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Cooper Park Housing Market: Rising Home Values and Shifting Ownership Trends
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
Cooper Park, a neighborhood in Springfield, Missouri, has experienced significant changes in homeownership rates and property values over the past decade. From 2013 to 2022, the area saw fluctuations in ownership percentages and notable increases in both average home prices and average rent prices. The homeownership rate in Cooper Park has shown a slight downward trend over the years. In 2013, 64% of residents owned their homes. This percentage peaked at 68% in 2014 before gradually declining to 62% by 2022. Despite this overall decrease in homeownership, average home prices in the neighborhood have risen substantially. In 2013, the average home price was $61,090. By 2022, this figure had more than doubled to $143,862, representing a 135% increase over nine years. The relationship between federal interest rates and homeownership rates in Cooper Park shows some correlation. As interest rates remained low between 2013 and 2016 (ranging from 0.11% to 0.40%), homeownership rates stayed relatively stable, hovering around 65%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed a slight decline, dropping to 62% by 2022. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The percentage of renters in Cooper Park has increased from 36% in 2013 to 38% in 2022. This rise in renters coincides with a significant increase in average rent prices. In 2013, the average rent was $613 per month. By 2022, it had risen to $853, representing a 39% increase over nine years. The population growth in the neighborhood, from 4,852 in 2013 to 5,837 in 2022, may have contributed to the increased demand for rental properties and subsequent rise in rent prices.
In 2023 and 2024, Cooper Park continued to see growth in average home prices. The average home price reached $156,814 in 2023 and further increased to $163,659 in 2024. This represents a 9% increase from 2022 to 2023 and an additional 4.4% increase from 2023 to 2024. Concurrently, federal interest rates rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting homeownership trends in the neighborhood.
Looking ahead, based on the observed trends, it's projected that average home prices in Cooper Park will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average home prices could reach approximately $190,000 by 2029. Similarly, average rent prices are expected to follow an upward trajectory, potentially reaching around $1,000 per month by 2029. However, these projections may be influenced by various economic factors and local market conditions.
In summary, Cooper Park has experienced a slight decrease in homeownership rates alongside substantial increases in both average home prices and average rent prices over the past decade. The neighborhood has shown resilience and growth, with a rising population and property values. The interplay between interest rates, homeownership rates, and property prices continues to shape the real estate landscape of this dynamic Springfield neighborhood.
