Loading Content...
Zip Code 63034: Stable Homeownership Amidst Rising Home Values in Old Jamestown, Missouri
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Old Jamestown, located in zip code 63034 in Missouri, presents an interesting case study of homeownership and housing market trends. This suburban area has maintained a consistently high rate of homeownership over the past decade, with average home prices and rent costs showing notable fluctuations.
The homeownership rate in Old Jamestown has remained remarkably stable, hovering around 93% from 2013 to 2021. However, there was a slight decrease to 91% in 2022. This high rate of homeownership coincides with a general upward trend in average home prices. In 2013, the average home price was $142,351, which steadily increased to $253,822 by 2022, representing a substantial 78.3% increase over this period. The most significant jump occurred between 2020 and 2021, with average home prices rising from $194,627 to $225,016, a 15.6% increase in just one year.
Federal interest rates appear to have influenced homeownership rates in Old Jamestown, albeit to a limited extent given the already high ownership percentages. From 2013 to 2015, when interest rates were exceptionally low (0.11% to 0.13%), homeownership remained stable at 93%. As interest rates began to rise from 2016 onwards, reaching 2.16% in 2019, homeownership rates showed minimal fluctuation, maintaining at 93-94%. The slight dip to 91% in 2022 coincided with a sharp increase in interest rates to 1.68%, potentially indicating a minor impact on homebuying decisions.
Renter percentages in Old Jamestown have remained relatively low, ranging from 5% to 9% between 2013 and 2022. Interestingly, as the renter population increased slightly, so did the average rent prices. In 2013, the average rent was $1,181, which rose to $1,501 by 2022, a 27.1% increase. The most significant jump in rent prices occurred between 2018 and 2019, increasing from $1,256 to $1,500, a 19.4% rise. This increase in rent prices coincided with a slight population decrease from 18,350 in 2018 to 18,342 in 2019, suggesting that factors other than population growth were driving rent increases.
In 2023 and 2024, the housing market in Old Jamestown continued to evolve. The average home price in 2023 reached $261,812, a 3.1% increase from 2022. In 2024, it further increased to $263,719, showing a slower growth rate of 0.7%. Notably, federal interest rates rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which may have contributed to the deceleration in home price growth.
Looking ahead, based on historical trends and current market conditions, we can project potential scenarios for the next five years. Average home prices may continue to rise, but at a more moderate pace, potentially reaching around $290,000 by 2029. Rent prices could follow a similar trajectory, potentially increasing to approximately $1,700 by 2029. However, these projections are subject to various economic factors and local market conditions.
In summary, Old Jamestown in zip code 63034 has maintained a high rate of homeownership despite significant increases in average home prices. The rental market, while smaller, has seen steady growth in both occupancy and prices. The recent slowdown in home price appreciation, coupled with rising interest rates, suggests a potential shift towards a more balanced housing market in the coming years.
