Loading Content...
Home Values and Ownership in Republic: A Decade of Growth and Change
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Republic, Missouri: A Case Study in Housing Market Dynamics Republic, Missouri, a growing community in the southwestern part of the state, has experienced significant changes in its housing market over the past decade. The city's population increased from 19,270 in 2010 to 26,694 in 2022, reflecting substantial growth. This population expansion has been accompanied by notable shifts in homeownership rates and housing prices, providing insight into the evolving nature of Republic's real estate landscape.
Homeownership rates in Republic have shown an overall upward trend from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate stood at 67%, peaking at 72% in 2016 before stabilizing around 69% in 2022. Concurrently, average home prices have seen a dramatic increase. From $122,212 in 2013, the average home price rose consistently year over year, reaching $245,554 in 2022. This represents a substantial increase of 101% over the nine-year period, effectively doubling the average home value.
The relationship between federal interest rates and homeownership rates in Republic reveals an interesting pattern. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates increased from 67% to 72%. As interest rates began to rise more significantly from 2017 onwards, homeownership rates slightly decreased but remained relatively stable around 69-70%. This suggests that while low interest rates may have initially encouraged homeownership, other factors such as rising home prices and local economic conditions also played a role in homeownership decisions.
The rental market in Republic has shown different trends compared to homeownership. Renter percentages have generally decreased as homeownership rates increased. In 2013, 33% of residents were renters, which declined to a low of 28% in 2016 before stabilizing around 31-32% in recent years. Average rent prices have shown some volatility but have generally increased over time. In 2013, the average rent was $932, which peaked at $977 in 2021 before slightly decreasing to $896 in 2022. This represents a modest overall increase of 4.7% from 2013 to 2022, significantly lower than the growth in home prices over the same period.
Recent data shows that average home prices in Republic continued to rise, reaching $253,438 in 2023 and $256,668 in 2024. This represents a further increase of 3.2% and 4.5% respectively from the 2022 values. Concurrently, federal interest rates have risen sharply to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions and affordability in the current market.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in Republic will continue to rise, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $300,000 to $320,000, assuming a moderate annual growth rate of 3-4%. Average rent prices are expected to follow a similar upward trend, potentially reaching $1,000 to $1,100 per month by 2029, reflecting ongoing demand for rental properties in this growing city.
In conclusion, Republic has experienced significant growth in both population and housing prices over the past decade. Homeownership rates have remained relatively stable in recent years, despite rising home prices and fluctuating interest rates. The rental market has shown more modest price increases, potentially offering more affordable options for some residents. As the city continues to grow, balancing housing affordability with economic development will likely be a key challenge for local policymakers and residents alike.
