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Rising Home Values and Stable Ownership in Ballwin, Zip Code 63021: A Decade of 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 63021, located in Ballwin, Missouri, is a suburban area known for its high homeownership rates and stable real estate market. Over the past decade, this zip code has experienced subtle shifts in ownership percentages and more pronounced changes in average home and rent prices.
The homeownership rate in zip code 63021 has remained relatively stable, with a slight decrease from 83% in 2018 to 81% in 2022. During this same period, average home prices have shown a significant upward trend. In 2010, the average home price was $215,689, which increased to $333,875 by 2022, representing a 54.8% increase over 12 years. This trend suggests that despite rising home prices, the area has maintained a strong appeal for homeowners.
Federal interest rates have played a role in homeownership trends. From 2010 to 2021, interest rates remained historically low, ranging from 0.08% to 2.16%. This period of low interest rates coincided with the area's high homeownership rates, as favorable financing conditions made homeownership more accessible. However, the slight decrease in homeownership from 2021 to 2022 (82% to 81%) occurred as interest rates began to rise, reaching 1.68% in 2022.
Renter percentages in zip code 63021 have shown a gradual increase, rising from 16% in 2013 to 19% in 2022. This trend has been accompanied by fluctuations in average rent prices. In 2013, the average rent was $1,224, which increased to $1,339 by 2021, representing a 9.4% increase over eight years. However, there was a slight decrease to $1,277 in 2022. The population has remained relatively stable during this period, with 56,233 residents in 2020 and 55,851 in 2022, suggesting that changes in renter percentages and rent prices are not primarily driven by population changes.
In 2023 and 2024, the real estate market in zip code 63021 continued to evolve. Average home prices reached $350,123 in 2023 and further increased to $360,611 in 2024, representing a 3% year-over-year growth. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact homeownership trends and affordability in the coming years.
Looking ahead, predictive models suggest that average home prices in zip code 63021 will continue to rise over the next five years, albeit at a potentially slower pace due to higher interest rates. We can expect average home prices to reach approximately $390,000 by 2029. Average rent prices are also projected to increase, potentially reaching around $1,450 by 2029, assuming a continuation of current trends and economic conditions.
In summary, zip code 63021 has maintained a high rate of homeownership despite significant increases in average home prices over the past decade. The area has experienced a gradual increase in renter percentages, accompanied by moderate growth in average rent prices. Recent years have seen continued growth in home values, coupled with rising interest rates, which may influence future homeownership trends and affordability in this suburban Missouri community.
