Loading Content...
Kahoka, Missouri: Housing Trends in a Small City with Declining Home Values
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Kahoka, located in Missouri, is a small urban center with a population of 2,219 as of 2022. The city has experienced fluctuations in homeownership rates and average rent prices over the past decade, with recent trends showing a slight decrease in owner-occupied housing and an increase in average rent prices.
The homeownership rate in Kahoka has shown a gradual decline from 2013 to 2022. In 2013, 67% of housing units were owner-occupied, but this figure decreased to 56% by 2022. This downward trend in homeownership coincides with changes in average home prices, although specific data on home prices is limited for earlier years. The average home price in Kahoka was $118,431 in 2022, providing a baseline for recent property values.
Federal interest rates have played a significant role in shaping homeownership trends. From 2010 to 2021, interest rates remained historically low, hovering between 0.08% and 2.16%. Despite these favorable borrowing conditions, Kahoka saw a decrease in homeownership rates during this period. This suggests that other local factors, such as economic conditions or housing supply, may have had a stronger influence on homeownership than interest rates alone.
The renter population in Kahoka has increased correspondingly with the decline in homeownership. The percentage of renter-occupied housing units rose from 33% in 2013 to 44% in 2022. This shift towards renting coincides with an overall increase in average rent prices. In 2013, the average rent was $452, which climbed to $546 by 2022, representing a 20.8% increase over nine years. However, it's worth noting that rent prices have not shown a steady upward trajectory, with fluctuations occurring year to year. For instance, average rent peaked at $601 in 2018 before declining in subsequent years.
Looking at the most recent data, the average home price in Kahoka was $113,829 in 2023 and $108,691 in 2024, indicating a slight downward trend in property values. This occurs against the backdrop of rising federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. These higher interest rates may contribute to cooling the housing market and potentially affecting affordability for prospective homebuyers.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Kahoka may continue to experience modest decreases or stabilization, given the recent downward movement and the current high-interest-rate environment. Average rent prices, on the other hand, are likely to maintain an upward trajectory, albeit at a more moderate pace than seen in previous years. This prediction is based on the historical trend of increasing renter populations and the general upward movement of rent prices over the past decade.
In summary, Kahoka has witnessed a shift from homeownership to renting over the past decade, with homeownership rates declining from 67% to 56% between 2013 and 2022. Average rent prices have shown an overall increase, rising from $452 to $546 during the same period. Recent data indicates a slight cooling in the housing market, with average home prices decreasing to $108,691 in 2024. The interplay between federal interest rates, local economic factors, and housing market dynamics will continue to shape Kahoka's residential landscape in the coming years.
