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Argyle, Missouri: Stable Home Values and High Ownership Rates in a Small Community
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
Argyle, Missouri, is a small community with a population of 2,176 as of 2022. This town has maintained a consistently high rate of homeownership over the years, with a slight fluctuation in average rent prices. The city's demographics reveal interesting trends in both ownership percentages and housing costs.
The homeownership rate in Argyle has remained relatively stable, with a slight decrease from 91% in 2013 to 89% in 2022. This high rate of homeownership suggests a strong preference for property ownership among residents. Despite the minor decrease, the town still maintains a significantly higher homeownership rate compared to the national average.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were extremely low (0.11% to 0.4%), homeownership in Argyle remained high at around 90%. As interest rates began to rise from 2017 onwards, there was a slight dip in homeownership to 86% in 2018, but it quickly rebounded to 89% by 2020 and has held steady since then.
The rental market in Argyle has shown interesting fluctuations. The percentage of renters increased from 9% in 2013 to 15% in 2015, before settling back to 11% in 2022. Concurrently, average rent prices have shown an overall upward trend. In 2013, the average rent was $426, which dropped to $345 in 2015 despite the increase in renters. However, rent prices have since risen steadily, reaching $589 in 2022. This represents a 38% increase in average rent from 2013 to 2022.
Looking at the most recent data, the average home price in Argyle for 2023 was $232,502, with a slight increase to $233,194 in 2024. This indicates a relatively stable housing market with modest appreciation. Interestingly, federal interest rates have risen significantly to 5.33% in 2024, yet the homeownership rate has remained steady at 89%, suggesting a resilient local housing market.
Applying predictive models to forecast 5-year trends, we can expect the average home prices in Argyle to continue their gradual upward trajectory, potentially reaching around $245,000 by 2029. Average rent prices are likely to follow a similar pattern, potentially increasing to approximately $650 per month over the same period. These projections assume a continuation of current economic conditions and local market trends.
In summary, Argyle demonstrates a strong preference for homeownership among its residents, with consistently high rates despite fluctuations in interest rates and housing costs. The rental market, while smaller, has shown growth in both demand and prices over the past decade. The stability of homeownership rates, even in the face of rising interest rates, suggests a robust local housing market that has remained attractive to buyers.
