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Auxvasse, Missouri: Rising Home Values and Homeownership 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
Auxvasse, Missouri: A Small City with Rising Home Values and High Ownership Rates Auxvasse, located in Missouri, is a small community with a population of 2,606 as of 2022. This city has experienced fluctuations in homeownership rates and housing prices over the years, reflecting broader economic trends and local market dynamics.
The homeownership rate in Auxvasse has shown some variability, ranging from 72% to 79% between 2013 and 2022. In 2013, the homeownership rate stood at 75%, and by 2022, it had increased to 79%. During this period, average home prices in the city saw a significant upward trend. In 2013, the average home price was $130,978, and by 2022, it had risen to $257,613, representing a substantial increase of 96.7% over nine years.
Federal interest rates have played a role in influencing homeownership rates in Auxvasse. For instance, in 2013, when interest rates were at a low 0.11%, the homeownership rate was 75%. As interest rates remained low through 2020 (0.38%), homeownership rates fluctuated but generally remained strong, reaching 72% in that year. The relationship between interest rates and homeownership is evident, as lower rates typically make mortgages more affordable, encouraging home buying.
Renter percentages in Auxvasse have inversely mirrored homeownership rates, ranging from 21% to 28% between 2013 and 2022. Average rent prices have shown an overall upward trend during this period. In 2013, the average rent was $453, which increased to $524 by 2022, representing a 15.7% increase. It's worth noting that rent prices peaked at $548 in 2018 before slightly declining in subsequent years. The city's population growth, from 2,392 in 2013 to 2,606 in 2022, may have contributed to the overall increase in rental demand and prices.
Looking at more recent data, the average home price in Auxvasse slightly decreased from $257,613 in 2022 to $256,115 in 2023, showing a minor correction in the market. However, in 2024, there was a slight uptick to $256,709, indicating a stabilizing trend. Interestingly, federal interest rates rose significantly to 5.02% in 2023 and further to 5.33% in 2024, which could potentially impact future homeownership rates and housing market dynamics.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Auxvasse may continue to show modest growth, potentially reaching around $275,000 to $285,000 by 2029. Average rent prices are expected to follow a similar trajectory, potentially increasing to approximately $550 to $575 per month over the same period. These projections assume relatively stable economic conditions and gradual population growth in the area.
In summary, Auxvasse has demonstrated resilience in its housing market, with consistently high homeownership rates and steady increases in both home values and rent prices over the past decade. The interplay between federal interest rates, local population changes, and broader economic factors has shaped these trends. As the city moves forward, it will likely continue to see moderate growth in both home prices and rental rates, reflecting its stable and attractive housing market.
