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Zip Code 63369: Old Monroe's 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 63369, located in Old Monroe, Missouri, has experienced notable shifts in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 63369 has shown a general declining trend from 2013 to 2019, followed by a rebound in recent years. In 2013, the ownership rate stood at 82%, gradually decreasing to 75% by 2019. However, this trend reversed, with ownership rising to 79% by 2022. Concurrently, average home prices in the area have consistently increased. In 2013, the average home price was $150,691, which steadily rose to $288,474 by 2022, representing a substantial 91.4% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. From 2013 to 2015, when interest rates were at historic lows (0.11% to 0.13%), homeownership rates remained relatively high, above 80%. As interest rates began to rise more significantly from 2016 onwards, there was a corresponding decline in homeownership rates. However, despite rising interest rates in recent years, homeownership has shown resilience, rebounding to 79% in 2022.
Renter percentages in zip code 63369 have generally mirrored the inverse of homeownership trends. The proportion of renters increased from 18% in 2013 to a peak of 25% in 2019, before decreasing slightly to 21% in 2022. Average rent prices have shown considerable volatility. In 2013, the average rent was $586, rising sharply to $995 by 2017, an increase of nearly 70%. However, rent prices then experienced a decline, dropping to $668 by 2022. This volatility in rent prices might be influenced by changes in housing supply, local economic conditions, and population growth, which increased from 2,086 in 2013 to 2,864 in 2022.
In 2023 and 2024, the housing market in zip code 63369 continued to evolve. The average home price reached $293,103 in 2023 and further increased to $302,694 in 2024, showing a steady upward trajectory. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the area.
Looking ahead, predictive models suggest that average home prices in zip code 63369 are likely to continue their upward trend over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average rent prices, which have shown volatility in recent years, may stabilize or see modest increases as the housing market adjusts to changing economic conditions and population growth.
In summary, zip code 63369 has demonstrated resilience in its housing market, with a recent rebound in homeownership rates despite rising home prices and interest rates. The area has experienced significant appreciation in property values, while rent prices have shown more variability. These trends reflect a dynamic local market influenced by broader economic factors and demographic changes.
