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Brentwood, Missouri: Steady Home Values and Ownership in a Resilient Suburban Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Brentwood, Missouri, a small city located in St. Louis County, has experienced interesting dynamics in its housing market over the past decade. This vibrant community, known for its excellent schools and proximity to St. Louis, has seen fluctuations in homeownership rates and property values. The city has maintained a relatively stable balance between owner-occupied and renter-occupied housing, with a slight trend towards increased homeownership in recent years. Average home prices have shown a consistent upward trajectory, while average rent prices have also increased, albeit at a more moderate pace.
The homeownership rate in Brentwood has shown a slight upward trend over the years, with some fluctuations. In 2013, the homeownership rate stood at 66%. It dipped slightly to 65% in 2014 and remained stable at that level until 2019. However, from 2020 to 2022, there was a notable shift. The rate increased to 66% in 2020 and further to 67% in 2021, before declining to 64% in 2022. This trend coincides with changes in average home prices. In 2013, the average home price was $158,770, which steadily increased to $248,310 by 2022, representing a significant 56.4% increase over this period. The relationship between homeownership rates and average home prices suggests that despite rising property values, Brentwood has managed to maintain a relatively stable proportion of homeowners.
Federal interest rates have played a crucial role in shaping homeownership trends in Brentwood. The period from 2013 to 2021 was characterized by historically low interest rates, ranging from 0.08% to 0.4%. This low-interest environment likely contributed to the stability and slight increase in homeownership rates during this time, as it made mortgage financing more accessible and affordable for potential buyers. The sharp increase in interest rates to 1.68% in 2022 coincided with a drop in the homeownership rate from 67% to 64%, illustrating the impact of higher borrowing costs on homeownership affordability.
The rental market in Brentwood has also experienced notable changes. The percentage of renters fluctuated between 33% and 36% from 2013 to 2022. Average rent prices showed a general upward trend, increasing from $1,204 in 2013 to $1,280 in 2022, a 6.3% rise. However, this increase was not linear. There was a significant jump in average rent from $1,216 in 2016 to $1,314 in 2017, a 8% increase in a single year. The city's population grew from 7,998 in 2013 to 8,198 in 2022, a 2.5% increase, which may have contributed to the upward pressure on rent prices due to increased demand for housing.
In 2023 and 2024, Brentwood's housing market continued its upward trajectory. The average home price reached $258,006 in 2023 and further increased to $264,653 in 2024, representing a 6.6% rise from 2022 to 2024. This growth occurred despite the Federal Reserve maintaining high interest rates, with rates at 5.02% in 2023 and 5.33% in 2024. These figures suggest a robust local housing market that has shown resilience in the face of higher borrowing costs.
Looking ahead, predictive models suggest that Brentwood's housing market will continue to grow, albeit at a potentially slower pace. Over the next five years, average home prices are projected to increase by approximately 15-20%, reaching around $305,000 to $320,000 by 2029. Average rent prices are expected to follow a similar trend, potentially rising by 10-15% over the same period, which could bring the average rent to approximately $1,400-$1,470 per month.
In summary, Brentwood's housing market has demonstrated resilience and growth over the past decade. The city has maintained a relatively stable balance between homeowners and renters, despite significant increases in property values. The impact of federal interest rates on homeownership rates has been evident, with recent rate hikes potentially influencing a slight shift towards renting. As Brentwood continues to attract residents with its desirable location and amenities, the housing market is expected to remain competitive, with moderate growth in both home prices and rents anticipated in the coming years.
