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Green Ridge, Missouri: Rising Home Values and Ownership Rates in a Small 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
Green Ridge, a small city in Missouri, has experienced notable shifts in its housing landscape over the past decade. The city has seen a steady increase in homeownership rates, coupled with fluctuating average home prices and rent costs. This analysis will delve into these trends and their interrelationships.
From 2013 to 2022, Green Ridge witnessed a significant increase in homeownership rates, rising from 80% to 92%. This upward trend coincided with a substantial growth in average home prices. In 2018, the average home price in Green Ridge was $140,423, which steadily climbed to $239,163 by 2022, representing a remarkable 70% increase over just four years. This parallel growth suggests a strong correlation between rising homeownership rates and increasing property values in the city.
The relationship between federal interest rates and homeownership rates in Green Ridge appears to follow the well-established trend of lower interest rates encouraging homeownership. From 2013 to 2021, when interest rates remained historically low (ranging from 0.08% to 1.83%), Green Ridge's homeownership rate increased from 80% to 91%. This period of low interest rates likely made mortgages more affordable, contributing to the rising homeownership trend in the city.
Conversely, as homeownership rates increased, the percentage of renters in Green Ridge decreased from 20% in 2013 to 8% in 2022. Despite this decline in the renter population, average rent prices showed considerable volatility. The average rent rose from $448 in 2013 to a peak of $763 in 2016, before fluctuating and settling at $788 in 2022. This trend suggests that even with a smaller renter population, demand for rental properties remained strong enough to support higher rent prices.
In 2023 and 2024, Green Ridge's housing market continued to evolve. The average home price reached $244,504 in 2023 and further increased to $250,226 in 2024, indicating a continued upward trajectory in property values. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the city.
Looking ahead, predictive models suggest that Green Ridge's housing market will likely continue its upward trend. Over the next five years, average home prices are projected to increase by approximately 3-5% annually, potentially reaching around $290,000 by 2029. Rent prices are expected to follow a similar trajectory, with an estimated annual increase of 2-4%, potentially bringing the average rent to approximately $900 per month by 2029.
In summary, Green Ridge has experienced a substantial increase in homeownership rates and property values over the past decade. The city's housing market has shown resilience, with rising home prices and rent costs despite fluctuations in the renter population. The recent spike in interest rates may introduce new dynamics to the market, but the overall trend suggests continued growth in both home values and rental costs in the coming years.
