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Home Values and Ownership Trends in Carthage, Missouri: Precious Moments Chapel's City Faces Housing Shifts
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
Carthage, a city in Missouri known for its rich history and the iconic Precious Moments Chapel, has experienced notable shifts in its housing market over the past decade. These changes reflect broader economic trends and have significantly impacted homeownership rates and housing prices.
The homeownership rate in Carthage has shown a gradual decline from 2013 to 2022. In 2013, 64% of residents owned their homes, but by 2022, this figure had dropped to 53%. Conversely, the average home prices have seen a significant upward trend. In 2013, the average home price was $94,045, which steadily increased to $187,481 by 2022, representing a substantial 99.4% increase over this period.
The relationship between federal interest rates and homeownership rates in Carthage shows an interesting pattern. As interest rates remained historically low from 2013 to 2020, ranging from 0.09% to 0.38%, the homeownership rate still declined from 64% to 56%. This suggests that other factors, such as rising home prices, may have outweighed the potential benefits of low interest rates for potential homebuyers in Carthage.
Renter percentages in Carthage have inversely mirrored the homeownership trend, increasing from 36% in 2013 to 47% in 2022. Average rent prices have also risen during this period, albeit at a slower pace compared to home prices. In 2013, the average rent was $764, which increased to $857 by 2022, a 12.2% rise. The city's population grew from 18,084 in 2013 to 19,195 in 2022, potentially contributing to the increased demand for rental properties.
Looking at the most recent data, the average home price in Carthage reached $201,664 in 2023 and further increased to $211,469 in 2024. This represents a 12.8% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could impact future homeownership trends.
Applying predictive models to forecast the next five years, average home prices in Carthage will continue to rise, potentially reaching around $250,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. Average rent prices are also expected to increase, potentially surpassing $950 by 2029, assuming the current growth rate continues.
In summary, Carthage has experienced a shift towards renting, with homeownership rates declining despite rising property values. The substantial increase in average home prices, coupled with moderate rent increases, suggests a changing housing landscape in the city. These trends, along with fluctuating interest rates, will likely continue to shape Carthage's housing market in the coming years, potentially affecting affordability and accessibility for both buyers and renters.
