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Zip Code 64836: Rising Home Values and Shifting Ownership Patterns in Carytown, 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
Carytown, located in zip code 64836 in Missouri, has experienced notable shifts in its housing market over the past decade. This analysis examines the trends in homeownership rates, average home prices, and average rent prices in this area.
From 2013 to 2022, Carytown saw a significant decline in homeownership rates, dropping from 69% to 61%. During this same period, average home prices in the area experienced substantial growth. In 2013, the average home price was $100,061, which steadily increased to $197,210 by 2022, representing a 97% increase over nine years.
The relationship between federal interest rates and homeownership rates in Carytown appears to follow general trends. As interest rates remained low from 2013 to 2016 (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable at around 68%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates declined to 61%. This suggests that higher interest rates may have contributed to the decrease in homeownership, as mortgages became more expensive.
Conversely, the percentage of renters in Carytown increased from 31% in 2013 to 39% in 2022. This rise in renters coincided with an increase in average rent prices. The average rent rose from $783 in 2013 to $834 in 2022, an increase of about 6.5%. It's worth noting that the population of Carytown also grew during this period, from 23,901 in 2013 to 25,118 in 2022, which may have contributed to the increased demand for rental properties.
In 2023 and 2024, the housing market in Carytown continued to evolve. The average home price reached $208,925 in 2023 and further increased to $217,925 in 2024, showing continued growth in the real estate market. Interestingly, this growth occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024.
Looking ahead, predictive models suggest that average home prices in Carytown may continue to rise over the next five years, potentially reaching around $250,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $900 per month within the same timeframe.
In summary, Carytown has experienced a clear trend of declining homeownership rates and rising home prices over the past decade. This has been accompanied by an increase in the renter population and modest growth in average rent prices. Despite rising interest rates, the local real estate market has shown resilience, with home prices continuing to appreciate. These trends suggest a shifting housing landscape in Carytown, with potential implications for affordability and housing accessibility in the coming years.
