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Average Home Values and Ownership in Zip Code 63043: A Decade of Growth in Maryland Heights
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
Maryland Heights, located in zip code 63043 in Missouri, has experienced notable shifts in homeownership rates and property values over the past decade. This area, known for its diverse community and proximity to St. Louis, has seen interesting trends in both the ownership and rental markets.
The homeownership rate in zip code 63043 has shown resilience and growth in recent years. From 2013 to 2022, the percentage of owner-occupied homes increased from 69% to 72%. This upward trend in homeownership coincided with a significant rise in average home prices. In 2013, the average home price was $134,670, which steadily increased to $227,647 by 2022, representing a substantial 69% growth over this period.
The relationship between federal interest rates and homeownership rates in this area is noteworthy. Despite fluctuations in interest rates, homeownership in zip code 63043 remained relatively stable and even increased. For instance, when interest rates were at historic lows (0.08% in 2021), homeownership reached 73%. However, even as rates increased to 1.68% in 2022, homeownership remained strong at 72%, suggesting that other factors beyond interest rates influenced homebuying decisions in this area.
Renter percentages in zip code 63043 have shown a slight decrease, moving from 31% in 2013 to 28% in 2022. This decline in renters corresponds with an increase in average rent prices. The average rent rose from $935 in 2013 to $1,049 in 2022, an increase of about 12%. The overall population of the zip code remained relatively stable, fluctuating between 21,000 and 22,000 residents during this period.
Looking at more recent data, the average home price in zip code 63043 continued its upward trajectory, reaching $238,505 in 2023 and $246,428 in 2024. This represents a further 8.3% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homebuying trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 63043 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project the average home price could reach around $275,000 by 2029. For rent prices, the trend suggests a continued increase, potentially reaching an average of $1,200 per month by 2029, assuming economic conditions remain stable.
In summary, zip code 63043 has demonstrated a robust housing market with increasing homeownership rates and rising property values. The area has shown resilience in maintaining high homeownership levels despite fluctuating interest rates. While the rental market has seen a slight decrease in the percentage of renters, average rent prices have continued to climb. These trends suggest a strong demand for housing in this area, with a preference towards homeownership.
