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Zip Code 64497: Rising Home Values and Stable Ownership in Weatherby, Missouri
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 64497, located in Weatherby, Missouri, presents an interesting case study of homeownership and housing market trends in a small Midwestern community. This area has experienced fluctuations in both homeownership rates and housing prices over the past decade, reflecting broader economic shifts and local dynamics.
The homeownership rate in zip code 64497 has remained relatively stable, hovering around 85% to 89% between 2013 and 2022. Despite this stability, average home prices have shown a significant upward trend. In 2012, the average home price was $122,040, which steadily increased to $286,314 by 2022, representing a remarkable 134% increase over a decade. This substantial growth in home values occurred despite only minor fluctuations in the homeownership rate, suggesting that other factors, such as improvements in housing stock or increased demand, may have driven the price increases.
Federal interest rates have played a role in shaping homeownership trends in the area. From 2012 to 2016, when interest rates were at historic lows (ranging from 0.09% to 0.40%), the homeownership rate remained relatively stable at around 85%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a slight increase in homeownership to 88% in 2022. This counter-intuitive trend might suggest that local factors, such as employment opportunities or community development, had a stronger influence on homeownership than national interest rates in this particular zip code.
Renter percentages in zip code 64497 have fluctuated between 9% and 15% from 2013 to 2022. Interestingly, average rent prices have shown volatility during this period. In 2013, the average rent was $767, which decreased to $612 in 2016 before rising again to $793 in 2022. This represents a modest 3.4% increase over the entire period, significantly lower than the growth in home prices. The population of the zip code has also fluctuated, peaking at 1,599 in 2018 before declining to 1,389 in 2022, which may have influenced rental demand and prices.
In 2023 and 2024, the housing market in zip code 64497 experienced a slight correction. The average home price decreased from the 2022 peak of $286,314 to $275,176 in 2023 and further to $273,477 in 2024. This decline coincided with a sharp increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates likely contributed to the cooling of the housing market in the area.
Looking ahead, based on the historical trends and recent market conditions, we can project that average home prices in zip code 64497 may stabilize or experience modest growth over the next five years. The recent price correction and high interest rates could lead to a period of slower appreciation. Average rent prices, which have shown less volatility, may continue to increase gradually, potentially reaching around $850-$900 by 2029. However, these projections are subject to change based on local economic conditions and broader market forces.
In summary, zip code 64497 has demonstrated resilience in homeownership rates despite significant increases in average home prices over the past decade. The divergence between home price appreciation and rental price growth suggests a strong local preference for homeownership. The recent market correction and high interest rates may lead to a period of stabilization in both the ownership and rental markets, with potential for modest growth in the coming years.
