Loading Content...
Hunnewell, Missouri: Soaring Home Values and Ownership Rates in a Small City
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Hunnewell, located in Missouri, has experienced significant demographic and housing market shifts over the past decade. This small city has seen notable fluctuations in its population, homeownership rates, and housing prices, reflecting broader economic trends and local dynamics.
The homeownership rate in Hunnewell has shown a remarkable upward trend, particularly in recent years. In 2013, the homeownership rate stood at 69%, but by 2022, it had surged to an impressive 93%. This substantial increase in homeownership coincided with a significant rise in average home prices. From 2013 to 2022, the average home price in Hunnewell increased from $122,513 to $207,259, representing a growth of nearly 69% over this period.
The relationship between federal interest rates and homeownership rates in Hunnewell appears to follow well-established trends. As interest rates remained relatively low from 2013 to 2020, ranging from 0.09% to 0.38%, homeownership rates generally increased. This aligns with the principle that lower interest rates make mortgages more affordable, encouraging home purchases. The dramatic rise in homeownership from 75% in 2020 to 93% in 2022, despite a slight increase in interest rates to 1.68% in 2022, suggests other local factors may have also played a significant role in this trend.
Conversely, the percentage of renters in Hunnewell has decreased substantially, from 31% in 2013 to just 7% in 2022. Despite this decline in the renter population, average rent prices have shown an overall upward trend. The average rent increased from $292 in 2013 to $473 in 2022, peaking at $616 in 2021. This trend of rising rents despite a shrinking renter population could be attributed to various factors, including improved housing quality or broader economic conditions affecting the rental market.
In 2023 and 2024, Hunnewell's housing market continued to show strength. The average home price reached $211,499 in 2023 and further increased to $218,575 in 2024. This represents a steady year-over-year growth of about 2% and 3% respectively. Interestingly, these price increases occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. This suggests a robust local housing market that has remained resilient in the face of higher borrowing costs.
Looking ahead, based on the trends observed, we can forecast continued growth in average home prices in Hunnewell over the next five years. Assuming a conservative annual growth rate of 3%, we might expect average home prices to reach approximately $253,000 by 2029. Rent prices, which have shown more volatility, are harder to predict. However, if the trend of the past few years continues, we could see average rents stabilizing or potentially decreasing slightly, perhaps settling around $450-$500 per month by 2029.
In summary, Hunnewell has experienced a significant shift towards homeownership, with a corresponding increase in average home prices. The rental market has shrunk considerably, yet rent prices have generally trended upwards. The city's housing market has shown resilience in the face of rising interest rates, suggesting strong local demand for homeownership. These trends point to a changing demographic landscape in Hunnewell, with potential implications for community development and local economic strategies in the coming years.
