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Zip Code 64744: Rising Home Values and Stable Ownership in El Dorado Springs, 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
El Dorado Springs, Missouri, zip code 64744, is a small city with a population of 7,571 as of 2022. This area has experienced fluctuations in homeownership rates and housing prices over the past decade, with a general trend towards increasing average home values and relatively stable ownership percentages.
The homeownership rate in El Dorado Springs has remained fairly consistent, ranging from 64% to 70% between 2013 and 2022. Despite some minor fluctuations, the overall trend shows a slight increase in homeownership. In 2013, the ownership rate was 66%, which rose to 69% by 2022. This trend coincides with a significant increase in average home prices. In 2013, the average home price was $79,173, which steadily climbed to $145,194 by 2022, representing an impressive 83.4% increase over this period.
Federal interest rates have played a role in shaping homeownership trends in El Dorado Springs. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable, hovering around 65-69%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed resilience, maintaining at 69% in 2022. This suggests that despite rising interest rates, other factors such as local economic conditions and housing affordability may have supported continued homeownership in the area.
Renter percentages in El Dorado Springs have fluctuated inversely to homeownership rates, ranging from 30% to 36% between 2013 and 2022. Interestingly, average rent prices have shown a general downward trend during this period. In 2013, the average rent was $652, which decreased to $646 by 2022, with some fluctuations in between. The lowest average rent was recorded in 2019 at $569. This downward trend in rent prices, coupled with the increasing home values, may have contributed to the slight increase in homeownership rates as renting became relatively less attractive compared to buying.
In 2023 and 2024, El Dorado Springs experienced a continued surge in average home prices. The average home price reached $157,131 in 2023 and further increased to $164,309 in 2024. This represents a significant jump of 13.2% from 2022 to 2024. Concurrently, federal interest rates rose sharply to 5.02% in 2023 and 5.33% in 2024, potentially impacting housing affordability and market dynamics.
Looking ahead, based on the historical trends and recent data, we can project that average home prices in El Dorado Springs are likely to continue their upward trajectory over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average home prices could potentially reach around $190,000 to $200,000 by 2029. Rent prices, which have been more volatile, may stabilize or see modest increases, potentially reaching an average of $680 to $700 per month by 2029.
In summary, El Dorado Springs has demonstrated a resilient housing market with steadily increasing home values and relatively stable homeownership rates. The inverse relationship between homeownership and renting percentages, coupled with the diverging trends in home prices and rent costs, suggests a market that has favored homeownership. The recent sharp increases in both home prices and interest rates will likely shape the market dynamics in the coming years, potentially affecting affordability and homeownership trends.
