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Branson West, Missouri: Home Values and Ownership Trends Amid Interest Rate Fluctuations
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
Branson West, Missouri is a small city located in Stone County, known for its proximity to popular tourist attractions in the Ozarks. Over the past decade, this city has experienced fluctuations in homeownership rates and significant changes in average home and rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Branson West has remained relatively stable, with a slight downward trend from 74% in 2013 to 73% in 2022. During this period, average home prices have shown a notable increase. The average home price in 2022 was $385,155, indicating a robust housing market in the area.
The relationship between federal interest rates and homeownership rates in Branson West follows a general trend seen in many US cities. As interest rates remained low between 2013 and 2021, ranging from 0.08% to 2.16%, the homeownership rate in Branson West stayed relatively high, above 70%. This aligns with the principle that lower interest rates typically encourage homeownership by making mortgages more affordable.
Renter percentages in Branson West have shown a slight increase, from 26% in 2013 to 27% in 2022. Average rent prices have experienced significant volatility. In 2013, the average rent was $756, which decreased to $636 in 2017. However, there was a sharp increase in subsequent years, with the average rent reaching $1,523 in 2022, more than doubling in just five years. This surge in rent prices could be attributed to factors such as increased demand for rental properties or improvements in the local rental stock.
In 2023 and 2024, we see a continuation of the upward trend in average home prices, with values reaching $401,878 in 2023 and slightly decreasing to $394,032 in 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in Branson West.
Looking ahead, based on recent trends, we can predict that average home prices in Branson West may continue to rise moderately over the next five years, potentially reaching around $425,000 by 2029. However, this growth may be tempered by higher interest rates. Average rent prices are also likely to continue their upward trajectory, potentially surpassing $1,800 per month by 2029, assuming the current rate of increase persists.
In summary, Branson West has maintained a relatively high homeownership rate despite fluctuations in the housing market. The city has experienced a significant increase in both average home prices and rent prices over the past decade, with particularly sharp rises in rental costs. These trends, coupled with recent increases in interest rates, suggest a dynamic and evolving housing market in this Missouri city.
