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Zip Code 64779: Rich Hill's Soaring Home Values and Resilient Ownership Rates
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
Rich Hill, located in zip code 64779 in Missouri, presents an interesting case study in homeownership and housing market trends. This area has experienced notable fluctuations in both homeownership rates and housing prices over the past decade. The overall trend shows an increase in homeownership percentage, accompanied by a significant rise in average home prices, while average rent prices have also seen an upward trajectory.
The homeownership rate in Rich Hill has shown a general upward trend from 2013 to 2022. In 2013, the homeownership rate stood at 75%, and by 2022, it had increased to 79%. This 4 percentage point increase coincided with a substantial rise in average home prices. In 2013, the average home price was $69,466, and by 2022, it had more than doubled to $162,372. This correlation suggests that despite rising home prices, residents in the area have been increasingly able and willing to purchase homes.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, interest rates remained consistently low, hovering around 0.1% to 0.4%. During this period, homeownership rates increased from 75% to 78%. As interest rates began to rise more notably from 2017 onwards, reaching 1.68% in 2022, homeownership rates stabilized around 79%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The renter percentage in Rich Hill has shown an inverse relationship to homeownership rates, decreasing from 25% in 2013 to 21% in 2022. Interestingly, despite this decrease in the renter population, average rent prices have increased significantly. In 2013, the average rent was $492, and by 2022, it had risen to $758, representing a 54% increase. This trend suggests that despite a smaller renter population, demand for rental properties has remained strong, possibly due to factors such as population growth or changes in housing preferences.
Looking at the most recent data, the average home price in Rich Hill for 2023 was $151,955, showing a slight decrease from 2022. However, in 2024, the average home price has rebounded to $155,967. This recovery comes despite the significant increase in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. These higher interest rates might typically be expected to dampen home buying activity, yet the market in Rich Hill appears to be resilient.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Rich Hill will continue to rise, albeit at a more moderate pace. Based on historical data and current economic conditions, we project average home prices could reach approximately $180,000 to $190,000 by 2029. For rent prices, the upward trend is expected to continue, potentially reaching an average of $850 to $900 per month in the same timeframe.
In summary, Rich Hill has demonstrated a strong trend towards increased homeownership, with average home prices more than doubling over the past decade. Despite rising interest rates, the housing market has shown resilience, with both ownership rates and home values continuing to climb. The rental market, while shrinking in terms of percentage, has seen significant price increases, indicating sustained demand. These trends suggest a robust and dynamic housing market in zip code 64779, with potential for continued growth in both home values and rental prices in the coming years.
