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Crane, Missouri: Rising Home Ownership Amidst Population Decline
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Crane, Missouri, a small urban area, has experienced significant demographic shifts over the past decade. This analysis explores the trends in homeownership, average home prices, and average rent prices, providing insights into the city's housing market dynamics. Homeownership in Crane has shown a general upward trend from 2013 to 2022. In 2013, the homeownership rate was 64%, which increased to 71% by 2022. This growth in homeownership coincided with fluctuations in average home prices. While specific home price data for earlier years is not available, we can observe that the average home price in 2022 was $144,415.
The relationship between federal interest rates and homeownership rates in Crane appears to follow the well-established trend of lower interest rates encouraging higher homeownership. For instance, as interest rates remained low from 2013 to 2016 (ranging from 0.09% to 0.4%), homeownership rates in Crane increased from 64% to 67%. The continued low interest rates through 2020 (0.38%) and 2021 (0.08%) likely contributed to the homeownership rate reaching 70% in those years.
Renter percentages in Crane have generally decreased as homeownership increased. In 2013, 36% of residents were renters, which declined to 29% by 2022. Average rent prices, however, have shown an upward trend. In 2013, the average rent was $524, which increased to $808 by 2022, representing a 54% increase over nine years. This rise in rent prices occurred despite a decrease in the city's population from 2,203 in 2013 to 1,805 in 2022, suggesting other factors such as housing quality improvements or market demand may have influenced rent prices.
In 2023, the average home price in Crane increased slightly to $145,247, while the federal interest rate rose significantly to 5.02%. Moving into 2024, we see a decrease in average home prices to $137,005, with interest rates further increasing to 5.33%. This recent trend of rising interest rates and declining home prices could impact future homeownership rates in the city.
Looking ahead, we can predict potential trends for the next five years based on recent data. If the current pattern continues, we might expect average home prices in Crane to stabilize or slightly decrease, potentially ranging between $130,000 and $140,000 by 2029. Average rent prices, which have shown a consistent upward trend, may continue to rise, potentially reaching $900-$950 by 2029, assuming the current rate of increase persists.
In summary, Crane has experienced a notable increase in homeownership rates over the past decade, coinciding with periods of low interest rates. Average rent prices have risen significantly despite a decreasing population, while recent data shows a slight decline in average home prices amidst rising interest rates. These trends suggest a dynamic housing market in Crane, with potential for continued changes in the coming years.
