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Average Home Values and Ownership in Zip Code 63373: Portage Des Sioux's Resilient Housing Market
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 63373, located in Portage Des Sioux, Missouri, presents an interesting case study of homeownership and housing market trends. This area has experienced significant fluctuations in its ownership rates and housing prices over the past decade, reflecting broader economic shifts and local market dynamics.
The homeownership rate in zip code 63373 has shown a remarkable upward trend, particularly in recent years. In 2013, the ownership rate stood at 86%, but by 2022, it had climbed to an impressive 94%. This 8 percentage point increase indicates a strong preference for homeownership in the area. Concurrently, average home prices have seen substantial growth. In 2013, the average home price was $101,907, which steadily increased to $194,036 by 2022, representing a 90.4% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting dynamic. Despite the general trend of lower interest rates encouraging homeownership, this area saw its highest ownership rates during periods of rising interest rates. For instance, the ownership rate increased from 82% in 2017 to 94% in 2022, while interest rates rose from 1% to 1.68% during the same period. This suggests that local factors may have a stronger influence on homeownership decisions in this area than national interest rate trends.
Renter percentages in zip code 63373 have shown a significant decline, mirroring the increase in homeownership. The renter-occupied percentage dropped from 17% in 2017 to just 5% in 2022. Interestingly, despite this decline in renters, average rent prices have generally increased. The average rent rose from $1,067 in 2017 to $1,068 in 2022, with some fluctuations in between. This trend suggests that while fewer people are renting, those who do are paying higher prices, possibly due to limited rental inventory or improved quality of available rentals.
Looking at the most recent data, the average home price in zip code 63373 reached $210,206 in 2023 and further increased to $219,304 in 2024. This represents a 4.3% year-over-year increase, indicating continued growth in the local housing market. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the housing market in this area appears to remain robust.
Applying predictive models to forecast 5-year trends, we anticipate continued growth in average home prices for zip code 63373. Based on historical data and current market conditions, average home prices could potentially reach around $260,000 to $280,000 by 2029. For rent prices, the forecast suggests a more moderate increase, potentially reaching an average of $1,150 to $1,200 per month in the same timeframe.
In summary, zip code 63373 has demonstrated a strong trend towards homeownership, with ownership rates increasing significantly over the past decade. This shift has been accompanied by substantial growth in average home prices, even in the face of rising interest rates. The rental market, while shrinking in terms of occupancy, has maintained stable to slightly increasing rent prices. These trends suggest a robust and desirable housing market in this area, with a clear preference for homeownership among residents.
