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Average Home Values and Ownership in Zip Code 63117: Richmond Heights' Shifting Real Estate Landscape
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
The zip code 63117, located in Richmond Heights, Missouri, has shown interesting demographic and real estate trends over the past decade. This area has experienced fluctuations in homeownership rates and significant changes in average home and rent prices, reflecting broader economic shifts and local market dynamics.
Homeownership rates in zip code 63117 have remained relatively stable, with slight variations over the years. In 2013, the homeownership rate was 57%, which decreased slightly to 54% by 2017 and remained at that level until 2019. There was a minor increase to 56% in 2020, but by 2022, it had dipped to 53%. Concurrently, average home prices have shown a steady upward trend. In 2013, the average home price was $208,264, which increased to $247,534 by 2017, representing a 18.9% increase over four years. This upward trajectory continued, with average home prices reaching $333,134 in 2022, marking a substantial 60% increase from 2013 levels.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.09% to 0.4%), homeownership rates remained relatively stable at 54-57%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.83% in 2018 and 2.16% in 2019, homeownership rates held steady at 54%. This suggests that while low interest rates may have helped maintain homeownership levels, other factors also influenced housing decisions in this area.
Renter percentages in zip code 63117 have shown a slight increase over time, moving from 43% in 2013 to 47% in 2022. This trend aligns with the gradual decrease in homeownership rates. Average rent prices have also experienced an upward trend, albeit with some fluctuations. In 2013, the average rent was $944, which increased to $1,090 by 2017, representing a 15.5% increase. Rent prices continued to rise, reaching $1,314 in 2021, before slightly decreasing to $1,083 in 2022. This represents a 14.7% overall increase from 2013 to 2022. The population in the zip code has also grown from 8,953 in 2013 to 9,711 in 2022, potentially contributing to the increased demand for rental properties.
Looking at the most recent data, average home prices in zip code 63117 continued to rise, reaching $348,490 in 2023 and $355,767 in 2024. This represents a 4.6% increase from 2022 to 2023 and a further 2.1% increase from 2023 to 2024. Interestingly, federal interest rates also saw a significant increase, rising to 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, home prices continued to appreciate, suggesting strong demand in the local real estate market.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in both average home and rent prices for zip code 63117. Based on historical data and current market conditions, average home prices could potentially reach around $400,000 by 2029, representing an approximate 12% increase from 2024 levels. Average rent prices may also see steady growth, potentially reaching $1,400-$1,500 per month by 2029, an increase of about 30-40% from 2022 levels.
In summary, zip code 63117 has demonstrated resilience in its real estate market, with steadily increasing average home prices despite fluctuations in homeownership rates. The rental market has also shown growth, both in terms of renter percentages and average rent prices. The area's population growth and the recent continuation of price appreciation, even in the face of rising interest rates, suggest a strong local housing market with potential for further growth in the coming years.
