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Zip Code 64492: Rising Home Values and High Ownership Rates in Trimble, 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 64492, located in Trimble, Missouri, has experienced notable demographic and real estate trends over the past decade. This area has seen a significant increase in population, growing from 1,773 residents in 2010 to 2,221 in 2022. Alongside this population growth, the zip code has witnessed fluctuations in homeownership rates and substantial increases in average home prices, while average rent prices have remained relatively stable.
The homeownership rate in zip code 64492 has shown a slight upward trend over the years, with some fluctuations. In 2013, the homeownership rate was 84%, which increased to 87% by 2022. This trend coincided with a substantial rise in average home prices. In 2012, the average home price was $158,855, which more than doubled to $336,445 by 2022, representing a 112% increase over a decade. This significant appreciation in home values suggests a strong demand for housing in the area, possibly driven by the growing population and the area's attractiveness to homebuyers.
Federal interest rates have played a role in shaping homeownership trends in zip code 64492. From 2012 to 2016, when interest rates were at historic lows (ranging from 0.09% to 0.4%), the homeownership rate remained relatively stable around 84-86%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate actually increased slightly to 87%. This suggests that other factors, such as local economic conditions or housing supply, may have had a more significant impact on homeownership rates in this area than national interest rate trends.
The rental market in zip code 64492 has shown interesting trends. The percentage of renters decreased from 15% in 2013 to 13% in 2022. Despite this decrease in the renter population, average rent prices have remained relatively stable with some fluctuations. In 2013, the average rent was $828, which increased to $876 in 2017, before decreasing to $809 in 2022. This stability in rent prices, despite the growing population and increasing home values, suggests a balanced rental market in the area.
Looking at the most recent data, average home prices in zip code 64492 continued to rise, reaching $347,396 in 2023 and $360,213 in 2024. This represents a 3.2% increase from 2022 to 2023 and a further 3.7% increase from 2023 to 2024. Concurrently, federal interest rates increased significantly to 5.02% in 2023 and 5.33% in 2024, which may impact future homebuying trends in the area.
Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 64492 to continue their upward trajectory, potentially reaching around $425,000 by 2029. This projection is based on the historical growth rate and assumes continued population growth and economic stability in the area. Average rent prices are likely to remain relatively stable, with potential modest increases to around $850-$900 per month by 2029, reflecting the area's consistent rental market.
In summary, zip code 64492 has demonstrated robust growth in population and home values over the past decade. The area maintains a high homeownership rate, which has slightly increased despite rising home prices. The rental market has remained stable, with a slight decrease in the percentage of renters and relatively steady average rent prices. These trends suggest a strong and growing real estate market in Trimble, Missouri, with potential for continued appreciation in home values and stable rental conditions in the coming years.
