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Cowgill, Missouri: A Decade of Rising Home Values and Ownership Rates
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
Cowgill, Missouri, a small city, has witnessed significant changes in its housing market over the past decade. These changes reflect broader economic trends and local market dynamics, particularly in homeownership rates, average home prices, and rental costs. The homeownership rate in Cowgill has shown a steady increase from 2013 to 2022. In 2013, 79% of residents owned their homes, and this figure rose consistently, reaching 86% by 2022. This upward trend in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price in Cowgill was $93,562, and it more than doubled to $258,199 by 2022, representing a 176% increase over nine years.
The relationship between federal interest rates and homeownership rates in Cowgill appears to follow the well-established trend of lower interest rates encouraging homeownership. From 2013 to 2020, interest rates remained relatively low, ranging from 0.11% to 2.16%. During this period, homeownership rates increased from 79% to 83%. The low-interest-rate environment likely made mortgages more affordable, contributing to the rise in homeownership.
As homeownership rates increased, the percentage of renters in Cowgill decreased correspondingly. In 2013, 21% of residents were renters, and this figure dropped to 14% by 2022. Interestingly, despite the declining renter population, average rent prices showed some volatility. The average rent was $448 in 2013, peaked at $570 in 2015, then fluctuated before reaching $520 in 2022. This trend suggests that other factors, such as local economic conditions or housing supply, may have influenced rent prices more than the decreasing renter population.
In 2023 and 2024, Cowgill's housing market continued to evolve. The average home price in 2023 was $265,226, showing a 2.7% increase from 2022. In 2024, the average home price further rose to $279,240, indicating a 5.3% increase from 2023. Concurrently, federal interest rates climbed significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the city.
Looking ahead, predictive models suggest that average home prices in Cowgill will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase moderately, possibly due to tightening housing supply and potential shifts back towards renting if homeownership becomes less affordable.
In summary, Cowgill has experienced a significant increase in homeownership rates and average home prices over the past decade. The rental market has shrunk in terms of population but has seen fluctuating rent prices. The recent spike in interest rates and continued rise in home prices suggest that the housing market in Cowgill may be entering a new phase, potentially affecting affordability and homeownership trends in the coming years.
