Loading Content...
Zip Code 64644: Rising Home Values and Ownership Rates in Hamilton, Missouri
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 64644, located in Hamilton, Missouri, has experienced significant shifts in homeownership rates and housing market dynamics over the past decade. This area has seen a general trend of increasing homeownership alongside fluctuating average home and rent prices, reflecting the evolving economic landscape of the region.
The homeownership rate in zip code 64644 has shown a notable upward trend, rising from 65% in 2013 to 73% in 2022. This increase in homeownership coincided with a substantial rise in average home prices, which grew from $73,421 in 2013 to $191,362 in 2022, representing a 160% increase over nine years. The most dramatic jump occurred between 2020 and 2022, with average home prices surging by 33% from $143,638 to $191,362. This rapid appreciation likely contributed to the steady increase in homeownership, as residents may have been motivated to purchase homes before prices climbed further.
Federal interest rates have played a significant role in shaping homeownership trends in the area. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 2.16%, which likely encouraged home buying due to more affordable mortgage options. The homeownership rate increased from 65% to 72% during this timeframe, aligning with the favorable borrowing conditions. Even as interest rates began to rise in 2022 to 1.68%, the homeownership rate remained stable at 73%, suggesting that other factors, such as local economic conditions or housing supply, may have also influenced homeownership decisions.
Conversely, the renter population in zip code 64644 has decreased from 35% in 2013 to 27% in 2022. Despite this decline, average rent prices have shown volatility. From 2013 to 2017, average rents decreased from $641 to $492, a 23% drop. However, there was a sharp reversal from 2017 to 2022, with average rents increasing by 65% to reach $812. This surge in rent prices occurred despite a slight decrease in population from 3,108 in 2013 to 2,885 in 2022, suggesting that factors beyond population growth, such as housing supply constraints or improvements in local amenities, may have driven up rental costs.
Looking at the most recent data, average home prices in zip code 64644 continued to rise, reaching $192,673 in 2023 and $199,856 in 2024. This represents a modest increase of 4.4% from 2022 to 2024, indicating a slowing of the rapid appreciation seen in previous years. Notably, federal interest rates have increased significantly to 5.02% in 2023 and 5.33% in 2024, which may impact future homebuying activity and prices.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 64644 will continue to appreciate, albeit at a more moderate pace. Given the historical growth rate and recent market conditions, we project average home prices could reach approximately $230,000 to $250,000 by 2029. For average rent prices, the forecast suggests a continued upward trajectory, potentially reaching $900 to $1,000 per month by 2029, assuming the current economic conditions and housing supply dynamics persist.
In summary, zip code 64644 has experienced a significant increase in homeownership rates and average home prices over the past decade, with a corresponding decrease in the renter population. Despite this, average rent prices have risen sharply in recent years. The interplay between federal interest rates, local economic factors, and housing market dynamics has shaped these trends. As we look to the future, moderate growth in both home prices and rents is anticipated, though this could be influenced by broader economic conditions and local development initiatives.
