Zip code 62957, encompassing East Cape Girardeau in Illinois, presents an intriguing case study of housing trends in a small Midwestern community. Over the past decade, this area has experienced notable fluctuations in homeownership rates and housing prices, reflecting broader economic and demographic shifts. From 2013 to 2022, the homeownership rate in zip code 62957 showed overall stability with some fluctuations. It started at 74% in 2013, peaked at 77% in 2017 and 2018, and then settled at 76% in 2022. This relatively high rate of homeownership suggests a strong preference for property ownership in the community. Interestingly, during this period, average home prices saw significant changes. The average home price in 2021 was $70,838, which then decreased to $62,857 in 2022, representing a decline of about 11.3% in just one year.

The relationship between federal interest rates and homeownership rates in this zip code doesn't follow a clear pattern. For instance, despite historically low interest rates from 2013 to 2016 (ranging from 0.09% to 0.4%), homeownership rates remained relatively stable. However, the slight increase in homeownership from 73% in 2016 to 77% in 2017 coincided with a rise in interest rates from 0.4% to 1%, which is contrary to the typical expectation that lower rates encourage homeownership.

Renter percentages in zip code 62957 have shown some variability, ranging from a low of 23% in 2017 and 2018 to a high of 30% in 2021. Average rent prices have fluctuated as well, with a general upward trend. In 2013, the average rent was $790, which decreased to $727 in 2017 before rising again to $808 in 2022. This represents an overall increase of about 2.3% from 2013 to 2022, despite some intervening decreases. It's worth noting that the population of the area has been declining, from 1,373 in 2010 to 764 in 2022, which may have influenced both rental demand and pricing dynamics.