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Home Values and Ownership Trends in St. George, Missouri: A Decade of Market 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
St. George, Missouri is a small community located in St. Louis County. This suburban enclave has experienced notable shifts in its housing market and demographic composition over the past decade. The city has seen a general trend of increasing homeownership rates, fluctuating average home prices, and varying average rent prices.
Homeownership in St. George has shown an interesting trajectory. In 2013, the homeownership rate stood at 77%. This figure steadily increased to a peak of 85% in 2018, representing a significant rise in owner-occupied housing. However, since 2018, there has been a gradual decline, with the homeownership rate dropping to 73% by 2022. This trend correlates interestingly with average home prices in the area. In 2013, the average home price was $71,856, which rose to $95,949 by 2018, coinciding with the peak in homeownership. As home prices continued to climb, reaching $136,931 in 2022, the homeownership rate began to decline, suggesting a potential affordability issue for prospective buyers.
The relationship between federal interest rates and homeownership rates in St. George follows a somewhat expected pattern. From 2013 to 2018, when interest rates were historically low (ranging from 0.11% to 1.83%), homeownership rates increased. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, as interest rates began to rise more sharply from 2018 onwards, reaching 1.68% in 2022, homeownership rates started to decline, possibly reflecting the increased cost of borrowing.
Renter percentages and average rent prices in St. George have shown an inverse relationship to homeownership trends. In 2013, the renter-occupied rate was 22%, with an average rent of $1,001. As homeownership increased, the renter percentage decreased to a low of 15% in 2018, with average rent dropping to $833. However, from 2018 to 2022, as homeownership rates declined, the renter percentage increased to 27%, with average rent fluctuating and ultimately reaching $885 in 2022. This trend suggests that as home prices increased and homeownership became less attainable, more residents turned to renting.
Looking at the most recent data, average home prices in St. George continued to rise, reaching $150,573 in 2023 and $159,916 in 2024. This represents a significant increase from previous years, potentially driven by broader economic factors and local market conditions. Concurrently, federal interest rates have also increased substantially, standing at 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in St. George will continue to rise, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase moderately as demand for rental properties may grow if homeownership becomes less accessible. However, these trends could be influenced by various factors including economic conditions, local development, and demographic shifts.
In summary, St. George has experienced a shift from increasing homeownership rates and rising home prices to a more recent trend of declining homeownership and increasing rental demand. The interplay between home prices, rent prices, and interest rates has significantly shaped the housing market in this community over the past decade, with recent data suggesting a continuation of these trends in the near future.
