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Zip Code 64873: Rising Home Values and Strong Ownership in Rural 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
Wentworth, located in zip code 64873 in Missouri, presents an interesting case study in homeownership and housing market trends. This rural community has experienced fluctuations in its population and housing dynamics over the past decade, with a general trend towards increased homeownership.
The ownership percentage in Wentworth has shown a notable increase from 2013 to 2022. In 2013, homeownership stood at 85% and reached its peak at 91% in 2020 before settling at 86% in 2022. This trend coincides with changes in average home prices, which have seen significant growth in recent years. From 2018 to 2022, average home prices in the area rose from $146,819 to $237,217, representing a substantial increase of 61.6% over four years.
The relationship between federal interest rates and homeownership rates in Wentworth follows a generally expected pattern. As interest rates remained low from 2013 to 2021, ranging from 0.08% to 1.83%, homeownership rates maintained a high level, mostly above 82%. The slight dip in homeownership to 82% in 2017 coincided with a modest increase in interest rates to 1%. However, despite rising interest rates in 2022 (1.68%), homeownership remained strong at 86%, suggesting other local factors may have influenced housing decisions.
Renter percentages in Wentworth have fluctuated inversely to homeownership rates, as expected. The renter population decreased from 18% in 2017 to 9% in 2020, before rising slightly to 14% in 2022. The overall population of the area decreased from 950 in 2017 to 770 in 2022, which may have influenced the rental market dynamics.
In 2023 and 2024, average home prices in Wentworth continued their upward trajectory. The average home price reached $248,026 in 2023 and further increased to $254,973 in 2024. This represents a 7.5% increase from 2022 to 2024, despite significantly higher federal interest rates of 5.02% in 2023 and 5.33% in 2024. These figures suggest a robust local housing market that has maintained growth even in the face of less favorable borrowing conditions.
Looking ahead, based on the historical data and current trends, we can forecast continued growth in average home prices for Wentworth over the next five years. Assuming a similar growth rate to recent years, average home prices could potentially reach around $300,000 by 2029. However, this growth may be moderated by the higher interest rate environment. Rental trends are more difficult to predict without historical price data, but if homeownership rates remain high, we might expect rental demand and potentially rental prices to remain relatively stable or increase modestly in line with overall housing market trends.
In summary, Wentworth has demonstrated a strong preference for homeownership, with rates consistently above 80% in recent years. The local housing market has shown remarkable resilience, with significant price appreciation even during periods of population decline and rising interest rates. These trends suggest a desirable living environment in zip code 64873, with continued potential for housing market growth in the coming years.
