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Jackson, Missouri: Rising Home Values Amidst Stable Ownership Rates
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
Jackson, Missouri, is a vibrant community located in Cape Girardeau County. With a population of 20,205 in 2022, this growing city has experienced notable changes in its housing market over the past decade. The city has maintained a consistently high rate of homeownership, while average home prices and average rent prices have shown steady increases.
Homeownership rates in Jackson have remained relatively stable, fluctuating between 71% and 75% from 2013 to 2022. This high rate of homeownership coincides with a significant increase in average home prices. In 2010, the average home price was $155,287, which rose to $242,305 by 2022, representing a 56% increase over 12 years. This trend suggests that despite rising prices, residents of Jackson have continued to prioritize homeownership.
The relationship between federal interest rates and homeownership rates in Jackson is noteworthy. From 2013 to 2016, when interest rates were extremely low (0.11% to 0.40%), homeownership rates remained steady at around 71-72%. As interest rates began to rise more significantly from 2017 to 2019 (1% to 2.16%), homeownership rates actually increased slightly, reaching 74% in 2017. This suggests that other local factors may have a stronger influence on homeownership in Jackson than national interest rates.
Renter percentages in Jackson have shown a slight decline, from 29% in 2014 to 27% in 2022. Interestingly, average rent prices have increased during this period, from $854 in 2014 to $869 in 2022. This modest 1.8% increase in average rent over eight years is significantly lower than the growth in average home prices during the same period. The relatively stable renter percentage, despite rising home prices, may indicate a strong preference for homeownership in the community or the availability of affordable rental options.
In 2023, the average home price in Jackson reached $247,921, showing continued growth from the previous year. By 2024, this figure further increased to $254,540, demonstrating ongoing appreciation in the local housing market. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact affordability for potential homebuyers, potentially influencing future homeownership rates in the city.
Looking ahead, predictive models suggest that average home prices in Jackson are likely to continue their upward trajectory over the next five years. Based on historical trends, we can expect average home prices to potentially reach around $300,000 by 2029. Average rent prices, which have shown more modest growth, may increase to approximately $950-$1,000 per month in the same timeframe. However, these projections could be influenced by various factors, including local economic conditions and changes in federal interest rates.
In summary, Jackson has maintained a strong homeownership market despite rising average home prices. The community has shown resilience in maintaining high homeownership rates even as housing costs have increased. The rental market has remained relatively stable, with modest increases in average rent prices. As the city continues to grow, it will be important to monitor how these housing trends evolve, particularly in light of changing interest rates and economic conditions.
