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Zip Code 63303: Rising Home Values and Stable Ownership in St. Charles, 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 63303, located in St. Charles, Missouri, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has maintained a relatively high rate of owner-occupied housing, with average home prices showing a significant upward trend.
The ownership percentage in zip code 63303 has remained relatively stable, fluctuating between 73% and 76% from 2013 to 2022. Despite this stability, average home prices have shown a substantial increase. In 2013, the average home price was $181,810, which rose steadily to $315,890 by 2022, representing a 73.7% increase over this period. This trend suggests that while homeownership rates remained consistent, property values in the area appreciated considerably.
Federal interest rates have played a role in shaping homeownership trends in zip code 63303. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.4%), homeownership rates remained steady at around 73-75%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), there was a slight decrease in homeownership to 73%. However, when interest rates dropped sharply in 2020 (0.38%) and 2021 (0.08%), homeownership rates increased to 76% and 75% respectively, aligning with the trend of lower interest rates encouraging homeownership.
Renter percentages in zip code 63303 have shown minor fluctuations, ranging from 24% to 27% between 2013 and 2022. Average rent prices have generally increased during this period, albeit at a slower rate compared to home prices. In 2013, the average rent was $1,149, which increased to $1,211 by 2022, representing a 5.4% increase. This modest growth in rent prices, coupled with the area's population increase from 46,016 in 2013 to 47,639 in 2022, suggests a balanced rental market responding to population growth.
In 2023, the average home price in zip code 63303 reached $329,431, with federal interest rates at 5.02%. As of 2024, the average home price has further increased to $339,477, while interest rates have slightly risen to 5.33%. These figures indicate a continued upward trend in home values, despite higher interest rates which typically slow housing market growth.
Applying predictive models to forecast 5-year trends, we anticipate average home prices in zip code 63303 to continue their upward trajectory, potentially reaching around $400,000 by 2029. Average rent prices are expected to follow a similar trend, possibly increasing to approximately $1,350-$1,400 per month in the same timeframe.
In summary, zip code 63303 has demonstrated resilience in homeownership rates despite significant increases in average home prices. The area has maintained a high proportion of owner-occupied housing, with property values appreciating substantially. Rent prices have shown more modest growth, suggesting a balanced rental market. The interplay between federal interest rates, homeownership rates, and housing prices underscores the complex dynamics of the local real estate market in this St. Charles zip code.
