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Benton, Missouri: Stable Homeownership Amidst Rising Home Values
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
Benton, Missouri, a small community, has experienced notable demographic shifts over the past decade. This analysis explores the trends in homeownership, average home prices, and average rent prices, revealing interesting patterns in the local real estate market.
The homeownership rate in Benton has remained relatively stable, with slight fluctuations over the years. In 2013, the homeownership rate stood at 77%, and by 2022, it had slightly decreased to 75%. This minor decline suggests a relatively stable housing market in terms of ownership. Average home prices in Benton have shown an upward trend in recent years. In 2022, the average home price was $178,000, indicating a growing real estate market.
The relationship between federal interest rates and homeownership rates in Benton appears to follow general trends. As interest rates remained low from 2013 to 2021, ranging from 0.08% to 1.83%, the homeownership rate maintained a relatively stable position, fluctuating between 70% and 79%. This stability in homeownership during periods of low interest rates aligns with the general trend of increased affordability of home financing.
Renter percentages in Benton have shown some variability, ranging from 21% to 30% between 2013 and 2022. The average rent prices have fluctuated over this period. In 2013, the average rent was $656, which decreased to $548 in 2017, before rising again to $653 in 2022. These fluctuations in rent prices could be attributed to changes in local economic conditions and housing supply.
In 2023 and 2024, Benton's real estate market continued to evolve. The average home price increased to $183,048 in 2023 and further to $183,899 in 2024, showing a steady appreciation in property values. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Looking ahead, based on the observed trends, we can predict that average home prices in Benton may continue to increase moderately over the next five years, potentially reaching around $195,000 by 2029. Average rent prices might also see a gradual increase, possibly reaching approximately $700 by 2029, assuming consistent economic growth and demand for rental properties in the area.
In summary, Benton's real estate market has shown resilience with stable homeownership rates despite fluctuations in interest rates. The steady increase in average home prices, coupled with variable rent prices, indicates a dynamic local housing market. The recent rise in interest rates may influence future homeownership trends, potentially favoring the rental market if sustained.
