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High Homeownership and Rising Home Values: Clifton Hill's Unique Housing Market
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
Clifton Hill, a small city in Missouri, has experienced notable shifts in its housing market over the past decade. This quaint community, known for its close-knit atmosphere, has seen significant changes in homeownership rates and property values, reflecting broader economic trends and local dynamics. The city has maintained a consistently high rate of homeownership, with a slight trend towards increased renting in recent years. In 2013, 90% of residents owned their homes, and this figure peaked at 99% in 2015 and 2016. However, by 2022, the homeownership rate had decreased slightly to 95%, indicating a small but noticeable shift towards renting. Concurrently, average home prices in Clifton Hill have shown a steady upward trajectory. From $90,419 in 2012, property values rose to $159,572 in 2022, representing a substantial 76.5% increase over a decade.
The relationship between federal interest rates and homeownership rates in Clifton Hill reflects national trends to some extent. As interest rates remained low between 2012 and 2016, hovering around 0.1% to 0.4%, homeownership in the city reached its peak of 99%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a slight decrease in homeownership to 95%. This trend suggests that while other factors are at play, lower interest rates may have contributed to the high homeownership rates in Clifton Hill during the mid-2010s.
Regarding rental trends, the percentage of renters in Clifton Hill has shown a gradual increase from 1% in 2015 to 5% in 2022. This shift coincides with a period of stability in average rent prices, which remained constant at $950 from 2018 to 2022. The stability in rent prices, coupled with the increasing population from 521 in 2018 to 595 in 2022, suggests a growing demand for rental properties in the city.
In 2023 and 2024, Clifton Hill's housing market continued its upward trajectory. Average home prices rose to $160,682 in 2023 and further increased to $167,789 in 2024, representing a 4.4% year-over-year growth. This price appreciation occurred against a backdrop of rising interest rates, which reached 5.02% in 2023 and 5.33% in 2024, indicating strong local demand despite higher borrowing costs.
Looking ahead, predictive models suggest a continuation of the upward trend in average home prices for Clifton Hill over the next five years. Based on the historical data and current market conditions, average home prices could potentially reach around $190,000 to $200,000 by 2029. Rent prices, which have remained stable in recent years, may see modest increases to keep pace with inflation and growing demand, potentially reaching an average of $1,050 to $1,100 per month by 2029.
In summary, Clifton Hill has demonstrated a robust housing market characterized by high homeownership rates and steadily increasing property values. The slight shift towards renting in recent years, coupled with stable rent prices, indicates a diversifying housing landscape. As the city continues to grow and evolve, it is likely to maintain its appeal to both homeowners and renters, with property values expected to appreciate further in the coming years.
