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Average Home Values and Ownership in Zip Code 64501: A Decade of Change in St. Joseph, 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 64501, located in St. Joseph, Missouri, has experienced significant shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend of decreasing homeownership and increasing average home and rent prices, reflecting broader economic changes and local market dynamics.
The homeownership rate in zip code 64501 has shown a general decline from 2013 to 2022. In 2013, the area had a homeownership rate of 48%, which decreased to 40% by 2020. However, there was a slight recovery to 44% by 2022. This trend coincides with fluctuations in average home prices. The average home price in 2013 was $70,112, which remained relatively stable until 2020 when it increased to $74,739. From 2020 to 2022, there was a substantial jump in average home prices, reaching $93,029 in 2022, representing a 24.5% increase over this two-year period.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, the period from 2013 to 2016 saw relatively low interest rates (0.11% to 0.40%), yet homeownership rates declined from 48% to 43%. This suggests that other local factors may have had a stronger influence on homeownership than interest rates alone. However, the slight increase in homeownership from 40% in 2020 to 44% in 2022 occurred despite rising interest rates, possibly indicating improved local economic conditions or increased housing affordability relative to renting.
The rental market in zip code 64501 has shown interesting trends. The percentage of renters increased from 52% in 2013 to a peak of 60% in 2020, before slightly decreasing to 56% in 2022. Average rent prices have generally increased over this period, rising from $725 in 2013 to $769 in 2022, a 6.1% increase. Notably, there was a significant spike in average rent to $900 in 2021, followed by a decrease to $769 in 2022. This fluctuation could be attributed to various factors, including changes in local housing supply, economic conditions, or shifts in population demographics.
In 2023 and 2024, the housing market in zip code 64501 continued to evolve. The average home price reached $96,576 in 2023 and further increased to $99,371 in 2024, representing a 3.8% and 2.9% year-over-year growth, respectively. This continued appreciation occurred despite relatively high federal interest rates of 5.02% in 2023 and 5.33% in 2024, suggesting strong local demand for housing or limited supply in the area.
Looking ahead, based on historical trends and current market conditions, we can project potential scenarios for the next five years. Average home prices in zip code 64501 may continue to appreciate, potentially reaching around $115,000 to $120,000 by 2029, assuming a moderate annual growth rate of 3-4%. Average rent prices could also see steady increases, potentially reaching $850 to $900 per month by 2029, factoring in historical growth patterns and accounting for potential market fluctuations.
In summary, zip code 64501 has experienced a shift towards a higher proportion of renters over the past decade, with a recent slight reversal of this trend. Average home prices have shown significant appreciation, particularly since 2020, while rent prices have generally increased with some volatility. The area's housing market has demonstrated resilience and growth, even in the face of rising interest rates, suggesting underlying strength in local demand for both owned and rented properties.
