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Zip Code 64448: Faucett's Average Home Values and Ownership Trends in 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 64448, located in Faucett, Missouri, presents an interesting case study of homeownership and rental trends in a small community. Over the past decade, this area has experienced significant fluctuations in its ownership rates and housing prices, reflecting broader economic changes and local market dynamics. The homeownership rate in zip code 64448 has shown a general upward trend from 2013 to 2022, with some fluctuations. In 2013, the ownership rate stood at 84%, rising to a peak of 94% in 2017. This increase coincided with a period of relatively low federal interest rates, which ranged from 0.11% to 1.83% between 2013 and 2018. The low interest rates likely made homeownership more attainable for residents, contributing to the high ownership percentages. However, there was a slight decline in ownership rate to 89% by 2022, possibly influenced by the rising interest rates, which reached 1.68% in that year.
Average home prices in the area have shown an upward trajectory in recent years. In 2022, the average home price in zip code 64448 was $339,753. This increase in home values occurred despite the slight dip in homeownership rates, suggesting that other factors, such as limited housing supply or increased demand, may have influenced the market.
The renter population in zip code 64448 has inversely mirrored the homeownership trends. In 2013, renters made up 16% of the population, which decreased to a low of 6% in 2017 before rising again to 11% in 2022. The average rent prices have shown a steady increase over this period, rising from $644 in 2013 to $826 in 2022, representing a 28% increase over nine years. This rise in rent prices occurred despite fluctuations in the renter population, possibly due to overall housing market pressures and increased property values.
In 2023 and 2024, we see a slight cooling in the housing market of zip code 64448. The average home price decreased marginally to $335,726 in 2023 and further to $335,607 in 2024. This slight decline coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may have contributed to the stabilization of home prices by potentially reducing buyer demand.
Looking ahead, based on current trends and economic indicators, we can forecast potential scenarios for the next five years. Average home prices in zip code 64448 may experience moderate growth, potentially reaching around $350,000 by 2029, assuming a steady economic environment and gradual adjustments in interest rates. Average rent prices could continue their upward trajectory, potentially increasing to approximately $900-$950 per month by 2029, driven by overall housing costs and potential shifts in the local job market.
In summary, zip code 64448 has demonstrated a robust homeownership market with gradually increasing home values over the past decade. The interplay between federal interest rates, homeownership rates, and housing prices highlights the complex dynamics of the local real estate market. While recent years have shown some stabilization in home prices, the overall trend suggests a resilient housing market with potential for continued growth in both home values and rental prices in the coming years.
