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Zip Code 64862: Rising Home Values and Strong Ownership in Sarcoxie, 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 64862, located in Sarcoxie, Missouri, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, covering 86.79 square miles, has seen interesting dynamics in its real estate market, with homeownership rates and average home prices generally trending upward.
The homeownership rate in zip code 64862 has shown a general increase from 2013 to 2022. In 2013, 69% of residents owned their homes, and this figure rose to 72% by 2022, with some fluctuations in between. The peak was reached in 2018 at 76%. Concurrently, average home prices have consistently risen, from $99,926 in 2013 to $204,216 in 2022, representing a substantial 104% increase over this period.
Federal interest rates have played a significant role in homeownership trends. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%, which likely contributed to the increase in homeownership from 69% to 75% during this time. As interest rates began to rise more sharply from 2017 (1%) to 2019 (2.16%), we see a slight dip in homeownership to 74% by 2019, suggesting a potential correlation between higher interest rates and slightly lower homeownership rates.
Renter percentages have inversely mirrored homeownership trends, decreasing from 31% in 2013 to 28% in 2022. Average rent prices, however, have shown more volatility. They peaked at $733 in 2013, dropped to $564 in 2017, and then stabilized around $613 by 2022. This fluctuation in rent prices doesn't show a clear correlation with the percentage of renters, suggesting other factors like local economic conditions or housing supply may have more influence on rent prices in this area.
In 2023 and 2024, we see a continuation of the upward trend in average home prices, reaching $220,566 in 2023 and $222,189 in 2024. This represents a further 8% increase from 2022 to 2024. Interestingly, this rise occurs despite a significant jump in federal interest rates to 5.02% in 2023 and 5.33% in 2024, which would typically be expected to cool the housing market.
Looking ahead, based on historical trends and current data, we can predict that average home prices in zip code 64862 may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. We might expect average home prices to reach around $250,000 by 2029. Rent prices, which have been more stable in recent years, may see modest increases, potentially reaching an average of $650-$700 per month by 2029.
In summary, zip code 64862 has demonstrated a trend towards increased homeownership and rising home values over the past decade, even in the face of recent interest rate hikes. The resilience of the local housing market, coupled with the area's consistent population growth, suggests a continued strong demand for housing in this Missouri community.
