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Zip Code 63389: Rising Home Values and Shifting Ownership in Winfield, 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 63389, located in Winfield, Missouri, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing average home prices, while homeownership rates have fluctuated but remained relatively high.
The homeownership rate in zip code 63389 peaked at 81% in 2016 and 2017, before gradually declining to 73% in 2022. Despite this decline, the average home prices have consistently risen. In 2010, the average home price was $127,850, which steadily increased to $233,872 by 2022, representing an impressive 83% growth over 12 years. This trend suggests that while fewer residents owned homes, property values in the area continued to appreciate significantly.
Federal interest rates have played a role in homeownership trends in zip code 63389. For instance, when interest rates were low between 2013 and 2016 (ranging from 0.09% to 0.4%), homeownership rates in the area were at their highest, reaching 81%. As interest rates began to rise from 2017 onwards, there was a gradual decline in homeownership rates, dropping to 73% by 2022 when the federal interest rate reached 1.68%.
Regarding rental trends, the percentage of renters in zip code 63389 has increased from 19% in 2017 to 27% in 2022. Interestingly, average rent prices have not shown a consistent upward trend during this period. The average rent was $791 in 2017, rose to $879 in 2020, and then decreased to $910 in 2022. This fluctuation in rent prices, despite the increase in the renter population, could be attributed to various factors including local economic conditions and housing supply changes.
In 2023 and 2024, the housing market in zip code 63389 continued to show strength. The average home price reached $245,011 in 2023 and further increased to $253,138 in 2024, representing a 4.7% and 3.3% year-over-year growth respectively. This growth occurred despite the significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for some buyers.
Looking ahead, based on historical trends and current market conditions, we can project that average home prices in zip code 63389 may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. The average home price could potentially reach around $275,000 to $285,000 by 2029. Average rent prices may also see moderate increases, potentially reaching $950 to $1,000 per month in the same timeframe, assuming continued population growth and demand for rental properties in the area.
In summary, zip code 63389 has demonstrated a robust housing market with steadily increasing home values over the past decade. While homeownership rates have slightly declined in recent years, they remain relatively high. The rental market has grown, with more residents opting to rent, although rent prices have shown some fluctuation. The area's continued home price appreciation, even in the face of rising interest rates, suggests a strong underlying demand for housing in this zip code.
