize or show modest increases, potentially reaching around $850-$900 per month by 2029.
In summary, zip code 64444 has experienced a significant shift from homeownership to renting over the past decade, despite rising average home values. The area has seen substantial growth in property values, with average home prices nearly doubling from 2013 to 2022. Recent years have brought higher interest rates, which may continue to influence the local housing market dynamics. The coming years are likely to see continued, though possibly moderated, increases in both home values and rental prices in this Missouri community.
