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High Home Values and Stable Ownership: A Decade of Growth in Zip Code 63124, Ladue's Affluent Enclave
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 63124, located in Ladue, Missouri, is a thriving suburban area known for its affluent neighborhoods and high-quality living standards. Over the past decade, this area has experienced notable fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 63124 has remained relatively stable, hovering around 78-80% between 2013 and 2022. However, there have been subtle shifts that correlate with changes in average home prices. In 2013, the homeownership rate was 78%, with average home prices at $688,829. As average home prices steadily increased to $793,721 in 2018, the homeownership rate remained consistent at 78%. Interestingly, when average home prices surged to $1,013,428 in 2022, the homeownership rate slightly increased to 79%, suggesting a resilient local market where rising prices did not significantly deter homeownership.
Federal interest rates have played a role in shaping homeownership trends in zip code 63124. During periods of low interest rates, such as from 2013 to 2016 when rates were below 0.5%, the area maintained a stable homeownership rate of around 77-78%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), the homeownership rate actually increased slightly to 80% in 2019, possibly indicating that local buyers were motivated to purchase homes before rates climbed further.
Renter percentages in zip code 63124 have remained relatively low, fluctuating between 20-25% from 2013 to 2022. Average rent prices, however, have shown a more volatile trend. In 2013, the average rent was $1,121, which increased to $1,528 by 2019, representing a 36% increase over six years. Interestingly, in 2020, despite a slight increase in the renter percentage to 25%, the average rent decreased to $1,322. This could be attributed to the economic impacts of the COVID-19 pandemic. By 2022, the average rent had risen slightly to $1,332, while the renter percentage returned to 21%, suggesting a stabilization in the rental market.
In 2023 and 2024, zip code 63124 continued to see growth in average home prices. The average home price reached $1,065,285 in 2023 and further increased to $1,112,748 in 2024. This represents a significant 9.8% increase from 2022 to 2024. Concurrently, federal interest rates rose sharply to 5.02% in 2023 and 5.33% in 2024, potentially impacting home affordability and market dynamics in the area.
Looking ahead, based on historical trends and current market conditions, we can forecast potential 5-year trends for average home and rent prices in zip code 63124. Assuming a continuation of the current growth rate, average home prices could potentially reach around $1,350,000 to $1,400,000 by 2029. For average rent prices, if the modest growth trend persists, we might see prices in the range of $1,500 to $1,600 per month by 2029.
In summary, zip code 63124 has demonstrated a robust housing market with consistently high homeownership rates despite significant increases in average home prices. The area has shown resilience to rising interest rates and maintained a stable, albeit small, rental market. The recent surge in both home prices and interest rates suggests a dynamic market that continues to attract high-value properties and affluent residents. As we move forward, the interplay between these factors will likely continue to shape the housing landscape in this desirable Missouri suburb.
