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Zip Code 64790: Shifting Home Values and Ownership in Walker, 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
Walker, Missouri, located in zip code 64790, is a small community with a population that has fluctuated between 797 and 917 residents over the past decade. This rural area, spanning 71.7 square miles, has maintained a predominantly owner-occupied housing market, with homeownership rates consistently above 75% since 2013. The trends in ownership percentages, average home prices, and average rent prices have shown some interesting patterns over the years.
The homeownership rate in Walker has remained relatively stable, with slight fluctuations between 2013 and 2022. In 2013, the ownership rate was 81%, and it reached its peak at 83% in 2017. However, there has been a slight decline in recent years, with the rate settling at 76% in 2022. This overall stability in homeownership suggests a strong preference for owning rather than renting in this community.
Federal interest rates have played a role in homeownership trends in Walker. From 2013 to 2015, when interest rates were extremely low (0.11% to 0.13%), homeownership rates remained high at around 80%. As interest rates began to rise gradually from 2016 to 2019 (0.4% to 2.16%), homeownership rates showed minor fluctuations but generally remained above 79%. The slight decline in homeownership to 76% in 2021 and 2022 coincided with the period of near-zero interest rates (0.08% in 2021) and the subsequent sharp increase to 1.68% in 2022. This suggests that while low interest rates generally support homeownership, other local factors may also influence the market in Walker.
The rental market in Walker has shown some interesting trends. The percentage of renters increased from 19% in 2013 to 24% in 2022. This growth in the renter population coincided with fluctuations in average rent prices. In 2013, the average rent was $601, which increased to $675 in 2015. After some fluctuations, the average rent reached $741 in 2021, the highest in the recorded period, before decreasing to $633 in 2022. The increase in the renter population, despite the rising rent prices, may indicate a growing demand for rental properties in the area or changes in the local economic conditions.
In 2023 and 2024, Walker experienced significant changes in the housing market. The average home price in 2023 was $130,841, which then increased substantially to $151,622 in 2024, representing a 15.9% increase in just one year. This sharp rise in home prices occurred alongside a notable increase in federal interest rates, which stood at 5.02% in 2023 and further rose to 5.33% in 2024. These higher interest rates, combined with rising home prices, may impact affordability and potentially influence future homeownership rates in the area.
Looking ahead, based on the observed trends and recent data, we can make some predictions for the next five years. Average home prices in Walker are likely to continue rising, albeit potentially at a slower rate than the sharp increase seen from 2023 to 2024. We might expect average home prices to reach around $180,000 to $200,000 by 2029. Average rent prices, which have shown more volatility, may continue to fluctuate but with an overall upward trend. We could see average rents in the range of $750 to $850 by 2029.
In summary, Walker, Missouri (64790) has maintained a strong homeownership market despite recent challenges. The community has seen a slight shift towards renting in recent years, with average rent prices showing volatility. The significant increase in average home prices from 2023 to 2024, coupled with rising interest rates, marks a notable change in the local housing market. These trends suggest a dynamic period ahead for both homeowners and renters in Walker, with potential impacts on affordability and housing choices in the coming years.
