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Camden Point, Missouri: Resilient Homeownership Amid Rising Property 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
Camden Point, a small city in Missouri, has demonstrated remarkable resilience in its housing market over the past decade. Despite significant fluctuations in population and housing prices, the city has maintained a consistently high rate of homeownership. This analysis examines the trends in home values, ownership rates, and rental markets in Camden Point from 2013 to 2024. Camden Point has maintained an exceptionally high homeownership rate, ranging from 85% to 92% between 2013 and 2022. This strong preference for homeownership has persisted even as average home prices have risen substantially. In 2013, the average home price was $157,596, which increased steadily to $298,079 by 2022, representing an impressive 89% increase over nine years. This trend suggests that residents of Camden Point have continued to prioritize homeownership despite the significant appreciation in property values.
Interestingly, the relationship between federal interest rates and homeownership rates in Camden Point does not follow typical patterns observed elsewhere. Despite interest rates remaining low (below 0.5%) from 2010 to 2016, the homeownership rate actually decreased slightly from 90% in 2013 to 86% in 2016. Conversely, as interest rates began to rise from 2016 to 2022, the homeownership rate remained relatively stable, fluctuating between 85% and 89%. This suggests that local factors may have a stronger influence on homeownership decisions in Camden Point than national interest rate trends.
Renter percentages in Camden Point have remained relatively low, ranging from 9% to 15% between 2013 and 2022. Average rent prices have shown considerable volatility during this period. In 2013, the average rent was $863, which decreased to $683 in 2016 before rising again to $1,130 in 2022. This represents a 31% increase in average rent from 2013 to 2022, despite some fluctuations. The city's population grew from 966 in 2013 to 1,308 in 2022, which may have contributed to the overall upward pressure on rent prices.
In 2023, the average home price in Camden Point reached $310,019, continuing the upward trend observed in previous years. This represents a 4% increase from 2022. The federal interest rate in 2023 was 5.02%, significantly higher than in recent years. Moving into 2024, the average home price has further increased to $321,653, marking a 3.8% rise from 2023. The federal interest rate for 2024 stands at 5.33%, indicating a continued tightening of monetary policy.
Looking ahead, based on the historical data and current trends, we can forecast the following 5-year trends for Camden Point: 1) Average home prices are likely to continue rising, albeit at a potentially slower rate due to higher interest rates. We might expect average home prices to reach approximately $370,000 to $400,000 by 2029. 2) Average rent prices may continue their upward trajectory, potentially reaching $1,300 to $1,500 per month by 2029, assuming the population continues to grow and demand for rental properties remains stable.
In summary, Camden Point has maintained a strong homeownership culture despite significant increases in average home prices. The city has shown resilience in the face of national economic trends, with local factors appearing to play a more significant role in housing market dynamics. The continued rise in both home prices and rent costs, coupled with population growth, suggests a robust demand for housing in this Missouri city.
