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Zip Code 63038: Rising Home Values and Stable Ownership in Wildwood, Missouri
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 63038, located in Wildwood, Missouri, is characterized by its exceptionally high homeownership rates and steadily increasing average home values. This suburban area has maintained a consistent homeownership rate of 94-95% from 2013 to 2022, demonstrating a strong preference for owner-occupied housing. During this period, the average home price in the zip code rose significantly from $354,748 in 2013 to $548,376 in 2022, representing a 54.6% increase.
The stability of homeownership rates in zip code 63038 has persisted despite fluctuations in federal interest rates. From 2013 to 2016, when interest rates were extremely low (0.11% to 0.4%), the homeownership rate remained steady at 94-95%. This high rate of ownership continued even as interest rates began to rise from 2017 to 2019 (1% to 2.16%), indicating the area's resilience to moderate interest rate increases.
The rental market in zip code 63038, while small, has exhibited interesting trends. The percentage of renters remained low, fluctuating between 4% and 6% from 2013 to 2022. However, average rent prices have shown considerable volatility. In 2013, the average rent was $1,450, which increased dramatically to $2,464 in 2018, a 70% rise. Subsequently, the rent dropped to $1,505 in 2019 before rising again to $1,774 in 2022. These fluctuations in rent prices have not significantly impacted the overall low percentage of renters in the area.
In 2023 and 2024, the average home prices in zip code 63038 continued their upward trajectory, reaching $571,993 in 2023 and $590,369 in 2024. This represents a 4.3% and 3.2% year-over-year increase, respectively. Notably, these price increases occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, levels not seen since before the 2008 financial crisis.
Looking ahead, based on the historical data and current trends, the average home prices in zip code 63038 are expected to continue rising over the next five years, albeit potentially at a slower rate due to higher interest rates. The average home price could potentially reach around $650,000 by 2029. Average rent prices, given their historical volatility, are more challenging to predict but may stabilize around $2,000 to $2,200 per month, assuming no major economic disruptions.
In summary, zip code 63038 demonstrates a strong preference for homeownership, with consistently high rates despite rising home prices. The area has shown resilience to interest rate changes, maintaining its high ownership percentage. While the rental market is small, it has experienced significant price fluctuations. The continued rise in home prices, even in the face of higher interest rates, suggests a robust local housing market with sustained demand.
