As homeownership rates decreased, the percentage of renters in zip code 62207 naturally increased. The renter population grew from 59% in 2013 to a peak of 70% in 2020, before slightly decreasing to 64% in 2022. Average rent prices, however, did not show a consistent upward trend during this period. Rent prices fluctuated, with the highest average rent of $630 recorded in 2013 and the lowest of $536 in 2016. By 2022, the average rent had settled at $556. The lack of a strong correlation between renter percentages and rent prices suggests that other factors, such as local income levels or housing policies, may have influenced rental market dynamics.

Looking at the most recent data, average home prices in zip code 62207 were $41,829 in 2023 and $39,771 in 2024, showing a slight decrease. This trend occurs alongside higher federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These higher interest rates may contribute to cooling home prices by making mortgages more expensive for potential buyers.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 62207 may continue to experience moderate fluctuations. The recent downturn in prices could persist in the short term, potentially followed by a gradual recovery as the market adjusts to higher interest rates. Rent prices are expected to remain relatively stable with potential for slight increases, reflecting the area's high renter population and the need for affordable housing options.

In summary, zip code 62207 has experienced a shift towards a renter-majority population, with homeownership rates declining despite periods of low interest rates. Average home prices have shown volatility, with a general upward trend until recent years, while rent prices have remained relatively stable. The interplay between these factors highlights the complex dynamics of the local housing market, influenced by broader economic conditions and local demographic shifts.