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Zip Code 63139 in St. Louis: Rising Home Values and Shifting Ownership Trends
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 63139, located in St. Louis, Missouri, has experienced notable shifts in homeownership, average home prices, and average rent prices over the past decade. This area has seen a gradual increase in homeownership rates alongside fluctuating property values and rental costs.
The homeownership percentage in zip code 63139 has shown a steady upward trend from 2013 to 2022. In 2013, 60% of housing units were owner-occupied, and this figure increased to 61% by 2022. This rise in homeownership coincided with an overall increase in average home prices. The average home price in the area rose from $119,284 in 2013 to $201,797 in 2022, representing a significant 69% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code is noteworthy. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), the homeownership rate remained stable at 58-60%. As interest rates began to rise more substantially from 2017 (1%) to 2019 (2.16%), the homeownership rate actually increased slightly to 60%. This suggests that other local factors may have had a stronger influence on homeownership than interest rates alone in this particular area.
Renter percentages in zip code 63139 have shown a corresponding decline as homeownership increased. The percentage of renter-occupied units decreased from 42% in 2014 to 39% in 2022. During this period, average rent prices experienced fluctuations. The average rent rose from $903 in 2014 to a peak of $1,025 in 2021, before decreasing slightly to $948 in 2022. The population of the zip code remained relatively stable during this time, with only minor fluctuations, suggesting that changes in rental rates were not primarily driven by population shifts.
In 2023 and 2024, the average home prices in zip code 63139 continued to rise, reaching $211,902 in 2023 and $217,557 in 2024. This represents a 7.8% increase from 2022 to 2024. Concurrently, federal interest rates increased significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends in the area.
Looking ahead, based on historical trends and current data, we can project potential scenarios for the next five years. Average home prices in zip code 63139 may continue to appreciate, potentially reaching around $250,000 by 2029, assuming a similar growth rate. Average rent prices could also see a moderate increase, potentially reaching $1,100-$1,200 per month by 2029. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 63139 has demonstrated a trend of increasing homeownership and rising property values over the past decade. The area has shown resilience in maintaining homeownership rates even during periods of rising interest rates. The rental market has seen some fluctuations but generally remains stable. As the area continues to evolve, it will be important to monitor how these trends develop, particularly in light of recent increases in both home prices and interest rates.
