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Zip Code 64743: East Lynne's Unique 100% Homeownership Amid Rising Home Values
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
East Lynne, located in zip code 64743 in Missouri, is a small community with a unique demographic profile. This area has maintained a consistent 100% homeownership rate throughout the years for which data is available. The average home prices and average rent prices in this zip code have shown interesting trends over time, reflecting both local and national economic factors.
The homeownership rate in East Lynne has remained steady at 100% from 2013 to 2022, indicating a strong preference for homeownership in this community. This consistent rate of ownership is particularly noteworthy when compared to the fluctuations in average home prices. In 2017, the average home price in the area was $106,197, which increased to $177,558 by 2022, representing a significant 67% increase over five years. Despite this substantial rise in home values, the community maintained its full homeownership status, suggesting a strong commitment to property ownership among residents.
Federal interest rates have historically played a role in homeownership trends, with lower rates generally encouraging home buying. In East Lynne, the 100% homeownership rate persisted even as federal interest rates fluctuated. For instance, when interest rates were relatively low at 0.08% in 2021, the average home price reached $159,022. As rates increased to 1.68% in 2022, home prices continued to rise to $177,558, yet homeownership remained constant.
While the community has maintained full homeownership, it's important to note the trends in average rent prices. The average rent in East Lynne increased from $717 in 2013 to $900 in 2022, a 25.5% increase over nine years. This rise in rent prices occurred despite the area's small and relatively stable population, which ranged from 3 to 5 residents during this period. The increase in rent prices, even with no apparent renters, could reflect broader regional trends or potential future rental market expectations.
In 2023 and 2024, East Lynne experienced further increases in average home prices. The average home price rose to $188,693 in 2023 and reached $199,502 in 2024, representing a 12.4% increase from 2022 to 2024. This growth occurred alongside a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, the highest levels seen in over a decade.
Looking ahead, based on the historical data and current trends, we can project that average home prices in East Lynne may continue to rise over the next five years, potentially reaching around $230,000 by 2029. This projection assumes a continuation of the steady growth pattern observed in recent years. Average rent prices, while not directly applicable due to the 100% homeownership rate, could theoretically increase to approximately $1,100 per month by 2029 if they follow the historical growth trend.
In summary, East Lynne in zip code 64743 presents a unique case of consistent 100% homeownership amidst rising property values and rent prices. The community has demonstrated resilience in maintaining full homeownership despite significant increases in average home prices and fluctuations in federal interest rates. The continued upward trajectory of home values, even in the face of rising interest rates, suggests a strong local real estate market and sustained demand for homeownership in this small Missouri city.
