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Grantwood Village, Missouri: Surging Home Values and Ownership Rates in a Small Town
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
Grantwood Village, a small town in Missouri, has experienced notable shifts in homeownership rates and housing prices over the past decade. This quaint community, known for its proximity to Grant's Farm, a historic landmark and wildlife preserve, has seen a general trend of increasing homeownership and rising average home prices.
The percentage of owner-occupied homes in Grantwood Village has shown a significant upward trend. In 2013, 73% of homes were owner-occupied, and this figure rose steadily to reach 90% by 2022. This substantial increase in homeownership coincided with a steady rise in average home prices. In 2013, the average home price was $309,514, and by 2022, it had climbed to $486,242, representing a 57% increase over this period.
The relationship between federal interest rates and homeownership rates in Grantwood Village appears to follow the well-established trend of lower interest rates encouraging homeownership. For instance, as interest rates remained low between 2013 and 2016 (ranging from 0.11% to 0.40%), homeownership rates increased from 73% to 84%. This trend continued even as interest rates began to rise moderately, with homeownership reaching 90% by 2022 when the federal interest rate was 1.68%.
Conversely, the percentage of renter-occupied homes in Grantwood Village has decreased over time, from 27% in 2013 to just 10% in 2022. Interestingly, despite this decrease in the renter population, average rent prices have shown an overall upward trend. In 2013, the average rent was $814, and it fluctuated over the years, reaching $861 by 2022. This increase in rent prices, despite a shrinking renter population, could be attributed to factors such as improved housing quality or limited rental inventory.
In 2023 and 2024, Grantwood Village continued to see growth in average home prices. The average home price reached $509,223 in 2023 and further increased to $520,678 in 2024. This represents a 7.1% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends.
Looking ahead, based on the historical data and current trends, we can project that average home prices in Grantwood Village may continue to rise over the next five years, potentially reaching around $600,000 by 2029. However, the rate of increase might slow down due to the higher interest rates. Average rent prices could also continue their upward trajectory, possibly reaching around $950 by 2029, assuming the trend of limited rental inventory persists.
In summary, Grantwood Village has experienced a significant increase in homeownership rates over the past decade, coupled with substantial growth in average home prices. The town has seen a decrease in its renter population, yet average rent prices have generally increased. These trends, combined with the recent rise in interest rates, suggest a dynamic housing market in this small Missouri town, with a strong preference for homeownership among its residents.
