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Average Home Values and Ownership in Zip Code 63136: A Decade of Transition in Jennings, Missouri
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
Zip code 63136, located in Jennings, Missouri, has experienced significant demographic and housing market shifts over the past decade. This area has seen a notable transition from a predominantly owner-occupied community to one with a higher proportion of renters, alongside fluctuating average home prices and rent values.
The homeownership rate in zip code 63136 has steadily declined from 55% in 2013 to 44% in 2022. This downward trend coincides with changes in average home prices. In 2013, the average home price was $38,829, which dropped to its lowest point of $35,288 in 2015. However, from 2015 onwards, home prices began to rise, reaching $78,007 by 2022. Despite this increase in home values, the percentage of homeowners continued to decrease, suggesting that rising prices may have made homeownership less attainable for residents.
Federal interest rates have played a role in shaping homeownership trends. From 2013 to 2015, when interest rates were exceptionally low (0.11% to 0.13%), homeownership rates remained relatively stable. However, as interest rates began to climb from 2016 onwards, reaching 1.68% in 2022, homeownership rates continued to decline. This suggests that while low interest rates initially supported homeownership, other factors such as increasing home prices and potentially stagnant incomes may have outweighed the benefits of affordable financing.
As homeownership declined, the percentage of renters in zip code 63136 increased from 45% in 2013 to 56% in 2022. During this period, average rent prices showed a general upward trend, rising from $953 in 2013 to $937 in 2022, with some fluctuations in between. The peak average rent of $1,001 was observed in 2021. The increasing renter population, coupled with rising rent prices, indicates a growing demand for rental properties in the area.
In 2023 and 2024, the housing market in zip code 63136 showed signs of stabilization. The average home price in 2023 was $79,014, a slight increase from 2022. However, in 2024, there was a modest decrease to $74,950. This recent trend occurs in the context of significantly higher federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These higher interest rates may be contributing to the cooling of home price growth in the area.
Looking ahead, predictive models suggest that average home prices in zip code 63136 may continue to experience moderate growth over the next five years, albeit at a slower pace than observed in the 2015-2022 period. Average rent prices are likely to follow a similar trajectory, with modest increases expected. However, if the current high interest rate environment persists, it could potentially dampen home price appreciation and may lead to a stabilization or even slight decrease in homeownership rates.
In summary, zip code 63136 has undergone a significant shift from a majority homeowner community to one with a higher proportion of renters. This change has occurred alongside fluctuating home prices and gradually increasing rent values. The interplay between federal interest rates, home prices, and affordability has likely contributed to these trends. As the area moves forward, it will be crucial to monitor how these factors continue to shape the local housing market and community composition.
