Renter percentages in zip code 62063 have generally decreased as homeownership increased. In 2013, renters made up 19% of the population, which decreased to 13% by 2022. Interestingly, average rent prices have shown an upward trend despite the declining renter population. The average rent increased from $674 in 2013 to $772 in 2022, a 14.5% rise. This increase in rent prices, coupled with the area's fluctuating population (1,173 in 2013 to 1,098 in 2022), suggests a tightening rental market despite the overall preference for homeownership.

In 2023 and 2024, the housing market in zip code 62063 continued its upward trajectory. The average home price reached $139,788 in 2023 and further increased to $141,481 in 2024, representing a 2.6% and 1.2% year-over-year growth, respectively. This growth occurred despite significantly higher federal interest rates of 5.02% in 2023 and 5.33% in 2024, indicating a robust local housing market that has remained resilient in the face of increased borrowing costs.

Looking ahead, predictive models suggest that the average home prices in zip code 62063 are likely to continue their upward trend over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices are also expected to increase, driven by the limited rental supply and the overall appreciation of property values in the area.

In summary, zip code 62063 has demonstrated a strong preference for homeownership, with rates increasing from 81% to 87% between 2013 and 2022. This trend has been accompanied by substantial growth in average home prices, rising from $105,435 in 2018 to $141,481 in 2024. Despite higher interest rates in recent years, the local housing market has shown resilience, with continued price appreciation. The rental market, though smaller, has seen increasing average rents, reflecting a tightening supply for renters. These trends collectively paint a picture of a community with a strong housing market and a continued preference for homeownership.