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Zip Code 64474: Resilient Homeownership Amid Rising Values in Osborn, 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 64474, located in Osborn, Missouri, presents an intriguing demographic and real estate landscape. This area has experienced fluctuations in homeownership rates, average home prices, and average rent prices over the past decade. The ownership percentage has generally remained above 60%, while average home prices have shown a consistent upward trend, and average rent prices have varied significantly.
The homeownership rate in zip code 64474 has fluctuated between 62% and 75% from 2013 to 2022. In 2013, the ownership rate was 68%, which increased to 75% in 2018, representing the highest rate during this period. However, there was a notable decline to 62% in 2020, followed by a slight recovery to 69% in 2022. Interestingly, the average home prices in the area have shown a steady increase despite these fluctuations in ownership rates. The average home price rose from $131,754 in 2013 to $240,306 in 2022, representing an impressive 82.4% increase over this period.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period coincided with generally high homeownership rates in the zip code, often above 70%. The low interest rates likely made mortgage financing more accessible, encouraging homeownership. However, the sharp increase in interest rates to 1.68% in 2022 and 5.02% in 2023 may have contributed to the slight decrease in homeownership to 69% in 2022.
Renter percentages in zip code 64474 have inversely mirrored homeownership rates, ranging from 24% to 38% between 2013 and 2022. The highest renter percentage was observed in 2020 at 38%, coinciding with the lowest homeownership rate. Average rent prices have shown considerable volatility during this period. In 2013, the average rent was $1,034, which decreased to $560 in 2017, representing a 45.8% drop. However, rent prices began to recover, reaching $708 in 2022, although still 31.5% lower than the 2013 peak. The fluctuations in rent prices and renter percentages may be influenced by the area's changing population, which peaked at 866 in 2015 and decreased to 656 by 2022.
In 2023 and 2024, the average home prices in zip code 64474 showed a slight decline from the 2022 peak. The average home price in 2023 was $234,584, a 2.4% decrease from 2022. In 2024, it further decreased to $228,318, representing a 2.7% drop from 2023. This cooling in the housing market coincides with significantly higher interest rates, which rose to 5.02% in 2023 and 5.33% in 2024.
Looking ahead, predictive models suggest that average home prices in zip code 64474 may continue to experience modest declines or stabilization over the next five years, influenced by the current high interest rate environment. Average rent prices, on the other hand, are projected to gradually increase, potentially reaching levels closer to those seen in the mid-2010s. These trends may lead to a slight decrease in homeownership rates and an increase in renter percentages as affordability challenges persist.
In summary, zip code 64474 has demonstrated resilience in its housing market despite demographic changes and economic fluctuations. The area has seen substantial appreciation in average home values over the past decade, while experiencing more volatile rent prices. The recent cooling in the housing market, coupled with high interest rates, may reshape the ownership-renter dynamic in the coming years, potentially favoring a slight increase in rentals.
