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Ellington, Missouri: Stable Homeownership Amidst Rising Home Values
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Ellington, Missouri: A Decade of Housing Trends Ellington, a small city in Missouri, has exhibited interesting demographic and housing trends over the past decade. This Midwestern community has demonstrated resilience in maintaining a stable homeownership rate while experiencing significant changes in housing prices and rental markets. Homeownership in Ellington has remained relatively constant, with minor fluctuations between 71% and 78% from 2013 to 2022. During this same period, average home prices have shown a marked upward trend, especially in recent years. The average home price increased from $112,497 in 2016 to $161,890 in 2022, representing a substantial 43.9% increase over six years.
The relationship between federal interest rates and homeownership rates in Ellington appears to be multifaceted. Despite historically low interest rates between 2013 and 2021, ranging from 0.08% to 1.83%, homeownership rates remained relatively stable rather than showing a significant increase. This suggests that other local factors may have been influencing homeownership decisions in Ellington during this period.
Rental market trends in Ellington have generally mirrored homeownership rates, with renter percentages ranging from 22% to 28% between 2013 and 2022. Average rent prices have shown an overall upward trend, albeit with some fluctuations. The average rent increased from $484 in 2013 to $718 in 2022, representing a 48.3% increase. Notably, there was a significant drop in average rent to $297 in 2017, followed by a sharp recovery to $551 in 2018. These rent price changes occurred while the population remained relatively stable, suggesting that local economic factors or housing supply issues may have influenced rental markets during this period.
In 2023, the average home price in Ellington reached $164,831, the highest point in the available data, while federal interest rates increased to 5.02%. As of 2024, the average home price has slightly decreased to $160,197, with interest rates further rising to 5.33%. This recent trend suggests a potential cooling in the housing market, possibly influenced by the higher interest rates.
Predictive models suggest that average home prices in Ellington may continue to experience moderate growth over the next five years, albeit at a slower pace than seen in recent years due to higher interest rates. Rent prices are also expected to continue their upward trajectory, potentially outpacing wage growth and putting pressure on renters in the community.
In conclusion, Ellington has maintained a stable homeownership rate despite significant increases in both home prices and rent. The city's housing market has shown resilience through various economic conditions, with recent years marked by substantial price appreciation. The interplay between federal interest rates, local economic factors, and housing market dynamics will likely continue to shape Ellington's residential landscape in the coming years.
