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Zip Code 63534: Rising Home Values and Stable Ownership in Rural 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
The zip code 63534, encompassing Callao, Missouri, covers an area of 77.55 square miles. This rural community has experienced fluctuations in homeownership rates and average rent prices over the past decade, reflecting the dynamic nature of its housing market.
Homeownership rates in zip code 63534 have shown a general upward trend from 2013 to 2022. In 2013, the homeownership rate was 85%, which increased to 90% by 2022. This 5 percentage point increase indicates a growing preference for homeownership in the area. The average home price in 2023 was $189,047, rising to $192,518 in 2024, representing a 1.8% increase.
The trend in homeownership rates appears to have been influenced by federal interest rates. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership rates increased from 85% to 88%. As interest rates began to rise more significantly from 2017 onwards, homeownership rates remained relatively stable, fluctuating between 87% and 90%. This suggests that while low interest rates may have initially encouraged homeownership, other factors likely contributed to maintaining high ownership rates even as interest rates increased.
Renter percentages in zip code 63534 have shown an inverse relationship to homeownership rates, decreasing from 15% in 2013 to 10% in 2022. Average rent prices, however, have demonstrated a general upward trend. In 2013, the average rent was $391, which increased to $694 by 2022, representing a substantial 77.5% increase over nine years. This rise in rent prices occurred despite the declining percentage of renters, possibly indicating increased demand for the limited rental properties available or improvements in rental property quality.
Looking at the most recent data, the average home price in zip code 63534 was $189,047 in 2023 and increased to $192,518 in 2024, showing a modest growth of 1.8%. This increase occurred despite the federal interest rate rising from 5.02% in 2023 to 5.33% in 2024, suggesting that local market factors may be outweighing the impact of higher borrowing costs.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 63534 will continue to rise gradually, potentially reaching around $205,000 by 2029. This projection is based on the current growth rate and assumes relatively stable economic conditions. For rent prices, the forecast suggests a potential moderation in the rate of increase, with average rents possibly reaching approximately $750 by 2029, reflecting a slower growth rate compared to the sharp increases seen in previous years.
In summary, zip code 63534 has experienced a notable increase in homeownership rates over the past decade, accompanied by rising average rent prices despite a decreasing renter population. The recent uptick in average home prices, even in the face of higher interest rates, indicates a resilient local housing market. These trends suggest a growing preference for homeownership in the area, potentially driven by factors such as community stability and long-term investment considerations.
