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Average Home Values and Ownership in Zip Code 47272: St. Paul's Resilient Housing Market
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 47272, located in St. Paul, Indiana, presents an interesting case study in homeownership and housing market trends. Over the past decade, this area has experienced fluctuations in both ownership rates and housing prices, reflecting broader economic shifts and local dynamics.
The homeownership rate in zip code 47272 has remained relatively stable, hovering around 80% from 2013 to 2022. In 2013, the ownership rate was 78%, and by 2022 it stood at 79%. During this period, average home prices showed a consistent upward trend. In 2013, the average home price was $95,520, which steadily increased to $178,412 by 2022, representing a substantial 86.8% growth over nine years.
Examining the relationship between federal interest rates and homeownership rates reveals some interesting patterns. Despite the federal interest rate rising from 0.11% in 2013 to 1.68% in 2022, the homeownership rate in zip code 47272 remained relatively stable. This suggests that other local factors may have played a more significant role in maintaining high homeownership rates in this area, potentially including strong community ties or favorable local economic conditions.
Renter percentages in zip code 47272 have shown slight variations, ranging from 18% to 24% between 2013 and 2022. The average rent prices have also experienced fluctuations during this period. In 2013, the average rent was $727, which increased to $940 by 2021, representing a 29.3% increase. However, there was a slight decrease to $849 in 2022. It's worth noting that the population of the area has also fluctuated, peaking at 2,257 in 2016 before declining to 1,856 in 2022, which may have influenced rental market dynamics.
Moving to more recent data, in 2023, the average home price in zip code 47272 reached $186,160, continuing the upward trend. This trend persisted into 2024, with average home prices further increasing to $197,045. Notably, these price increases occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. This suggests a strong local housing market that has remained resilient in the face of higher borrowing costs.
Looking ahead, based on the historical data and current trends, we can project continued growth in both average home prices and rent prices over the next five years. Home prices are likely to continue their upward trajectory, potentially reaching around $240,000 by 2029. Rent prices may also see steady increases, potentially rising to approximately $1,100 per month in the same timeframe. However, these projections assume relatively stable economic conditions and continued demand in the area.
In summary, zip code 47272 has demonstrated a robust and stable housing market over the past decade. The area has maintained high homeownership rates despite fluctuating interest rates and has seen significant appreciation in home values. While the rental market has shown some volatility, it has generally trended upward. The resilience of the local housing market, even in the face of rising interest rates, suggests a strong underlying demand for housing in this Indiana town.
