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Zip Code 64490: Rising Home Values and Ownership in Stewartsville, 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 64490, located in Stewartsville, Missouri, has experienced significant shifts in homeownership rates and housing prices over the past decade. This area has seen a notable increase in homeownership, coupled with fluctuating average home and rent prices, reflecting the dynamic nature of its real estate market.
The ownership percentage in zip code 64490 has shown a strong upward trend, particularly in recent years. In 2013, the homeownership rate was 75%, which increased to 84% by 2022. This 9% increase in homeownership coincided with a substantial rise in average home prices. In 2013, the average home price was $135,058, which steadily climbed to $250,657 by 2022, representing an impressive 85.6% increase over this period. The most significant jump occurred between 2020 and 2022, with average home prices rising from $192,559 to $250,657, a 30.2% increase in just two years.
Federal interest rates have played a crucial role in shaping homeownership trends in this area. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 0.38%. This low-interest environment likely contributed to the increased homeownership rates, as it made mortgages more affordable for potential buyers. The sharp rise in homeownership from 80% in 2020 to 84% in 2022 occurred despite a slight increase in interest rates to 1.68% in 2022, suggesting strong local demand for homeownership.
Conversely, the renter percentage in zip code 64490 has decreased from 25% in 2013 to 16% in 2022. Interestingly, average rent prices have shown considerable volatility during this period. In 2013, the average rent was $689, which peaked at $762 in 2015 before declining sharply to $476 in 2019. However, rent prices rebounded significantly, reaching $793 by 2022. This 66.6% increase in average rent from 2019 to 2022 occurred despite a decreasing renter population, possibly indicating a shortage of rental properties or an increase in the quality of available rentals.
Looking at the most recent data, the average home price in zip code 64490 slightly decreased to $249,914 in 2023 and further to $246,387 in 2024. This minor downturn 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 be contributing to a slight cooling in the local housing market.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 64490 will continue to show moderate growth, albeit at a slower pace than the rapid increases seen in recent years. The high homeownership rate and the area's apparent desirability suggest continued demand for housing. However, higher interest rates may temper price growth. Average rent prices are expected to stabilize or increase slightly, as the reduced rental inventory may keep prices elevated despite the smaller renter population.
In summary, zip code 64490 has experienced a significant shift towards homeownership, with average home prices nearly doubling over the past decade. The area has weathered fluctuations in both the housing and rental markets, demonstrating resilience and attractiveness to homeowners. The recent slight decline in home prices, coupled with rising interest rates, suggests a potential stabilization of the market, but the long-term trend remains positive for property values in this Missouri community.
