Loading Content...
Zip Code 64481: Rising Home Values and Stable Ownership in Rural Missouri
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 64481, located in Ridgeway, Missouri, presents an interesting case study of homeownership and rental trends in a small Midwestern community. Over the past decade, this area has maintained a consistently high rate of homeownership, while experiencing notable fluctuations in average home prices and rent costs.
The homeownership rate in zip code 64481 has remained relatively stable, hovering around 80-83% between 2013 and 2022. This high rate of owner-occupied housing suggests a strong preference for homeownership in the community. Interestingly, average home prices have shown a significant upward trend, particularly in recent years. In 2017, the average home price was $48,803, which steadily increased to $90,474 by 2022, representing an impressive 85% growth over five years.
The relationship between federal interest rates and homeownership rates in this zip code appears to deviate from the typical inverse correlation. Despite fluctuations in interest rates, the homeownership rate remained relatively constant. For instance, when interest rates rose from 1% in 2017 to 2.16% in 2019, the homeownership rate only decreased slightly from 81% to 80%. This suggests that other local factors may have a stronger influence on homeownership decisions in this area than national interest rate trends.
Renter percentages in zip code 64481 have remained low, ranging from 16% to 20% between 2013 and 2022. Average rent prices, however, have shown considerable volatility. In 2013, the average rent was $484, which dropped to $389 in 2014 before rising again. By 2020, the average rent had increased significantly to $763, followed by a slight decrease to $663 in 2021, and then another increase to $754 in 2022. This volatility in rent prices, coupled with a decreasing population from 964 in 2014 to 786 in 2022, suggests a complex rental market influenced by local economic factors and housing availability.
Looking at the most recent data, the average home price in zip code 64481 continued its upward trajectory, reaching $91,805 in 2023 and further increasing to $100,639 in 2024. This represents a 10% increase from 2023 to 2024, indicating a robust housing market in the area. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the region.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 64481 will continue to rise, potentially reaching around $130,000 by 2029. This projection is based on the strong growth observed in recent years and assumes continued economic stability in the region. For rent prices, the forecast suggests a more moderate increase, potentially reaching an average of $850-$900 per month by 2029, considering the historical volatility and recent upward trend.
In summary, zip code 64481 demonstrates a robust homeownership market with steadily increasing property values, despite fluctuations in interest rates. The rental market, while smaller, shows more volatility in pricing. The community's resilience in maintaining high homeownership rates, even as property values rise, suggests a strong local economy and a continued preference for owning over renting among residents. As we move forward, the interplay between rising home values, increasing interest rates, and demographic changes will be crucial in shaping the future of housing in this Missouri community.
