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Home Values Soar in Hale, Missouri: A Decade of Housing Market Evolution
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
Hale, Missouri, a small but growing community in Carroll County, has experienced significant changes in its housing market over the past decade. This charming city has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local dynamics.
The homeownership rate in Hale has remained relatively stable, with a slight downward trend from 86% in 2013 to 80% in 2022. During this same period, average home prices have shown a consistent upward trajectory. In 2012, the average home price was $98,355, which increased to $186,055 by 2022, representing a substantial 89% growth over a decade. This trend suggests that while homeownership rates have slightly decreased, the value of owned properties has significantly appreciated.
Federal interest rates have played a crucial role in shaping homeownership trends in Hale. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership rates remained high, above 82%. As interest rates began to rise more steadily from 2017 onwards, reaching 1.68% in 2022, we observed a gradual decline in homeownership to 80%. This pattern aligns with the general economic principle that lower interest rates tend to encourage homeownership by making mortgages more affordable.
The rental market in Hale has shown interesting trends as well. The percentage of renters increased from 13% in 2013 to 20% in 2022. Concurrently, average rent prices fluctuated, starting at $402 in 2013, peaking at $577 in 2019, and then decreasing to $447 by 2022. This decrease in average rent prices, despite an increase in the renter population, could be attributed to various factors such as increased housing supply or economic pressures affecting the local rental market.
Looking at the most recent data, the average home price in Hale reached $196,010 in 2023 and further increased to $200,051 in 2024. This continued appreciation occurs against the backdrop of significantly higher federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and potentially slow down the rate of home price appreciation.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Hale will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project that by 2029, average home prices could reach approximately $230,000 to $250,000, assuming a more moderate annual growth rate of 3-5%. For average rent prices, we expect a gradual increase, potentially reaching $550 to $600 by 2029, reflecting both inflationary pressures and potential increases in housing demand.
In summary, Hale's housing market has demonstrated resilience and growth over the past decade. The most significant trends include the substantial appreciation of home values, a slight decrease in homeownership rates, and fluctuations in the rental market. The interplay between federal interest rates, homeownership, and property values continues to shape the local housing landscape. As Hale moves forward, these trends suggest a dynamic and evolving housing market that balances homeownership aspirations with the realities of property values and economic conditions.
