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Home Values and Ownership in Rockville, Missouri: A Decade of Resilience
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
Rockville, Missouri, is a small community that has experienced notable fluctuations in its population and housing market over the past decade. The city has seen significant changes in homeownership rates, average home prices, and average rent prices, reflecting the dynamic nature of its real estate landscape.
Homeownership in Rockville has shown a generally upward trend from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate was 77%, which increased to 79% by 2022. This rise in homeownership coincided with an overall increase in average home prices. From 2017 to 2022, average home prices in Rockville rose from $132,383 to $147,408, representing an 11.3% increase. This trend suggests that despite rising home prices, Rockville residents have maintained a strong preference for homeownership.
Federal interest rates have played a role in shaping homeownership trends in Rockville. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1-0.4%. During this time, homeownership rates in Rockville increased from 77% to 84%, likely due to more affordable financing options. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed some volatility but remained relatively high at 79% in 2022.
Renter percentages in Rockville have generally decreased as homeownership rates increased. In 2013, 23% of residents were renters, which dropped to 21% by 2022. However, average rent prices have shown a significant upward trend. In 2013, the average rent was $375, which increased to $775 by 2022, representing a substantial 106.7% increase. This rise in rent prices occurred despite fluctuations in the city's population, which decreased from 536 in 2013 to 479 in 2022.
In 2023 and 2024, Rockville's housing market showed some interesting developments. The average home price in 2023 was $135,213, a decrease from the 2022 figure. However, in 2024, the average home price rebounded to $139,632. This coincided with a significant increase in federal interest rates, which rose to 5.02% in 2023 and further to 5.33% in 2024.
Looking ahead, based on recent trends, it's anticipated that average home prices in Rockville will continue to rise moderately over the next five years, potentially reaching around $160,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $900 per month within the same timeframe. These projections assume continued economic stability and gradual population growth in the area.
In summary, Rockville has demonstrated resilience in its housing market, with a strong preference for homeownership despite rising home prices and fluctuating interest rates. The significant increase in average rent prices, coupled with a slight decrease in the renter population, suggests a competitive rental market. As the city moves forward, balancing affordable housing options with the growing value of real estate will be crucial for maintaining a diverse and vibrant community.
