Loading Content...
St. Peters, Missouri: Rising Home Values and Steady Ownership in a Growing Suburban Hub
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
St. Peters, Missouri, is a thriving suburban city located in St. Charles County, known for its excellent parks and recreation facilities. With a population of 95,629 in 2022 and covering an area of 22.46 square miles, St. Peters has experienced steady growth over the past decade. The city has maintained a high rate of homeownership, while average home prices and rent have shown notable fluctuations. The homeownership rate in St. Peters has remained relatively stable, ranging from 82% to 84% between 2013 and 2022. During this period, average home prices have shown a significant upward trend. In 2013, the average home price was $150,364, which steadily increased to $273,391 by 2022, representing an impressive 81.8% growth over nine years. This trend suggests a strong correlation between the stable homeownership rates and the rising property values in the city.
Federal interest rates have played a crucial role in shaping homeownership trends in St. Peters. From 2013 to 2016, interest rates remained historically low, ranging from 0.09% to 0.40%. During this period, homeownership rates in St. Peters held steady at around 82-84%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates in the city remained resilient, demonstrating the strong desire for homeownership among St. Peters residents despite changing economic conditions.
Renter percentages in St. Peters have remained relatively low, fluctuating between 16% and 18% from 2013 to 2022. Average rent prices have shown some variability during this period. In 2013, the average rent was $1,210, which peaked at $1,202 in 2015 and 2017 before gradually decreasing to $1,168 in 2022. This slight decline in average rent prices, coupled with the city's population growth from 90,677 in 2013 to 95,629 in 2022, suggests that the rental market in St. Peters has remained competitive and relatively affordable for residents.
In 2023, the average home price in St. Peters reached $290,533, representing a 6.3% increase from 2022. This upward trend continued into 2024, with average home prices rising to $300,902, a further 3.6% increase. Concurrently, federal interest rates climbed to 5.02% in 2023 and 5.33% in 2024, marking a significant shift from the low-interest environment of previous years.
Looking ahead, based on historical trends and current market conditions, we can project that average home prices in St. Peters are likely to continue their upward trajectory over the next five years, albeit at a potentially slower pace due to higher interest rates. Average home prices could potentially reach around $350,000 by 2029. Average rent prices, which have shown more stability, may see moderate increases, potentially reaching approximately $1,300 by 2029, as demand for rental properties could increase if higher interest rates impact homeownership affordability.
In summary, St. Peters has demonstrated a robust housing market characterized by high homeownership rates and steadily increasing property values. The city's ability to maintain stable homeownership levels despite rising home prices and fluctuating interest rates indicates a strong local economy and desirable living conditions. While the rental market has remained relatively affordable, future trends suggest potential for growth in both the homeownership and rental sectors, reflecting the city's continued appeal to residents and investors alike.
