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Zip Code 64747: Rising Home Values and Ownership Rates in Garden City, 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 64747, located in Garden City, 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, accompanied by significant growth in average home prices and rent costs.
The ownership percentage in zip code 64747 has shown a consistent upward trend, rising from 74% in 2015 to 80% in 2022. This increase in homeownership coincided with a substantial rise in average home prices. In 2015, the average home price was $127,895, which then grew steadily to reach $254,989 by 2022, representing a remarkable 99.4% increase over seven years. This trend suggests a strong correlation between rising home values and increasing homeownership rates in the area.
Federal interest rates have played a significant role in shaping homeownership trends. The period from 2015 to 2022 saw historically low interest rates, ranging from 0.13% to 1.68%. These low rates likely contributed to the increased homeownership in zip code 64747, as they made mortgage financing more affordable for potential buyers. The rise in homeownership from 74% to 80% during this period aligns with the general principle that lower interest rates tend to encourage homebuying activity.
Conversely, the percentage of renters in zip code 64747 decreased from 25% in 2015 to 20% in 2022. Despite this decline in the renter population, average rent prices showed an upward trajectory. In 2015, the average rent was $602, which increased to $842 by 2022, marking a 39.9% rise. This trend of increasing rent prices despite a decreasing renter population could be attributed to various factors, including overall property value appreciation and potentially improved rental property quality in the area.
In 2023 and 2024, zip code 64747 continued to see growth in average home prices. The average home price reached $257,295 in 2023 and further increased to $267,055 in 2024, representing a 3.8% year-over-year increase. This growth occurred despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024. These higher interest rates might impact future homebuying activity and price growth in the area.
Looking ahead, based on historical trends and current market conditions, we can project continued growth in both home prices and rent costs for zip code 64747 over the next five years. Average home prices could potentially reach around $300,000 by 2029, assuming a moderate annual growth rate of 2-3%. Similarly, average rent prices might increase to approximately $950-$1,000 per month, following the established trend of steady appreciation.
In summary, zip code 64747 has demonstrated a clear trend towards increased homeownership and rising property values over the past decade. The area has shown resilience in its housing market, with consistent growth in both home prices and rent costs, even in the face of changing economic conditions and interest rate fluctuations. These trends suggest a robust and attractive housing market in Garden City, Missouri, with potential for continued growth in the coming years.
