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Average Home Values and Ownership in Imperial, Missouri Zip Code 63052: A Decade of Housing Market Evolution
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 63052, located in Imperial, Missouri, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing population and fluctuating homeownership rates, accompanied by rising average home prices and rent costs.
The homeownership rate in zip code 63052 has shown a slight overall decline from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate was 86%, which decreased to 83% by 2022. This trend coincides with a significant increase in average home prices, rising from $171,318 in 2013 to $275,685 in 2022, representing a 60.9% increase over this period. The relationship between homeownership rates and average home prices suggests that as homes became more expensive, fewer residents were able to afford homeownership.
Federal interest rates have played a role in homeownership trends in this area. For instance, the period from 2013 to 2015 saw relatively stable homeownership rates (85-86%) coinciding with very low interest rates (0.11-0.13%). As interest rates began to rise more significantly from 2016 onwards, reaching 1.68% in 2022, homeownership rates showed more volatility, ultimately settling at 83% in 2022. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
The percentage of renters in zip code 63052 has generally increased from 14% in 2013 to 17% in 2022, with a peak of 20% in 2019. Average rent prices have also shown an upward trend, rising from $968 in 2013 to $1,018 in 2022, with some fluctuations in between. The highest average rent was recorded in 2019 at $1,125, coinciding with the highest percentage of renters. This trend suggests that as the renter population grew, demand for rental properties increased, driving up average rent prices.
In 2023 and 2024, the housing market in zip code 63052 continued to evolve. The average home price reached $285,651 in 2023 and further increased to $294,122 in 2024, representing a 3.6% year-over-year growth. Simultaneously, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the area.
Looking ahead, predictive models suggest that average home prices in zip code 63052 may continue to rise over the next five years, potentially reaching around $325,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,200 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, zip code 63052 has experienced a gradual shift towards more renters, with homeownership rates slightly decreasing as average home prices have significantly increased. The interplay between federal interest rates, housing prices, and rental market dynamics has shaped the residential landscape of this area, with trends pointing towards continued growth in both home values and rental costs in the coming years.
