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Average Home Values and Ownership in Zip Code 63469: Shelbyville'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 63469, located in Shelbyville, Missouri, presents an interesting case study of homeownership and rental trends in a small Midwestern community. Over the past decade, this area has experienced fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic shifts and local market dynamics.
The homeownership rate in zip code 63469 has shown resilience, maintaining a relatively high percentage throughout the observed period. In 2013, the homeownership rate stood at 69%, and by 2022, it had increased to 74%. This upward trend in homeownership coincided with a significant rise in average home prices. In 2013, the average home price was $112,596, and by 2022, it had risen to $187,437, representing a substantial increase of 66.5% over this period.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting picture. Despite historically low interest rates from 2013 to 2016 (ranging from 0.09% to 0.40%), the homeownership rate remained relatively stable, hovering around 70%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate actually increased to 74%. This suggests that other local factors may have played a more significant role in driving homeownership in this area than national interest rate trends.
Rental trends in zip code 63469 have shown some volatility. The percentage of renters decreased from 31% in 2013 to 26% in 2022. Interestingly, average rent prices have seen significant fluctuations during this period. In 2013, the average rent was $419, which decreased to $387 in 2015 before rising again to $567 in 2022, representing a 35.8% increase from 2013 to 2022. This increase in average rent prices, coupled with a decrease in the percentage of renters, may indicate a tightening rental market or improved economic conditions enabling more residents to transition to homeownership.
Looking at the most recent data, the average home price in zip code 63469 continued to rise, reaching $189,186 in 2023 and further increasing to $203,559 in 2024. This represents a notable 8.6% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate continued growth in average home prices for zip code 63469, albeit at a potentially slower rate due to higher interest rates. Average home prices could reach approximately $230,000 to $250,000 by 2029. For average rent prices, the forecast suggests a continued upward trend, potentially reaching $650 to $700 per month by 2029, assuming current economic conditions and local market factors remain relatively stable.
In summary, zip code 63469 has demonstrated a strong preference for homeownership, with rates increasing despite rising home prices and fluctuating interest rates. The area has seen substantial growth in property values, with average home prices nearly doubling from 2013 to 2024. Rental markets have also experienced growth, with average rents increasing significantly. These trends suggest a robust local housing market, potentially driven by local economic factors and community preferences for homeownership.
