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Average Home Values and Ownership in Zip Code 83272: A Rural Idaho Housing Market Analysis
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
St. Charles, located in zip code 83272 in Idaho, is a small community that has experienced notable shifts in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices in this area. The homeownership rate in St. Charles has shown fluctuations over the years, with a general trend towards a slight decrease. In 2013, the homeownership rate was 83%, which increased to a peak of 96% in 2014. However, by 2022, it had settled at 86%. This trend has occurred alongside significant changes in average home prices. The average home price in 2019 was $306,943, which rose dramatically to $534,413 by 2022, representing a 74% increase over just three years.
The relationship between federal interest rates and homeownership rates in St. Charles doesn't follow the typical inverse correlation seen in many markets. Despite historically low interest rates from 2019 to 2021 (2.16% in 2019 dropping to 0.08% in 2021), homeownership rates actually decreased slightly from 87% to 86%. This suggests that other local factors may have a stronger influence on homeownership in this small community than national interest rate trends.
Renter percentages in St. Charles have shown a general increase over the years, rising from 3% in 2014 to 13% in 2022. This trend has coincided with significant fluctuations in average rent prices. In 2013, the average rent was $579, which remained relatively stable until 2017 when it nearly doubled to $1,116. By 2022, the average rent had slightly decreased to $1,098. The increase in renter percentages, despite rising rent prices, could be attributed to the even steeper rise in home prices, potentially pricing some residents out of homeownership.
As of 2024, the average home price in St. Charles stands at $537,634, showing a slight increase from the 2022 figure. This occurs in a context of higher interest rates, with the federal interest rate at 5.33% in 2024. The 2023 average home price was $519,338, indicating a recovery from a brief dip after the 2022 peak.
Looking ahead, predictive models suggest that average home prices in St. Charles may continue to rise moderately over the next five years, potentially reaching around $600,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,200 per month within the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, St. Charles has experienced significant changes in its housing market over the past decade. The most notable trends include a substantial increase in average home prices, a slight decrease in homeownership rates, and fluctuating but generally increasing average rent prices. These trends, combined with the unique characteristics of this small Idaho community, paint a picture of a dynamic local housing market that doesn't always follow national patterns.
