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Home Values and Ownership: Hurdland, Missouri's Resilient 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
Hurdland, Missouri is a small rural community with a population ranging from 489 to 615 residents over the past decade. The city has experienced significant changes in homeownership rates and housing costs, reflecting broader economic trends and local dynamics. Homeownership in Hurdland has shown a general upward trend. The rate increased from 72% in 2013 to 86% in 2022, despite limited data on average home prices for most of this period. This consistent increase suggests that Hurdland remained an attractive location for buyers, possibly due to its affordability compared to larger urban areas. Federal interest rates have influenced homeownership trends in Hurdland. From 2013 to 2016, when interest rates were historically low (0.09% to 0.4%), the homeownership rate increased from 72% to 84%. As interest rates began to rise more significantly from 2017 onwards, Hurdland's homeownership rate stabilized around 86-89%, indicating a resilient local housing market.
The rental market in Hurdland has shown inverse trends to homeownership. The percentage of renters decreased from 28% in 2013 to 13% in 2022. Average rent prices have been volatile, dropping from $825 in 2014 to $388 in 2018, before rising to $642 in 2022. This volatility doesn't show a clear correlation with the declining renter population, suggesting other factors may have influenced the rental market more significantly than price alone.
In 2023 and 2024, Hurdland's housing market saw significant changes. The average home price in 2024 is $115,138, marking the first available data point for home values in the city. This coincides with federal interest rates reaching 5.33% in 2024, the highest level in over a decade. These high interest rates may impact future homeownership trends and affordability in Hurdland.
Looking ahead to the next five years, we might expect a moderation in the growth of homeownership rates due to recent rises in home prices and high interest rates. Average home prices could continue to rise moderately, potentially reaching around $125,000 by 2029, assuming a conservative annual growth rate of 2-3%. Rent prices may stabilize or increase slightly, possibly reaching an average of $700-$750 per month by 2029, as the rental market adjusts to changes in demand and overall housing costs.
In summary, Hurdland has experienced a significant increase in homeownership over the past decade, reaching 86% in 2022. This trend occurred alongside fluctuating rent prices and historically low interest rates. The recent spike in interest rates and the emergence of home price data in 2024 mark a new phase for Hurdland's housing market, potentially influencing future homeownership rates and housing affordability in this small Missouri community.
