Loading Content...
Canton, Missouri: Rising Home Values and Stable Ownership in a Small City
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Canton, located in Missouri, is a small community that has experienced fluctuations in its population and housing market over the past decade. The city has seen shifts in homeownership rates and changes in average home and rent prices, reflecting broader economic trends and local dynamics.
Homeownership rates in Canton have remained relatively stable, with slight fluctuations between 2013 and 2022. In 2013, the homeownership rate stood at 71%, and by 2022, it had decreased slightly to 68%. During this period, average home prices showed a steady upward trend. In 2016, the average home price was $101,681, and by 2022, it had risen to $153,128, representing a significant increase of 50.6% over six years.
The relationship between federal interest rates and homeownership rates in Canton appears to follow the general trend of lower interest rates encouraging homeownership. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.09% to 0.4%), homeownership rates remained relatively high, between 67% and 71%. As interest rates began to rise from 2017 onwards, there was a slight decline in homeownership rates, though they remained above 65%.
Renter percentages in Canton have shown a slight increase over the years, from 29% in 2013 to 32% in 2022. This trend coincides with changes in average rent prices. In 2013, the average rent was $404, and it increased to $568 by 2022, representing a 40.6% increase over nine years. The rise in rent prices may be attributed to various factors, including increased demand for rental properties and overall economic conditions.
In 2023 and 2024, Canton's housing market continued to evolve. The average home price in 2023 was $151,214, showing a slight decrease from 2022. However, in 2024, the average home price rose to $156,909, indicating a recovery and continued growth in the market. Concurrently, federal interest rates increased significantly to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends.
Looking ahead, based on the observed trends, it is projected that average home prices in Canton will continue to rise over the next five years, albeit at a more moderate pace. The average home price could potentially reach around $175,000 to $180,000 by 2029. Average rent prices are also expected to increase, possibly reaching $650 to $700 per month in the same timeframe. These projections assume continued economic stability and gradual population growth in the area.
In summary, Canton has experienced a gradual increase in average home prices and rent over the past decade, with homeownership rates remaining relatively stable. The interplay between federal interest rates, housing prices, and rental markets continues to shape the local real estate landscape. The city's housing market has shown resilience and growth, with recent data indicating a continued upward trend in home values despite fluctuations in interest rates.
