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Caruthersville, Missouri: Home Values and Ownership Trends in a Riverside City
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
Caruthersville, a city in Missouri, has experienced notable shifts in its housing market over the past decade. This small riverside community has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local dynamics.
The homeownership rate in Caruthersville has shown a slight upward trend in recent years. In 2013, 52% of housing units were owner-occupied. This figure dipped to 48% in 2017 but rebounded to 55% by 2022. Concurrently, average home prices have generally increased. In 2014, the average home price was $87,582, which rose to $103,506 by 2022, representing an 18.2% increase over eight years. This parallel increase in homeownership rates and average home prices suggests a growing preference for homeownership despite rising costs.
Federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), homeownership rates in Caruthersville remained relatively stable around 50-52%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), there was a slight dip in homeownership to 48% in 2017. However, the city saw a rebound in homeownership rates to 55% by 2022, even as interest rates reached 1.68%, indicating other local factors may have influenced this trend.
Renter percentages in Caruthersville have generally mirrored the inverse of homeownership rates, fluctuating between 45% and 52% from 2013 to 2022. Average rent prices have shown a steady increase over this period. In 2013, the average rent was $573, which rose to $723 by 2022, a 26.2% increase. This rise in rent prices occurred despite a decreasing population, from 7,724 in 2013 to 6,985 in 2022, suggesting that factors beyond population growth, such as housing supply constraints or improving rental property quality, may have influenced rent prices.
In 2023 and 2024, Caruthersville's housing market showed interesting developments. The average home price in 2023 was $101,186, a slight decrease from 2022, while in 2024 it further decreased to $90,217. This decline occurred as federal interest rates sharply increased to 5.02% in 2023 and 5.33% in 2024, potentially impacting home affordability and demand.
Looking ahead, predictive models suggest that average home prices in Caruthersville may continue to face downward pressure in the short term due to high interest rates, potentially stabilizing or showing modest growth as the market adjusts. Rent prices, however, are projected to continue their upward trend, albeit at a potentially slower rate, reflecting the ongoing demand for rental properties in the city.
In summary, Caruthersville's housing market has demonstrated resilience and adaptation to changing economic conditions. The city has maintained a relatively balanced mix of owners and renters, with a recent trend towards increased homeownership despite rising home prices. The relationship between federal interest rates and local housing trends highlights the complex interplay of national economic factors and local market dynamics. As Caruthersville moves forward, these trends will likely continue to shape its housing landscape, influencing both residents' housing choices and the city's overall development.
