Loading Content...
Zip Code 63382: Rising Home Values and Resilient Ownership in Vandalia, Missouri
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 63382, located in Vandalia, Missouri, presents an interesting case study of homeownership and housing market trends. This area has experienced significant fluctuations in both ownership rates and housing prices over the past decade, reflecting broader economic shifts and local demographic changes. The homeownership rate in zip code 63382 has shown notable variations from 2013 to 2022. In 2013, the ownership rate stood at 74%, but it declined to a low of 66% in 2017 and 2018. However, there was a recovery in recent years, with the rate reaching 75% in 2022. Interestingly, these changes in homeownership corresponded with fluctuations in average home prices. The average home price in 2013 was $66,905, and it remained relatively stable until 2017 when it started to increase. By 2022, the average home price had risen significantly to $100,767, marking a 50.6% increase from 2013.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, the period of low interest rates from 2013 to 2016 (ranging from 0.09% to 0.4%) coincided with relatively high homeownership rates. However, as interest rates began to rise from 2017 onwards, there was an initial dip in homeownership, followed by a recovery. This suggests that while interest rates play a role, other local factors also influence homeownership trends in this area.
Renter percentages and average rent prices in zip code 63382 have also shown interesting trends. The renter-occupied rate increased from 26% in 2013 to a peak of 34% in 2017 and 2018, before declining to 25% in 2022. Average rent prices fluctuated considerably during this period. In 2013, the average rent was $761, but it dropped sharply to $468 in 2015. Subsequently, there was a general upward trend, with the average rent reaching $645 in 2022, although this was still lower than the 2013 figure.
Looking at the most recent data, the average home price in zip code 63382 continued to rise, reaching $104,917 in 2023 and $105,955 in 2024. This represents a 5.2% increase from 2022 to 2024. Concurrently, federal interest rates have also increased significantly, standing at 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 63382 will continue to increase, albeit at a more moderate pace. The average home price could potentially reach around $115,000 to $120,000 by 2029. Rent prices are expected to stabilize and potentially show a slight upward trend, possibly reaching an average of $700 to $750 per month in the next five years.
In summary, zip code 63382 has demonstrated resilience in its housing market, with recovering homeownership rates and steadily increasing average home prices. The area has weathered fluctuations in both ownership rates and rental prices, suggesting a dynamic and adaptable local real estate environment. The recent uptick in interest rates, combined with rising home prices, may present challenges for future homebuyers, but the strong current homeownership rate indicates a stable housing market in this Missouri community.
