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Zip Code 64480: Rising Home Values and High Ownership Rates in Rural 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 64480, located in Rea, Missouri, presents an interesting case study of homeownership and rental trends in a small rural community. This area has experienced fluctuations in its population and housing market over the past decade, with notable shifts in ownership percentages and average home and rent prices. The homeownership rate in zip code 64480 has shown a general upward trend, particularly in recent years. In 2013, the ownership rate stood at 87%, and after some fluctuations, it reached 90% in 2022. This increase in homeownership coincides with a significant rise in average home prices. In 2012, the average home price was $100,198, and it steadily increased to $222,604 by 2022, representing a substantial 122% increase over this period. The most dramatic growth occurred between 2020 and 2022, with average home prices jumping from $173,408 to $222,604, a 28% increase in just two years.
Federal interest rates have played a role in shaping homeownership trends in the area. The period from 2012 to 2015 saw historically low interest rates, ranging from 0.09% to 0.14%. During this time, homeownership rates remained relatively stable around 86-87%. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, we observed an interesting trend. Despite the rising rates, homeownership in zip code 64480 actually increased, reaching its peak of 90% in 2022. This suggests that other local factors may have had a stronger influence on homeownership than national interest rates in this particular area.
Renter percentages and average rent prices in zip code 64480 have shown some correlation, but with interesting nuances. In 2013, the renter-occupied percentage was 13%, with an average rent of $469. As the renter percentage increased to 24% in 2017, average rent also rose to $717. However, by 2022, despite a decrease in the renter percentage to 10%, the average rent had increased significantly to $1,012. This substantial rise in rent prices, even as the proportion of renters decreased, could be attributed to factors such as improved housing quality or limited rental supply in the area.
Looking at the most recent data, the average home price in zip code 64480 reached $253,320 in 2023 and further increased to $263,224 in 2024. This represents a 13.8% increase from 2022 to 2023 and a 3.9% increase from 2023 to 2024, indicating a continued upward trend in home values. Simultaneously, federal interest rates rose to 5.02% in 2023 and 5.33% in 2024, which are significantly higher than the rates seen in the previous decade.
Based on the observed trends, we can forecast that average home prices in zip code 64480 are likely to continue rising over the next five years, albeit potentially at a slower rate due to higher interest rates. We might expect average home prices to reach around $300,000 by 2029. Average rent prices are also projected to increase, potentially reaching $1,200-$1,300 per month by 2029, assuming the current trend continues and local economic conditions remain stable.
In summary, zip code 64480 has experienced a significant increase in homeownership rates and average home prices over the past decade, with particularly strong growth in recent years. Despite rising interest rates, the area has maintained high homeownership levels, suggesting strong local demand for housing. Rent prices have also increased substantially, even as the proportion of renters has decreased, indicating a complex interplay of local housing market factors.
