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Braymer, Missouri: Rising Home Values and Ownership Rates in a Decade of Change
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
Braymer, located in Missouri, has experienced significant changes in its housing market over the past decade. This small city has seen fluctuations in its population, homeownership rates, and housing prices, reflecting broader economic trends and local dynamics.
The homeownership rate in Braymer has shown a steady increase from 2013 to 2022. In 2013, 67% of residents owned their homes, and this percentage rose to 79% by 2022. This upward trend in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $56,802, and it rose dramatically to $146,196 by 2022, representing a 157% increase over this period.
The relationship between federal interest rates and homeownership rates in Braymer is notable. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership rates increased from 67% to 69%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates continued to climb, reaching 79% in 2022. This suggests that despite rising interest rates, other factors were likely influencing the strong trend towards homeownership in Braymer.
The rental market in Braymer has shown an inverse relationship to homeownership trends. The percentage of renters decreased from 33% in 2013 to 21% in 2022. Interestingly, average rent prices fluctuated during this period. In 2013, the average rent was $620, peaking at $693 in 2019, before declining to $548 in 2022. This decline in average rent prices, coupled with the decreasing percentage of renters, suggests a shift in the local housing market dynamics, possibly influenced by the growing preference for homeownership.
In 2023 and 2024, Braymer's housing market continued to evolve. The average home price reached $151,339 in 2023 and further increased to $158,876 in 2024, showing continued growth in property values. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from previous years.
Looking ahead, based on the historical data and current trends, we can project potential scenarios for Braymer's housing market over the next five years. Average home prices are likely to continue their upward trajectory, potentially reaching around $180,000 to $200,000 by 2029. However, the rate of increase may moderate due to higher interest rates. Average rent prices, which have shown volatility, might stabilize or slightly increase, potentially reaching $600 to $650 per month by 2029, assuming economic conditions remain stable and population trends continue.
In summary, Braymer has experienced a significant shift towards homeownership, with a concurrent rise in average home prices. The rental market has contracted, both in terms of the percentage of renters and average rent prices. These trends, combined with the recent sharp increase in interest rates, suggest a dynamic and evolving housing market in this Missouri city.
