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Rising Home Values and Stable Ownership in Zip Code 64504: A Decade of Housing Trends in St. Joseph, Missouri
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 64504 in St. Joseph, Missouri, presents an interesting case study of housing trends in a mid-sized Midwestern city. This area has experienced fluctuations in homeownership rates and property values over the past decade, reflecting broader economic shifts and local market dynamics. The homeownership rate in zip code 64504 has shown notable variability between 2013 and 2022. Starting at 68% in 2013, it reached a peak of 72% in 2016 before settling at 71% in 2022. This trend correlates interestingly with average home prices in the area. In 2013, the average home price was $80,876. As homeownership increased to its peak in 2016, average home prices also rose to $81,796. By 2022, with homeownership at 71%, the average home price had climbed significantly to $104,991, representing a 30% increase from 2013.
Federal interest rates have played a role in these homeownership trends. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%, which likely contributed to the increase in homeownership during this time. As interest rates began to rise more steeply from 2017 onwards, reaching 1.68% in 2022, we see a slight decline in homeownership rates, though they remained relatively high at 71%.
Renter percentages in zip code 64504 have inversely mirrored homeownership rates, decreasing from 32% in 2013 to 29% in 2022. Interestingly, average rent prices have shown a steady upward trend despite fluctuations in the renter population. In 2013, the average rent was $717, rising to $812 by 2022, an increase of about 13%. This increase in rent prices occurred even as the area's population declined from 11,664 in 2013 to 10,374 in 2022, suggesting that factors beyond population growth were driving rent increases.
Looking at more recent data, the average home price in zip code 64504 continued to rise, reaching $108,851 in 2023 and $111,462 in 2024. This upward trend persisted despite a significant increase in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024. These higher interest rates have not yet appeared to dampen home values in this area, possibly indicating strong local demand or limited housing supply.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 64504 will continue to appreciate, albeit at a potentially slower rate due to higher interest rates. We project average home prices could reach approximately $120,000 to $125,000 by 2029. For rent prices, the model suggests a continued upward trajectory, potentially reaching an average of $850 to $900 per month by 2029, assuming current economic conditions and local market factors remain relatively stable.
In summary, zip code 64504 has demonstrated resilience in its housing market, with increasing home values and rent prices despite population fluctuations. The area has maintained a relatively high homeownership rate, even in the face of rising interest rates. The continued appreciation of home values and rent prices suggests ongoing demand for housing in this St. Joseph neighborhood, potentially driven by local economic factors or the area's attractiveness to residents.
