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Average Home Values and Ownership in Zip Code 63670: Grayhawk's Stable Homeownership Amid Rising Prices
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
DATA SOURCE
United States Census Bureau: American Community Survey Data (ACS)
Zillow: Zillow Home Value Index (ZHVI)
Zip code 63670, located in Grayhawk, Missouri, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing homeownership and rising average home prices, with some fluctuations in recent years.
The homeownership rate in zip code 63670 has shown a slight overall increase from 2013 to 2022. In 2013, the homeownership rate was 80%, and by 2022, it had reached 78%. During this period, average home prices demonstrated a significant upward trend. In 2016, the average home price was $131,409, and by 2022, it had risen to $187,030, representing a substantial increase of 42.3% over six years.
Federal interest rates have played a role in homeownership trends in zip code 63670. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%. During this time, homeownership rates remained relatively stable, hovering around 78-80%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a slight dip in homeownership to 75% in 2017, followed by a recovery to 78% by 2022. This suggests that while interest rates influence homeownership, other local factors may also play a significant role in this zip code.
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Renter percentages in zip code 63670 have fluctuated inversely to homeownership rates, ranging from 20% in 2013 to 22% in 2022. Average rent prices have shown an overall upward trend, with some variability. In 2013, the average rent was $703, increasing to $857 in 2022, a 21.9% rise over nine years. The population of the zip code has also grown during this period, from 11,727 in 2013 to 12,381 in 2022, potentially contributing to the increased demand for rental properties and the subsequent rise in rent prices.
Looking at the most recent data, the average home price in zip code 63670 reached $196,425 in 2023 and further increased to $202,729 in 2024. This represents a 5% increase from 2022 to 2023 and a 3.2% increase from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting home buying decisions in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 63670 will continue to rise, albeit at a more moderate pace. Based on historical data and current trends, we project average home prices could reach approximately $230,000 to $240,000 by 2029. For rent prices, the forecast suggests a continued upward trend, potentially reaching an average of $950 to $1,000 per month by 2029.
In summary, zip code 63670 has experienced a general trend of increasing homeownership rates and rising average home prices over the past decade. Despite fluctuations in federal interest rates, the area has maintained relatively stable homeownership levels. The rental market has seen steady growth in both demand and prices, aligning with population increases. The recent surge in home prices and interest rates in 2023 and 2024 suggests a dynamic housing market that continues to evolve. Future projections indicate continued growth in both home values and rent prices, reflecting the area's ongoing development and attractiveness to residents.
