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Zip Code 63128: Rising Home Values and Shifting Ownership Patterns in Concord, 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 63128, located in Concord, Missouri, has experienced notable shifts in homeownership rates and housing prices over the past decade. This suburban area has maintained a relatively stable population, with a slight increase from 28,186 in 2010 to 29,010 in 2022. The community has predominantly been owner-occupied, with homeownership rates consistently above 75% throughout the observed period. Average home prices and average rent have shown an overall upward trend, reflecting the area's desirability and economic growth.
The relationship between homeownership rates and average home prices in zip code 63128 has been complex. From 2013 to 2022, homeownership rates experienced a slight decline from 80% to 77%, while average home prices increased significantly. In 2013, the average home price was $196,677, which steadily rose to $321,826 by 2022, representing a 63.6% increase over nine years. Despite this substantial rise in home values, the decrease in homeownership was relatively modest, suggesting that the area remained attractive to homebuyers despite rising prices.
Federal interest rates have played a role in homeownership trends in zip code 63128. 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 78-80%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a slight decline in homeownership to 77%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages and average rent prices in zip code 63128 have shown an interesting correlation. The percentage of renters increased modestly from 20% in 2013 to 23% in 2022. During this period, average rent prices fluctuated but generally trended upward. In 2013, the average rent was $998, which decreased to $827 in 2014 before rising again. By 2022, the average rent had reached $1,112, representing an 11.4% increase from 2013. The increase in both renter percentage and average rent prices suggests growing demand for rental properties in the area, possibly driven by those priced out of the increasingly expensive housing market.
In 2023 and 2024, zip code 63128 continued to see growth in average home prices. The average home price in 2023 was $338,974, a 5.3% increase from 2022. In 2024, it further rose to $347,536, marking an additional 2.5% increase. Concurrently, federal interest rates climbed significantly, reaching 5.02% in 2023 and 5.33% in 2024. These high interest rates may impact future homeownership trends and housing affordability in the area.
Looking ahead, predictive models suggest that average home prices in zip code 63128 are likely to continue their upward trajectory over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by ongoing demand for rental properties and the overall appreciation of real estate in the area. However, the rate of increase may moderate as the market adjusts to economic conditions and housing supply changes.
In summary, zip code 63128 has demonstrated resilience in its housing market, with steadily increasing average home prices and average rent, despite slight decreases in homeownership rates. The area has maintained a strong owner-occupied majority, even as housing costs have risen substantially. The interplay between federal interest rates, housing prices, and rental market dynamics will continue to shape the real estate landscape in this Missouri community in the coming years.
