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Zip Code 64671: Rising Home Values and Ownership Trends in Rural Polo, 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 64671, located in Polo, Missouri, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend towards increased homeownership and rising average home prices, while average rent prices have fluctuated.
The ownership percentage in zip code 64671 has shown a consistent upward trend, rising from 76% in 2017 to 88% in 2022. This significant increase in homeownership coincided with a substantial rise in average home prices. In 2017, the average home price was $127,376, which steadily climbed to $227,947 by 2022, representing a 78.9% increase over five years. This correlation suggests that despite rising home prices, residents in this area have been increasingly able and willing to purchase homes.
Federal interest rates have played a role in homeownership trends. The period from 2017 to 2020 saw relatively low interest rates, ranging from 1% to 2.16%, which likely contributed to the rising homeownership rates during this time. The exceptionally low rate of 0.08% in 2021 corresponded with a jump in homeownership from 83% in 2020 to 85% in 2021, demonstrating how favorable financing conditions can encourage home buying.
As homeownership increased, the percentage of renters in zip code 64671 naturally decreased, falling from 24% in 2017 to 12% in 2022. Interestingly, average rent prices have shown considerable volatility during this period. In 2017, the average rent was $711, which decreased to $560 in 2019, then rose sharply to $897 in 2021, before dropping again to $590 in 2022. This fluctuation in rent prices, coupled with the decreasing renter population, suggests a complex rental market possibly influenced by local economic factors and housing availability.
Looking at the most recent data, the average home price in zip code 64671 continued to rise, reaching $235,916 in 2023 and $240,752 in 2024. This represents a 5.6% increase from 2022 to 2024, indicating a sustained upward trend in property values. Notably, federal interest rates have also increased significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homebuying trends.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 64671 will continue to rise, albeit potentially at a slower rate due to higher interest rates. By 2029, average home prices could reach approximately $275,000 to $300,000, assuming a moderate annual growth rate of 2.5% to 4%. Average rent prices are expected to stabilize and potentially increase slightly, reaching around $650 to $700 per month by 2029, reflecting both local market conditions and broader economic factors.
In summary, zip code 64671 has demonstrated a strong trend towards homeownership, with a substantial increase in both the percentage of owner-occupied homes and average home prices. The area has shown resilience in its housing market, with property values continuing to appreciate despite fluctuations in the broader economy. While the rental market has experienced volatility, the overall shift towards homeownership suggests a stable and potentially growing community in this Missouri zip code.
