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Zip Code 64674: Rising Home Values and Strong Ownership in Rural 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
Purdin, located in zip code 64674 in Missouri, is a small rural community that has experienced notable shifts in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices in this area. The homeownership rate in Purdin has remained relatively stable, with a slight upward trend from 2013 to 2022. In 2013, the homeownership rate was 84%, and by 2022, it had increased to 85%. This stability in homeownership coincided with a significant increase in average home prices. In 2012, the average home price was $63,872, and by 2022, it had risen to $148,998, representing a substantial 133% increase over a decade.
The relationship between federal interest rates and homeownership rates in Purdin appears to follow the general trend where lower interest rates encourage homeownership. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), the homeownership rate remained steady at around 83%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate actually increased slightly to 85%, suggesting that other local factors may have influenced homeownership decisions in this small community.
Renter percentages in Purdin have fluctuated slightly but generally remained low. In 2013, the renter-occupied rate was 14%, and by 2022, it had increased marginally to 15%. Average rent prices have shown a more pronounced upward trend. In 2013, the average rent was $323, and by 2022, it had increased to $466, representing a 44% rise. This increase in rent prices occurred despite a declining population, which decreased from 429 in 2013 to 382 in 2022, suggesting that other factors such as housing quality improvements or regional economic changes may have influenced rent prices.
In 2023 and 2024, the housing market in Purdin continued its upward trajectory. The average home price in 2023 reached $167,050, and in 2024 it further increased to $188,232. This represents a 26% increase in just two years from the 2022 average. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Looking ahead, based on the historical data and current trends, we can project that average home prices in Purdin may continue to rise over the next five years, potentially reaching around $250,000 by 2029. Average rent prices could also see a continued increase, possibly approaching $600 per month in the same timeframe. However, these projections assume a continuation of current trends and do not account for potential economic shifts or policy changes that could affect the housing market.
In summary, Purdin has experienced a stable homeownership rate with a significant increase in average home prices over the past decade. Rent prices have also risen, though not as dramatically as home prices. The community has maintained a high rate of homeownership despite population decline and rising housing costs, suggesting a strong local preference for homeownership. The recent sharp increases in both home prices and interest rates may present challenges for future homebuyers in this small Missouri city.
