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Zip Code 63129: Stable Homeownership and Rising Home Values in Oakville, 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
Oakville, located in zip code 63129 in Missouri, is a suburban area that has experienced notable shifts in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices in this community.
The homeownership rate in Oakville has remained relatively stable, fluctuating between 78% and 80% from 2013 to 2022. Meanwhile, average home prices have shown a significant upward trend. In 2010, the average home price was $198,743, which increased to $298,420 by 2022, representing a 50% increase over this period. The most substantial growth occurred between 2020 and 2022, with average home prices rising from $243,009 to $298,420, a 22.8% increase in just two years.
Federal interest rates have played a role in homeownership trends. From 2010 to 2020, interest rates remained historically low, hovering between 0.08% and 2.16%. This period coincided with the stable homeownership rates in Oakville, as low interest rates typically make mortgages more affordable and encourage homeownership. However, despite the interest rate increase to 1.68% in 2022, the homeownership rate in Oakville remained steady at 79%, suggesting other factors may be influencing local homeownership trends.
Renter percentages in Oakville have been consistent, ranging from 20% to 21% between 2013 and 2022. Average rent prices, however, have shown more volatility. In 2013, the average rent was $1,100, which increased to $1,279 by 2016, a 16.3% rise. Subsequently, average rent prices experienced a decline, reaching $1,017 in 2019, before rising again to $1,130 in 2022. This fluctuation in rent prices, coupled with the steady renter percentage, suggests that other factors such as local economic conditions or housing supply may be influencing the rental market more than population changes.
In 2023, the average home price in Oakville reached $313,684, a 5.1% increase from 2022. This growth continued into 2024, with average home prices rising to $323,083, representing a further 3% increase. Notably, federal interest rates also saw significant increases, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and affordability in the area.
Looking ahead, predictive models suggest that average home prices in Oakville may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase moderately, reflecting the overall trend of rising housing costs in the area.
In summary, Oakville has maintained a high and stable homeownership rate despite significant increases in average home prices. The rental market has shown more volatility in pricing while maintaining a consistent proportion of renters. The recent sharp increases in both home prices and interest rates may lead to shifts in the housing market dynamics in the coming years, potentially affecting affordability and homeownership rates in this suburban Missouri community.
