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Zip Code 64628: Rising Home Values and Shifting Ownership Trends in Brookfield, 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 64628, located in Brookfield, Missouri, presents an interesting case study of housing trends in a small Midwestern community. Over the past decade, this area has experienced fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic shifts and local dynamics.
The homeownership rate in zip code 64628 has shown some variability over the years, with a general downward trend followed by a recent uptick. In 2013, the homeownership rate stood at 77%, but it declined to a low of 66% in 2018. However, there has been a rebound in recent years, with the rate rising to 76% in 2022. Interestingly, this trend has coincided with significant changes in average home prices. The average home price in the area has seen substantial growth, increasing from $59,927 in 2013 to $102,854 in 2022, representing a 71.6% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. As interest rates remained low between 2013 and 2016, hovering around 0.1% to 0.4%, homeownership rates initially declined. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, we saw a reversal in the homeownership trend, with rates increasing from 69% in 2017 to 76% in 2022. This suggests that other local factors may have played a more significant role in homeownership decisions than national interest rates alone.
Renter percentages in zip code 64628 have generally moved inversely to homeownership rates, as expected. The renter population peaked at 34% in 2018, coinciding with the lowest homeownership rate. Average rent prices have shown a general upward trend, albeit with some fluctuations. In 2013, the average rent was $568, which decreased to $537 in 2016 before rising again to reach $569 in 2022. The population of the zip code has been gradually declining, from 5,942 in 2013 to 5,636 in 2022, which may have influenced rental market dynamics.
Looking at the most recent data, the average home price in zip code 64628 continued its upward trajectory, reaching $110,741 in 2023 and further increasing to $115,860 in 2024. This represents a 12.6% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 64628 will continue to rise, albeit potentially at a slower rate due to higher interest rates. By 2029, average home prices could reach approximately $135,000 to $140,000. Average rent prices are also expected to increase, potentially reaching around $650 to $675 by 2029, assuming current trends continue and accounting for potential economic factors.
In summary, zip code 64628 has experienced a resurgence in homeownership rates in recent years, despite rising average home prices. The area has shown resilience in its housing market, with both home prices and rent prices trending upward. The recent sharp increase in federal interest rates may pose challenges to continued growth in homeownership, but local factors appear to have a strong influence on housing trends in this community. As the population continues to slowly decline, it will be crucial to monitor how this affects housing demand and prices in the coming years.
