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Cosby, Missouri: Rising Home Values Amidst High Ownership Rates
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Cosby, Missouri, is a small community that has experienced significant demographic changes over the past decade. This rural settlement has seen fluctuations in its homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The ownership percentage in Cosby has remained relatively high, hovering around 90% for much of the 2010s. However, there has been a slight downward trend in recent years. In 2015, the homeownership rate peaked at 91%, but by 2022, it had decreased to 87%. This shift coincides with an upward trajectory in average home prices. In 2015, the average home price was $156,569, which steadily increased to $261,442 by 2022, representing a substantial 67% increase over seven years.
Federal interest rates appear to have influenced homeownership rates in Cosby. From 2015 to 2019, when interest rates were relatively low (ranging from 0.13% to 2.16%), homeownership rates remained stable at around 90%. However, as interest rates began to rise more sharply in 2022 (1.68%), we see a slight dip in homeownership to 87%, suggesting that higher borrowing costs may have impacted some residents' ability or willingness to purchase homes.
The renter population in Cosby, while smaller, has shown some variability. In 2015, only 9% of residents were renters, but this increased to 13% by 2022. Interestingly, average rent prices have not followed a consistent upward trend like home prices. In 2015, the average rent was $1,278, which decreased to $882 in 2018 before rising again to $1,678 in 2022. This volatility in rent prices could be attributed to the small rental market in the village and the influence of individual property decisions on overall averages.
Looking at the most recent data, we see that in 2023, the average home price in Cosby reached $287,792, and in 2024, it further increased to $300,133. This represents a continued upward trend in home values. Notably, federal interest rates also saw a significant increase, rising to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing market dynamics in the village.
Applying predictive models to forecast 5-year trends, we can anticipate that average home prices in Cosby will continue to rise, potentially reaching around $350,000 by 2029 if the current growth rate persists. Average rent prices may also increase, possibly surpassing $2,000 per month, assuming the trend of the past few years continues. However, these projections are subject to various economic factors and local market conditions.
In summary, Cosby has maintained a high rate of homeownership despite rising home prices. The slight decrease in ownership rates in recent years, coupled with increasing home values and rising interest rates, suggests a potential shift in the local housing market. The rental market, while smaller, has shown more volatility in both occupancy rates and prices. As the village continues to grow and evolve, these housing trends will play a crucial role in shaping its demographic and economic landscape.
