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Home Values and Ownership Trends in Stanton: A Decade of Housing Market Dynamics
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
Stanton, Kentucky, is a small urban community that has experienced notable demographic and housing market shifts over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices, providing insights into the city's housing dynamics. The homeownership rate in Stanton has shown a general decline from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate stood at 58%, rising to a peak of 67% in 2014. However, by 2022, it had settled at 61%. Concurrently, average home prices have shown a steady upward trend. In 2013, the average home price was $67,369, which increased to $129,549 by 2022, representing a significant 92% increase over this period.
Federal interest rates have played a role in shaping homeownership trends in Stanton. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates remained relatively high, between 58% and 67%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a corresponding decline in homeownership rates, settling at 61% in 2022.
Renter percentages have generally increased from 2013 to 2022, inversely mirroring the homeownership trend. The renter-occupied percentage rose from 42% in 2013 to 39% in 2022, with some fluctuations in between. Average rent prices have shown volatility over this period. In 2013, the average rent was $468, which increased to $728 in 2018, representing a 56% increase. However, by 2022, the average rent had decreased to $666, still 42% higher than the 2013 figure. These trends occurred against a backdrop of a relatively stable population, which stood at 3,727 in 2013 and 3,914 in 2022.
Moving to more recent data, the average home price in Stanton continued its upward trajectory, reaching $139,093 in 2023 and further increasing to $147,815 in 2024. This represents a 14% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing market dynamics.
Looking ahead, based on the observed trends, it's projected that average home prices in Stanton will continue to rise over the next five years, potentially reaching around $180,000 by 2029. Average rent prices, which have shown more volatility, are expected to stabilize and gradually increase, potentially reaching around $750 by 2029. However, these projections are subject to various economic factors and local market conditions.
In summary, Stanton has experienced a gradual shift towards renting, with homeownership rates declining slightly over the past decade. Despite this trend, average home prices have shown significant appreciation, particularly in recent years. The rental market has seen more volatility in pricing, but with an overall upward trend. The interplay between federal interest rates, housing prices, and ownership rates underscores the complex dynamics shaping Stanton's housing market.
