Loading Content...
Stability and Growth: Average Home Values and Ownership in Zip Code 63040, Wildwood's Owner-Occupied Haven
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 63040, located in Wildwood, Missouri, is a suburban area known for its high homeownership rates and relatively stable housing market. Over the past decade, this zip code has experienced fluctuations in both ownership percentages and average home prices, while maintaining a consistently low percentage of renters.
The homeownership rate in zip code 63040 has remained relatively stable, ranging from 87% to 90% between 2013 and 2022. This high rate of homeownership coincides with a steady increase in average home prices. In 2013, the average home price was $264,813, and it rose consistently to reach $412,962 by 2022, representing a 56% increase over this period. Notably, the most significant jump occurred between 2020 and 2021, when average home prices increased from $337,807 to $373,870, a 10.7% rise in a single year.
The relationship between federal interest rates and homeownership rates in this zip code appears to be somewhat inverse. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.09% to 0.40%), homeownership rates remained high at around 88-90%. As interest rates began to rise more significantly from 2017 to 2019 (1.00% to 2.16%), homeownership rates remained relatively stable, only dipping slightly to 87% in 2019. This suggests that other factors, such as the desirability of the area or local economic conditions, may have a stronger influence on homeownership in this zip code than interest rates alone.
The percentage of renters in zip code 63040 has remained consistently low, ranging from 9% to 12% between 2013 and 2022. Despite this small renter population, average rent prices have shown a general upward trend. In 2013, the average rent was $1,198, which increased to $1,369 by 2022, representing a 14.3% increase over this period. The highest average rent was recorded in 2021 at $1,415. It's worth noting that the population in this zip code has remained relatively stable, fluctuating between 7,899 and 8,256 residents during this period, which may contribute to the steady rental market.
As of 2023 and 2024, the housing market in zip code 63040 continues to show strength. The average home price in 2023 reached $436,640, a 5.7% increase from 2022. In 2024, the average home price further increased to $451,586, representing a 3.4% growth from the previous year. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the housing market in this zip code appears to be maintaining its upward trajectory.
Looking ahead, predictive models suggest that the average home prices in zip code 63040 are likely to continue their upward trend over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase moderately, reflecting the area's stable population and consistently low supply of rental properties.
In summary, zip code 63040 demonstrates a robust housing market characterized by high homeownership rates, steadily increasing average home prices, and a small but stable rental market. The area has shown resilience to fluctuations in federal interest rates, suggesting strong local demand for homeownership. As the market continues to evolve, it will be important to monitor how these trends develop, particularly in light of recent interest rate increases and their potential impact on home affordability and ownership rates.
