Loading Content...
Average Home Values and Ownership in Zip Code 63049: A Decade of Growth in High Ridge, Missouri
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 63049, located in High Ridge, Missouri, presents an interesting case study of homeownership and housing market trends. This area has maintained a consistently high rate of owner-occupied housing, with average home prices showing significant growth over the past decade. The community has experienced a steady population increase, reaching 17,410 residents in 2022.
The homeownership rate in zip code 63049 has remained remarkably stable, hovering around 86% throughout the observed period. This high rate of ownership coincides with a substantial increase in average home prices. In 2013, the average home price was $145,984, but by 2022, it had risen to $231,100, representing a 58.3% increase over nine years. This trend suggests a strong correlation between the area's consistent homeownership rates and the growing value of residential properties.
Federal interest rates have played a significant role in shaping homeownership trends in the area. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%. During this time, the homeownership rate in zip code 63049 remained stable at around 86%, indicating that low interest rates helped maintain high levels of homeownership by making mortgages more affordable. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate in the area showed resilience, remaining at 86%.
The rental market in zip code 63049 has shown interesting fluctuations. The percentage of renters has remained relatively low, ranging from 12% to 15% between 2013 and 2022. Average rent prices have seen significant variability. In 2013, the average rent was $839, which increased to a peak of $997 in 2017, representing a 18.8% rise. However, by 2022, the average rent had decreased to $959, a 3.8% drop from the 2017 peak. This trend suggests that while the rental market is smaller, it has experienced more volatility compared to the more stable homeownership market.
In 2023 and 2024, the housing market in zip code 63049 continued its upward trajectory. The average home price reached $240,166 in 2023 and further increased to $250,379 in 2024, representing a 4.3% and 8.3% increase from 2022, respectively. This growth occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, the highest levels since 2007. This suggests a robust local housing market that has maintained strength even in the face of higher borrowing costs.
Looking ahead, based on historical trends and current market conditions, we can project continued growth in both home prices and rent in zip code 63049. Average home prices are expected to maintain their upward trajectory, potentially reaching around $280,000 to $300,000 by 2029. Rent prices may also see moderate increases, potentially climbing to an average of $1,100 to $1,200 per month in the same timeframe. However, these projections assume relative stability in economic conditions and local market factors.
In summary, zip code 63049 demonstrates a remarkably stable and high rate of homeownership, coupled with steady growth in property values. The area has shown resilience to fluctuations in interest rates, maintaining its strong ownership base. While the rental market is smaller, it has experienced more variability in pricing. The continued rise in home values, even in the face of higher interest rates, suggests a robust and desirable housing market in this Missouri community.
