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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 63122, located in Kirkwood, Missouri, showcases an interesting mix of homeownership and rental trends over the past decade. This suburban area has experienced notable fluctuations in its housing market, with a general trend towards increasing average home prices and relatively stable homeownership rates.
The homeownership rate in zip code 63122 has remained relatively steady, with minor fluctuations between 77% and 80% from 2013 to 2022. During this period, average home prices have shown a consistent upward trend. In 2013, the average home price was $270,672, which steadily increased to $435,656 by 2022, representing a substantial 61% increase over nine years. This trend suggests a strong correlation between rising property values and sustained homeownership rates in the area.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 63122. For instance, in 2013, when interest rates were at a low 0.11%, the homeownership rate was 80%. As interest rates gradually increased to 1.83% by 2018, there was a slight decrease in homeownership to 78%. However, the area maintained a relatively high homeownership rate even as interest rates fluctuated, indicating other factors such as local economic conditions and housing demand also influenced homeownership decisions.
Renter percentages in zip code 63122 have shown a slight increase from 20% in 2013 to 22% in 2022, correlating with changes in average rent prices. The average rent in 2013 was $1,337, which fluctuated over the years, reaching $1,392 in 2022. This represents a modest 4.1% increase over nine years. The relatively stable rental market, combined with the area's growing population from 38,101 in 2013 to 40,218 in 2022, suggests a balanced demand for both owned and rented properties in the zip code.
Looking at the most recent data, average home prices in zip code 63122 continued to rise, reaching $460,205 in 2023 and $473,616 in 2024. This represents a 5.6% increase from 2022 to 2023 and a further 2.9% increase from 2023 to 2024. Concurrently, federal interest rates have significantly increased to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 63122 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project average home prices could reach approximately $520,000 to $550,000 by 2029. Average rent prices are also expected to increase, potentially reaching $1,500 to $1,600 per month by 2029, reflecting ongoing demand for rental properties in the area.
In summary, zip code 63122 demonstrates a robust housing market with steadily increasing average home prices and a strong preference for homeownership. The area has maintained a high rate of owner-occupied housing despite fluctuations in interest rates and rising property values. The rental market, while smaller, shows steady growth, indicating a diverse and dynamic housing ecosystem in this Missouri suburb.