Loading Content...
Ashland, Missouri: Rising Home Values and Ownership Rates Amid Population Growth
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Ashland, Missouri, a growing city in Boone County, has experienced significant changes in its housing market over the past decade. With a population of 9,333 in 2022, this small but vibrant community has seen a general trend of increasing homeownership rates, rising average home prices, and fluctuating average rent prices.
The homeownership rate in Ashland has shown a notable upward trend, particularly in recent years. In 2013, 77% of residents owned their homes. This percentage dipped slightly to 74% in 2017 but rebounded strongly, reaching 82% by 2021. This increase in homeownership coincided with a substantial rise in average home prices. In 2013, the average home price in Ashland was $172,493. By 2022, this figure had nearly doubled to $316,946, representing a robust 83.7% increase over nine years.
The relationship between federal interest rates and homeownership rates in Ashland presents an interesting dynamic. Despite historically low interest rates between 2013 and 2021 (ranging from 0.08% to 1.68%), homeownership rates fluctuated before settling into an upward trend. This suggests that while low interest rates may have contributed to increased homeownership, local factors likely played a significant role in driving this trend.
Renter percentages in Ashland have generally decreased as homeownership rates have risen. In 2013, 23% of residents were renters, a figure that peaked at 26% in 2017 before declining to 18% in 2021. Average rent prices have shown considerable volatility over this period. In 2013, the average rent was $752 per month. This figure rose to $830 in 2017, dropped to $672 in 2018, and then surged to $1,106 in 2021. The fluctuations in rent prices, coupled with the city's population growth from 8,456 in 2013 to 9,411 in 2021, suggest a complex rental market influenced by changing supply and demand dynamics.
As of 2024, the average home price in Ashland has reached $336,666, representing a 2.7% increase from 2023's average of $327,684. This continued appreciation occurs despite the federal interest rate rising to 5.33% in 2024, up from 5.02% in 2023. These figures indicate a resilient housing market in Ashland, maintaining growth even in the face of higher borrowing costs.
Looking ahead, predictive models suggest that Ashland's housing market will continue to evolve. Average home prices are projected to maintain their upward trajectory, potentially reaching around $375,000 to $400,000 within the next five years. Rent prices, while more difficult to predict due to their historical volatility, are likely to stabilize and potentially increase moderately, possibly reaching an average of $1,200 to $1,300 per month in the same timeframe.
In summary, Ashland's housing market has demonstrated remarkable growth and resilience. The city has experienced a significant increase in homeownership rates, accompanied by substantial appreciation in average home values. While the rental market has shown more volatility, it has also trended upward overall. These trends, combined with the city's population growth, paint a picture of a dynamic and evolving housing landscape in Ashland, Missouri.
