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Rising Home Values and Stable Ownership in Zip Code 63376: St. Peters's 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
The zip code 63376, located in St. Peters, Missouri, has experienced notable changes in homeownership rates and property values over the past decade. This area has maintained a high rate of homeownership, with average home prices showing a significant upward trend.
From 2013 to 2022, the homeownership rate in zip code 63376 remained relatively stable, fluctuating between 84% and 86%. During this period, average home prices demonstrated a substantial increase. In 2013, the average home price was $154,758, and by 2022, it had risen to $280,131, representing an impressive 81% increase over nine years. This trend suggests a strong correlation between the steady homeownership rates and the rising property values in the area.
The relationship between federal interest rates and homeownership rates in zip code 63376 appears to be less pronounced compared to national trends. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 1.68%), homeownership rates remained relatively constant. This suggests that other local factors may have had a more significant influence on homeownership in this area than interest rates alone.
Renter percentages in zip code 63376 have remained relatively low, fluctuating between 14% and 16% from 2013 to 2022. Interestingly, average rent prices showed some volatility during this period. In 2013, the average rent was $1,240, reaching a peak of $1,262 in 2017 before declining to $1,162 in 2022. This represents a slight overall decrease of 6.3% in average rent prices over the nine-year period. The stable renter percentage, combined with the fluctuating rent prices, may indicate a balanced rental market in the area.
Looking at the most recent data, the average home price in zip code 63376 continued its upward trajectory, reaching $296,887 in 2023 and further increasing to $307,255 in 2024. This represents a 9.7% increase from 2022 to 2024. Simultaneously, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership trends and property values in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 63376 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project that by 2029, average home prices could reach approximately $350,000 to $375,000, assuming a moderated annual growth rate of 2.5% to 4%. For rent prices, we expect a gradual increase over the next five years, potentially reaching an average of $1,300 to $1,350 per month by 2029, based on historical trends and accounting for inflation.
In summary, zip code 63376 has maintained a high and stable rate of homeownership while experiencing significant growth in average home prices. The area has shown resilience in its housing market, with steady homeownership rates despite fluctuations in interest rates and economic conditions. The rental market has remained relatively stable, with modest changes in both renter percentages and average rent prices. As we look to the future, the housing market in this zip code is poised for continued growth, albeit potentially at a more moderate pace due to rising interest rates and broader economic factors.
