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Jacksonville, Missouri: Steady Home Values and High 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
Jacksonville: A Small Missouri Community with Strong Homeownership Jacksonville, located in Missouri, is a small community with a population that has fluctuated over the years, reaching 964 residents in 2022. The village has maintained a high rate of homeownership, consistently above 85% throughout the analyzed period. Average home prices have shown a steady upward trend, while average rent prices have experienced some fluctuations.
The homeownership rate in Jacksonville has remained relatively stable, with a slight decrease from 94% in 2013 to 89% in 2022. This high rate of homeownership has persisted despite the significant increase in average home prices. In 2012, the average home price was $115,384, which rose to $234,516 by 2022, representing a substantial 103% increase over a decade. This trend suggests that despite rising home values, residents of Jacksonville have continued to prioritize homeownership.
Federal interest rates have played a role in homeownership trends. From 2012 to 2016, when interest rates were exceptionally low (ranging from 0.09% to 0.4%), the homeownership rate remained high, above 88%. As interest rates began to rise from 2017 onwards, there was a slight decline in homeownership, dropping to 87% in 2018. However, the overall impact seems minimal, as the rate rebounded to 89% by 2022, even as interest rates climbed to 1.68%.
The renter population in Jacksonville has remained relatively small, increasing from 6% in 2013 to 11% in 2022. Average rent prices have shown some volatility, starting at $588 in 2013, peaking at $675 in 2015, and then fluctuating before reaching $727 in 2022. This represents a 23.6% increase in average rent over the period. The slight increase in the renter population could be attributed to the rising home prices, which may have priced out some potential buyers.
In 2023, the average home price in Jacksonville reached $237,363, with federal interest rates at 5.02%. Moving into 2024, the average home price further increased to $244,658, while interest rates rose to 5.33%. This continued upward trend in both home prices and interest rates suggests a robust housing market in the village, despite potentially higher borrowing costs for homebuyers.
Looking ahead, based on the historical data and current trends, it's projected that average home prices in Jacksonville will continue to rise over the next five years, potentially reaching around $280,000 by 2029. Average rent prices are also expected to increase, albeit at a slower rate, potentially reaching approximately $800 per month in the same timeframe.
In summary, Jacksonville has maintained a strong culture of homeownership despite rising home prices. The community has shown resilience in the face of increasing property values and fluctuating interest rates. While there has been a slight increase in the renter population, it remains a small percentage of the overall community. The continued rise in both home prices and rent suggests a sustained demand for housing in the area, indicating a positive outlook for the local real estate market in the coming years.
