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Rising Home Values and Ownership Trends in Zip Code 63367: Lake St. Louis's Suburban Growth
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 63367, located in Lake St. Louis, Missouri, has experienced significant growth and changes in its housing market over the past decade. This area has seen a general trend of increasing homeownership rates, rising average home prices, and fluctuating average rent prices.
The homeownership rate in zip code 63367 has shown a notable upward trend, increasing from 83% in 2013 to 84% in 2022. This rise in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $230,420, which steadily climbed to $408,710 by 2022, representing a 77% increase over this period. The most dramatic rise occurred between 2020 and 2022, with average home prices jumping from $319,050 to $408,710, a 28% increase in just two years.
Federal interest rates have played a significant role in shaping homeownership trends in this zip code. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates corresponded with the increase in homeownership rates from 83% to 87%. However, as interest rates began to rise sharply in 2022 to 1.68%, and further to 5.02% in 2023, we observe a slight decline in homeownership to 84% in 2022, likely due to the increased cost of borrowing.
The rental market in zip code 63367 has shown interesting trends as well. The percentage of renters decreased from 16% in 2013 to 13% in 2020, before rising back to 16% in 2022. Average rent prices have fluctuated over this period, peaking at $1,447 in 2013 and generally declining to $1,154 in 2022. This trend suggests that despite the overall increase in property values, the rental market has become relatively more affordable, possibly due to increased housing supply as the population grew from 19,343 in 2013 to 26,749 in 2022.
Looking at the most recent data, average home prices in zip code 63367 continued to rise, reaching $415,418 in 2023 and $421,508 in 2024. This represents a modest increase of 1.5% from 2023 to 2024, indicating a potential slowdown in the rapid price growth observed in previous years. Concurrently, interest rates have remained high, at 5.02% in 2023 and 5.33% in 2024, which may continue to impact affordability and homeownership rates.
Applying predictive models to forecast 5-year trends, we anticipate average home prices in zip code 63367 to continue their upward trajectory, albeit at a more moderate pace. Based on historical data and current economic conditions, average home prices could potentially reach around $475,000 to $500,000 by 2029. For average rent prices, the forecast suggests a potential stabilization or slight increase, possibly reaching $1,250 to $1,300 per month by 2029, assuming economic conditions and housing supply remain relatively stable.
In summary, zip code 63367 has demonstrated strong growth in both population and housing values over the past decade. The area has maintained a high rate of homeownership despite significant increases in average home prices, likely supported by periods of low interest rates. The rental market has shown resilience, with rent prices becoming relatively more affordable compared to rising home values. As we move forward, the interplay between interest rates, housing supply, and population growth will continue to shape the housing market in this dynamic Missouri community.
