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Holcomb, Missouri: Homeownership Rises Amid Price Fluctuations
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
Holcomb, located in Missouri, is a small community that has experienced fluctuations in population and housing dynamics over the past decade. The city has seen notable shifts in homeownership rates and rental prices, reflecting broader economic trends and local market conditions.
In Holcomb, homeownership rates have shown a general upward trend from 2013 to 2022. The percentage of owner-occupied housing units increased from 66% in 2013 to 72% in 2022, with a peak of 74% in 2018. This trend suggests a growing preference for homeownership in the community. During this period, the city's population fluctuated, reaching a high of 936 residents in 2017 before declining to 802 by 2022.
The relationship between homeownership rates and federal interest rates in Holcomb follows a typical pattern. As interest rates remained low from 2013 to 2016, hovering around 0.1%, homeownership increased from 66% to 72%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, even as interest rates began to rise from 2017 onwards, homeownership rates in Holcomb remained relatively stable, suggesting other local factors may have influenced housing decisions.
Renter percentages in Holcomb have shown an inverse relationship to homeownership rates, decreasing from 34% in 2013 to 28% in 2022. Despite this decline in the proportion of renters, average rent prices have increased significantly. The median rent rose from $492 in 2013 to $577 in 2022, representing a 17% increase over this period. The peak median rent was $678 in 2018, coinciding with the city's highest population of 936 residents in 2017. This suggests that increased demand for rental properties during periods of population growth may have driven up rental prices.
In 2023 and 2024, Holcomb experienced a notable shift in average home prices. The average home price in 2023 was $78,724, a significant decrease from $91,180 in 2022. This downward trend continued into 2024, with average home prices further declining to $70,633. Concurrently, federal interest rates rose sharply to 5.02% in 2023 and 5.33% in 2024, likely influencing the housing market dynamics.
Looking ahead, predictive models suggest that average home prices in Holcomb may continue to face downward pressure in the short term due to high interest rates. However, as the market adjusts, prices could stabilize and potentially see modest growth in the next 3-5 years. Rent prices are likely to remain relatively stable or increase slightly, driven by ongoing demand for rental properties in the area.
In summary, Holcomb has experienced a trend towards increased homeownership over the past decade, despite rising average rent prices. The recent decline in average home prices, coupled with rising interest rates, marks a significant shift in the local housing market. These trends highlight the complex interplay between population dynamics, economic factors, and housing preferences in shaping the real estate landscape of this Missouri community.
