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Rising Home Values and Ownership in Zip Code 63601: Park Hills' 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 63601, located in Park Hills, Missouri, presents an interesting case study in real estate trends. This area has experienced notable fluctuations in homeownership rates and property values over the past decade. The ownership percentage has shown a gradual increase, while average home prices have seen significant growth, particularly in recent years. Average rent prices have also experienced moderate changes, reflecting the dynamic nature of the local housing market.
The homeownership rate in zip code 63601 has shown a steady upward trend, increasing from 65% in 2013 to 68% in 2022. This growth in homeownership coincides with a substantial rise in average home prices. In 2011, the average home price was $58,088, which more than doubled to $129,515 by 2022. The most dramatic increase occurred between 2020 and 2022, with average home prices jumping from $91,565 to $129,515, representing a 41.4% increase in just two years.
Federal interest rates have played a significant role in shaping homeownership trends in the area. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1-0.4%. During this time, homeownership rates remained relatively stable at around 61-65%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates continued to climb, reaching 68% in 2022. This suggests that despite rising interest rates, other factors such as local economic conditions and housing market dynamics may have had a stronger influence on homeownership decisions in this zip code.
The renter percentage in zip code 63601 has fluctuated over the years, showing an inverse relationship with homeownership rates. In 2013, the renter percentage was 32%, which increased to 37% in 2014 and 2015. However, it gradually decreased to 32% by 2022. Average rent prices have shown moderate variability, rising from $624 in 2013 to a peak of $728 in 2021, before slightly decreasing to $678 in 2022. The population of the zip code has remained relatively stable, with 17,692 residents in 2022, suggesting that changes in rent prices are more likely influenced by local economic factors rather than significant population shifts.
In 2023 and 2024, the housing market in zip code 63601 continued its upward trajectory. The average home price reached $138,297 in 2023 and further increased to $146,302 in 2024, representing a 5.8% year-over-year growth. This growth occurred despite a sharp increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These figures indicate a robust local housing market that has maintained momentum even in the face of higher borrowing costs.
Looking ahead, predictive models suggest that the upward trend in average home prices is likely to continue over the next five years, albeit at a potentially slower pace due to the current high interest rate environment. Average home prices could potentially reach around $170,000 to $180,000 by 2029. Rent prices are also expected to increase moderately, potentially reaching an average of $750 to $800 per month in the same timeframe, assuming current economic conditions persist.
The most significant discoveries in zip code 63601 include the steady increase in homeownership rates despite rising interest rates, the substantial growth in average home prices, particularly since 2020, and the relative stability of the rental market. The area has demonstrated resilience in its housing market, with continued price appreciation even in the face of higher interest rates in 2023 and 2024. These trends suggest a strong local real estate market with potential for further growth, although the pace may moderate due to economic factors and affordability concerns.
