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Fulton's Housing Market: Rising Prices and Shifting Ownership in Churchill's 'Iron Curtain' City
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
Fulton, Missouri, a vibrant city located in Callaway County, is home to approximately 17,345 residents as of 2022. Known for its rich history and as the site of Westminster College, Fulton has experienced notable shifts in its housing landscape over the past decade. The city has seen fluctuations in homeownership rates, along with significant changes in average home and rent prices, reflecting broader economic trends and local market dynamics.
From 2013 to 2022, Fulton experienced a notable shift in homeownership rates. In 2013, 68% of residents were homeowners, but this figure dropped to 56% by 2017, marking the lowest point in the decade. However, the trend reversed in subsequent years, with homeownership rising back to 68% by 2022. This fluctuation coincided with changes in average home prices, which saw a steady increase from $116,786 in 2013 to $205,037 in 2022, representing a substantial 75.6% growth over the period.
The relationship between federal interest rates and homeownership rates in Fulton shows an interesting pattern. As interest rates remained historically low between 2013 and 2016 (ranging from 0.09% to 0.4%), homeownership rates actually declined. This counterintuitive trend suggests that other local factors may have played a more significant role in housing decisions during this period. However, as interest rates began to rise more substantially from 2017 onwards, reaching 1.68% in 2022, homeownership rates in Fulton also increased, potentially indicating improved economic conditions and consumer confidence in the local housing market.
Renter percentages in Fulton inversely mirrored the homeownership trends, peaking at 44% in 2017 before declining to 32% by 2022. Average rent prices showed considerable volatility during this period. Starting at $533 in 2013, rent prices peaked at $767 in 2015 before experiencing fluctuations, ultimately reaching $691 in 2022. This represents a 29.6% increase in average rent from 2013 to 2022, despite the year-to-year variations. The population of Fulton decreased slightly during this period, from 18,635 in 2013 to 17,345 in 2022, which may have influenced the rental market dynamics.
In 2023 and 2024, Fulton's housing market continued its upward trajectory. The average home price in 2023 reached $209,041, a 2% increase from 2022. By 2024, it further climbed to $214,204, representing a 2.5% year-over-year growth. Concurrently, federal interest rates rose significantly, hitting 5.02% in 2023 and 5.33% in 2024, marking the highest levels in over a decade. These higher interest rates may impact future homebuying decisions in Fulton.
Looking ahead, based on the observed trends, we can project that average home prices in Fulton will continue to rise, albeit at a potentially slower pace due to higher interest rates. A conservative estimate suggests average home prices could reach around $235,000 to $240,000 by 2029. Rent prices, which have shown more volatility, may stabilize or see moderate increases, potentially reaching an average of $750 to $800 per month in the next five years, assuming steady economic conditions and population trends.
In summary, Fulton's housing market has demonstrated resilience and growth over the past decade. The city has experienced a resurgence in homeownership rates, significant appreciation in home values, and a volatile but generally upward trend in rent prices. The interplay between these factors, along with broader economic indicators like interest rates, will continue to shape Fulton's housing landscape in the coming years, presenting both opportunities and challenges for residents and potential homebuyers in this dynamic Missouri city.
