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Zip Code 64459: Rising Home Values and High Ownership Rates in Union Star, 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
Union Star, located in zip code 64459 in Missouri, is a small community that has experienced notable changes in homeownership rates and housing prices over the past decade. This analysis will explore the trends in ownership percentages, average home prices, and average rent prices, providing insights into the local real estate market dynamics. The homeownership rate in Union Star has shown a general upward trend from 2013 to 2022, with some fluctuations. In 2013, the ownership rate was 90%, which increased significantly to 99% by 2017. However, there was a slight decline in recent years, with the ownership rate settling at 94% in 2022. This high rate of homeownership suggests a strong preference for owning rather than renting in this community.
Average home prices in zip code 64459 have shown a consistent upward trend over the years. In 2010, the average home price was $89,151, which steadily increased to $206,382 by 2022. This represents a substantial increase of 131.5% over 12 years. The most significant year-over-year increase occurred between 2020 and 2021, with average home prices jumping from $168,293 to $195,123, a 16% increase in just one year.
The trend in homeownership rates appears to have a complex relationship with federal interest rates. Despite historically low interest rates from 2010 to 2016 (ranging from 0.09% to 0.4%), homeownership rates remained relatively stable during this period. However, as interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership rates in Union Star actually increased, reaching 99% in 2017 and remaining high through 2022. This suggests that local factors may have played a more significant role in homeownership decisions than national interest rates in this particular community.
Renter percentages in Union Star have generally been low, corresponding inversely with the high homeownership rates. The renter percentage decreased from 9% in 2013 to just 1% in 2017 and 2018. There was a slight increase in recent years, with the renter percentage reaching 6% in 2022. Average rent prices have remained relatively stable, with a slight decrease from $774 in 2013 to $729 in 2022. This stability in rent prices, combined with the low renter percentages, suggests a limited rental market in the area.
In 2023, the average home price in zip code 64459 reached $228,605, continuing the upward trend observed in previous years. This represents a 10.8% increase from 2022. The federal interest rate in 2023 was 5.02%, significantly higher than in recent years. Moving into 2024, the average home price has further increased to $237,701, while the federal interest rate has risen slightly to 5.33%. These figures indicate a continued strong housing market despite higher interest rates.
Looking ahead, based on the observed trends, we can predict that average home prices in zip code 64459 will likely continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. If the current trajectory holds, average home prices could potentially reach around $275,000 to $300,000 by 2029. Average rent prices, which have been relatively stable, may see modest increases, possibly reaching $750 to $800 per month in the next five years.
In summary, Union Star in zip code 64459 has maintained a high rate of homeownership despite rising home prices. The community has experienced significant appreciation in home values, with prices more than doubling since 2010. The rental market remains small but stable. These trends suggest a strong local preference for homeownership and a resilient housing market that has shown consistent growth over the past decade.
