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Kirksville, Missouri: Rising Home Values and Stable Ownership in a University Town
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
Kirksville, Missouri, is a vibrant city located in the northeastern part of the state. Known for being home to Truman State University, this educational hub has experienced interesting shifts in its housing market over the past decade. From 2013 to 2022, Kirksville saw a gradual increase in homeownership rates, accompanied by rising average home prices and average rent costs.
The homeownership rate in Kirksville displayed a steady upward trend from 2013 to 2022. In 2013, 54% of residents owned their homes, and this figure rose to 57% by 2022. This increase in homeownership coincided with a significant rise in average home prices. In 2013, the average home price in Kirksville was $90,685. By 2022, this figure had climbed to $136,085, representing a substantial 50% increase over the nine-year period.
The relationship between federal interest rates and homeownership rates in Kirksville follows a well-established pattern. From 2013 to 2016, when interest rates were at historic lows (ranging from 0.11% to 0.40%), homeownership rates remained stable at around 54%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates in Kirksville actually increased slightly to 57%. This suggests that other local factors, such as job market stability or housing availability, may have played a more significant role in homeownership decisions than national interest rates during this period.
Renter percentages in Kirksville showed a slight decrease from 45% in 2013 to 43% in 2022, inversely mirroring the increase in homeownership. Despite this decrease in the renter population, average rent prices experienced an overall upward trend. In 2013, the average rent was $603 per month. This figure rose to $669 by 2022, marking an 11% increase. The rise in rent prices, despite a decreasing percentage of renters, could be attributed to factors such as improved rental property quality or increased demand from the student population associated with Truman State University.
In 2023, the average home price in Kirksville reached $138,758, showing continued growth in the housing market. This trend persisted into 2024, with average home prices further increasing to $142,785. Notably, federal interest rates also saw a significant rise, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homebuying decisions and could potentially slow the rate of price increases in the coming years.
Looking ahead, based on the historical data and current trends, we can project that average home prices in Kirksville are likely to continue their upward trajectory over the next five years, albeit potentially at a slower rate due to higher interest rates. Average home prices could reach approximately $160,000 to $170,000 by 2029. Average rent prices are also expected to increase, potentially reaching around $750 to $800 per month in the same timeframe.
In summary, Kirksville has experienced a notable increase in homeownership rates and average home prices from 2013 to 2024. Despite rising interest rates, the local housing market has shown resilience, with continued growth in both ownership and rental sectors. The city's unique characteristics, including its role as a university town, appear to have sustained demand in both markets, contributing to the overall upward trends in housing costs.
