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Zip Code 63051: Rising Home Values and Strong Ownership in Byrnes Mill, 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 63051, located in Byrnes Mill, Missouri, has experienced significant fluctuations in its housing market over the past decade. This area has maintained a consistently high rate of homeownership, with a slight increase in recent years, while average home prices and average rent have shown notable growth trends. The homeownership rate in zip code 63051 has remained relatively stable, with a slight upward trend in recent years. In 2013, the homeownership rate was 84%, and by 2022, it had increased to 86%. This 2% increase coincided with a substantial rise in average home prices. In 2013, the average home price was $144,599, and by 2022, it had risen to $229,700, representing a significant 58.9% increase over this period. This trend suggests that despite rising home prices, residents in this area have maintained a strong preference for homeownership.
Federal interest rates have played a role in shaping homeownership trends in zip code 63051. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.4%. During this time, homeownership rates remained stable at around 82-84%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), there was a slight dip in homeownership to 81% in 2019. However, when interest rates dropped again in 2020 and 2021 (to 0.38% and 0.08% respectively), homeownership rebounded, reaching 86% by 2022 despite a higher interest rate of 1.68% that year.
Renter percentages in zip code 63051 have shown an inverse relationship to homeownership rates, naturally decreasing as homeownership increased. The renter percentage peaked at 19% in 2017 and 2019 but decreased to 14% by 2022. Average rent prices, however, have generally increased over time. In 2013, the average rent was $890, rising to $971 by 2022, an increase of 9.1%. This increase in rent prices occurred despite a decreasing renter population, suggesting strong demand for rental properties in the area.
In 2023 and 2024, the housing market in zip code 63051 continued its upward trajectory. The average home price reached $236,830 in 2023 and further increased to $248,476 in 2024, representing a 5.3% year-over-year increase. This growth occurred despite relatively high federal interest rates of 5.02% in 2023 and 5.33% in 2024, indicating strong local demand for housing that outweighed the potential dampening effect of higher borrowing costs.
Looking ahead, predictive models suggest that both average home prices and average rent prices in zip code 63051 are likely to continue their upward trend over the next five years. Average home prices are projected to increase by approximately 3-5% annually, potentially reaching around $290,000 by 2029. Average rent prices are expected to grow at a slightly slower rate of 2-3% per year, potentially reaching about $1,100 by 2029.
In summary, zip code 63051 has demonstrated a robust housing market characterized by increasing homeownership rates and rising property values. The area has shown resilience in the face of fluctuating interest rates, with homeownership remaining strong even as home prices have significantly appreciated. The rental market, while smaller, has also seen steady growth in prices despite a decreasing renter population. These trends, combined with the recent price increases in 2023 and 2024, suggest a continuing strong demand for housing in this area, which is likely to drive further growth in both the ownership and rental markets in the coming years.
