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Zip Code 64493: Rising Home Values and Ownership Trends in Turney, 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
Turney, located in zip code 64493 in Missouri, is a small rural community that has experienced notable shifts in its housing landscape over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices in the area. The homeownership rate in Turney has shown a general upward trend from 2013 to 2022. In 2013, the homeownership rate was 81%, and it increased to 87% by 2022, with some fluctuations in between. This trend suggests a growing preference for homeownership in the area. The average home prices in the zip code have also seen an increase. In 2022, the average home price was $330,169, indicating a robust housing market in the area.
The relationship between federal interest rates and homeownership rates in Turney appears to follow the well-established trend of lower interest rates encouraging homeownership. As interest rates remained low from 2013 to 2020 (ranging from 0.09% to 0.38%), the homeownership rate in the area increased from 81% to 89%. This correlation suggests that the low-interest environment may have contributed to the rising homeownership rates in the zip code.
The percentage of renters in Turney has generally decreased over the years, from 19% in 2013 to 12% in 2022. Despite this decline in the renter population, average rent prices have shown an overall upward trend. In 2013, the average rent was $969, which increased to $1,091 by 2022. This trend might indicate a growing demand for rental properties despite the smaller renter population, possibly due to factors such as improved housing quality or limited rental inventory.
The most recent data shows that the average home price in zip code 64493 increased to $343,248 in 2023 and further to $354,560 in 2024. This represents a 7.4% increase from 2022 to 2024. Simultaneously, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact homeownership trends in the coming years.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in average home prices in Turney. Based on the current trajectory, average home prices could potentially reach around $400,000 by 2029. For average rent prices, the forecast suggests a more moderate increase, potentially reaching approximately $1,200 per month in the next five years.
In summary, Turney has experienced a notable increase in homeownership rates and average home prices over the past decade. The inverse relationship between homeownership and rental rates, coupled with rising average rent prices, indicates a dynamic housing market in the area. The recent spike in interest rates and continued growth in home prices suggest that the local real estate market remains robust, with potential for further appreciation in both home values and rental rates in the coming years.
