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Zip Code 63380: Rising Home Values and Ownership in Truesdale, 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 63380, located in Truesdale, Missouri, has experienced significant fluctuations in its population and housing market over the past decade. This area has seen a notable shift in homeownership rates and rental trends, accompanied by changes in average home prices and rent costs.
The homeownership rate in zip code 63380 has shown a remarkable increase from 2013 to 2022. In 2013, only 39% of residents owned their homes, but by 2022, this figure had risen to 63%. This upward trend in homeownership coincided with a substantial increase in average home prices. In 2021, the average home price was $241,577, which rose to $263,458 in 2022, representing a 9.1% increase in just one year.
The relationship between federal interest rates and homeownership rates in this zip code appears to follow the general trend of lower interest rates encouraging homeownership. For instance, when interest rates were at historic lows of 0.08% in 2021, the homeownership rate reached 67%, the highest in the observed period. Conversely, as interest rates began to rise in 2022 to 1.68%, there was a slight decrease in homeownership to 63%.
Renter percentages in zip code 63380 have shown an inverse relationship to homeownership rates, decreasing from 61% in 2013 to 37% in 2022. Despite this decrease in the renter population, average rent prices have steadily increased. In 2013, the average rent was $758, which rose to $875 in 2022, representing a 15.4% increase over nine years. This increase in rent prices occurred even as the overall population of the zip code decreased from 836 in 2013 to 568 in 2022, suggesting that other factors, such as housing quality or local economic conditions, may be influencing rent prices.
Looking at the most recent data, the average home price in zip code 63380 continued to rise in 2023, reaching $269,757, a 2.4% increase from 2022. In 2024, the average home price further increased to $281,871, representing a 4.5% rise from 2023. This trend has occurred despite the Federal interest rate climbing to 5.02% in 2023 and 5.33% in 2024, which typically would be expected to slow down home price growth.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 63380 will continue to rise, albeit at a potentially slower rate due to higher interest rates. The average home price could reach approximately $310,000 by 2029. Average rent prices are also expected to increase, potentially reaching around $1,000 per month by 2029, assuming the current growth rate continues.
In summary, zip code 63380 has experienced a significant shift towards homeownership over the past decade, with home prices and rent costs both showing upward trends. Despite recent increases in interest rates, home prices continue to rise, suggesting strong local demand for housing. The area's decreasing population coupled with increasing housing costs indicates a changing dynamic in the local real estate market, potentially reflecting broader economic shifts or improvements in the area's attractiveness to homeowners.
