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Average Home Values and Ownership in ZIP Code 63379: Troy'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 63379, located in Troy, Missouri, has experienced significant demographic and housing market changes over the past decade. This area has seen a steady increase in population and homeownership rates, coupled with fluctuating average home prices and rent costs.
The ownership percentage in zip code 63379 has shown a general upward trend, rising from 73% in 2016 to 78% in 2022. This increase in homeownership coincides with a substantial rise in average home prices, which grew from $164,738 in 2016 to $270,686 in 2022, representing a 64% increase over six years. This trend suggests a strong correlation between rising home values and increased homeownership rates in the area.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 63379. The period from 2016 to 2020 saw relatively low interest rates, ranging from 0.4% to 2.16%, which likely contributed to the increase in homeownership from 73% to 79% during this time. As interest rates rose sharply to 1.68% in 2022, we observe a slight dip in homeownership to 78%, illustrating the inverse relationship between interest rates and homeownership rates.
Renter percentages in zip code 63379 have fluctuated inversely to homeownership rates, decreasing from 25% in 2016 to 22% in 2022. Interestingly, average rent prices have shown an overall upward trend despite the decreasing renter population. Average rent increased from $929 in 2016 to $966 in 2022, with a peak of $1,020 in 2019. This trend suggests that even with fewer renters, demand for rental properties remained strong, possibly due to the growing population in the area, which increased from 23,760 in 2016 to 27,195 in 2022.
In 2023 and 2024, the housing market in zip code 63379 continued to evolve. Average home prices reached $278,484 in 2023 and further increased to $285,468 in 2024, showing a consistent upward trend. Simultaneously, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions and affordability in the area.
Looking ahead, predictive models suggest that average home prices in zip code 63379 may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. We might expect average home prices to reach around $310,000 to $320,000 by 2029. Average rent prices are also projected to increase, potentially reaching $1,100 to $1,200 per month in the same timeframe, driven by ongoing population growth and housing demand in the area.
In summary, zip code 63379 has demonstrated a robust housing market with increasing homeownership rates and rising property values. The interplay between federal interest rates, population growth, and housing demand has shaped these trends. As the area continues to grow, we can expect further evolution in its housing market dynamics, with both homeownership and rental sectors likely to see continued growth and price appreciation.
