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Kingsville, Missouri: Rising Home Values and Ownership in a Small City
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
Kingsville, Missouri, is a small city with a population that has fluctuated over the past decade, reaching 964 residents in 2022. This community has experienced notable shifts in homeownership rates and housing prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Kingsville has shown a general upward trend from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate was 81%, which increased to 88% by 2022. This rise in homeownership coincided with a significant increase in average home prices. In 2013, the average home price was $162,341, which more than doubled to $356,764 by 2022. This substantial appreciation in home values likely contributed to the growing preference for homeownership in the city.
Federal interest rates have played a role in shaping homeownership trends in Kingsville. From 2013 to 2016, interest rates remained low, hovering around 0.1% to 0.4%. During this period, homeownership increased from 81% to 84%. As interest rates began to rise more significantly from 2017 to 2019, reaching 2.16%, homeownership continued to climb, peaking at 90% in 2019. This suggests that other local factors may have outweighed the impact of rising interest rates on homeownership decisions in Kingsville.
The rental market in Kingsville has experienced a corresponding decline as homeownership increased. The percentage of renters decreased from 18% in 2013 to 12% in 2022. Average rent prices have shown volatility during this period. In 2013, the average rent was $716, which decreased to $455 in 2019 before rising again to $844 in 2022. This fluctuation in rent prices, coupled with the growing homeownership rate, suggests that many residents may have found homeownership more attractive than renting, especially given the appreciating home values.
In 2023 and 2024, Kingsville's housing market continued to evolve. The average home price in 2023 was $359,730, showing a slight increase from 2022. In 2024, the average home price rose further to $371,667. Concurrently, federal interest rates increased significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the city.
Looking ahead, predictive models suggest that average home prices in Kingsville may continue to rise over the next five years, albeit at a more moderate pace. The average home price could potentially reach around $400,000 by 2029. Rent prices are also expected to increase, potentially reaching an average of $950-$1,000 per month in the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, Kingsville has experienced a strong trend towards homeownership, with average home prices more than doubling from 2013 to 2022. The rental market has contracted, with fluctuating rent prices. Recent years have seen continued growth in home values, despite rising interest rates. These trends reflect the dynamic nature of Kingsville's housing market and its appeal as a community for homeowners.
