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Fassnight's Rising Home Values and Shifting Ownership Patterns
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Fassnight, a vibrant neighborhood in Springfield, Missouri, has experienced significant changes in its housing market over the past decade. This area has seen fluctuations in homeownership rates, with a general trend towards increased renting. Meanwhile, average home prices have shown a steady upward trajectory, particularly in recent years, while average rent prices have also risen, albeit with some variability.
The homeownership rate in Fassnight has experienced a gradual decline from 2013 to 2022. In 2013, 30% of the housing units were owner-occupied, but by 2019, this figure had dropped to 24%. However, there has been a slight recovery in recent years, with the homeownership rate reaching 30% in 2022. Interestingly, this trend coincides with the dramatic increase in average home prices. In 2013, the average home price was $66,695, but by 2022, it had more than doubled to $141,207, representing a 112% increase over nine years.
Federal interest rates have played a significant role in shaping homeownership trends in Fassnight. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates remained relatively stable, ranging from 29% to 35%. As interest rates began to rise from 2017 onwards, reaching 1.83% in 2018 and 2.16% in 2019, homeownership rates declined to 26% and 24% respectively. This inverse relationship demonstrates how higher interest rates can discourage homeownership due to increased borrowing costs.
The renter population in Fassnight has grown substantially over the years, with the percentage of renter-occupied units increasing from 70% in 2013 to 76% in 2019, before slightly decreasing to 70% in 2022. This trend has been accompanied by a general increase in average rent prices. In 2013, the average rent was $734, which rose to $933 by 2017, representing a 27% increase in just four years. The average rent continued to climb, reaching $1,047 in 2021, before slightly decreasing to $972 in 2022. The overall population growth from 4,560 in 2013 to 5,207 in 2022 likely contributed to the increased demand for rental properties and the subsequent rise in rent prices.
As of 2024, the average home price in Fassnight has reached $159,161, showing a continued upward trend from the $151,702 recorded in 2023. This represents a 5% increase in just one year. Concurrently, the federal interest rate has risen to 5.33% in 2024 from 5.02% in 2023, potentially impacting homebuying decisions in the neighborhood.
Looking ahead, based on the historical data and current trends, we can project that average home prices in Fassnight will continue to rise over the next five years, potentially reaching around $200,000 by 2029. Average rent prices are also expected to increase, albeit at a slower pace, possibly approaching $1,200 per month by 2029. However, these projections are subject to various economic factors and local market conditions.
In summary, Fassnight has witnessed a shift towards a predominantly renter-occupied housing market over the past decade, with homeownership rates fluctuating but generally decreasing. This trend has occurred alongside substantial increases in both average home prices and rent prices. The interplay between federal interest rates, population growth, and housing demand has significantly shaped these trends. As the neighborhood continues to evolve, it will be crucial to monitor these factors and their impact on Fassnight's housing market dynamics.
