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Kissee Mills: Rising Home Values and Ownership Rates in a Small Missouri Community
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
Kissee Mills, located in Missouri, is a small community that has experienced notable shifts in its housing market over the past decade. The city has seen a significant increase in homeownership rates, coupled with fluctuating average home prices and average rent costs. The trend of homeownership in Kissee Mills has shown a remarkable upward trajectory. In 2013, the homeownership rate stood at 68%, but by 2022, it had soared to an impressive 95%. This substantial increase of 27 percentage points over nine years reflects a strong preference for homeownership in the community. Concurrently, average home prices have experienced overall growth, rising from $83,826 in 2013 to $197,670 in 2022, representing a 135.8% increase.
The relationship between federal interest rates and homeownership rates in Kissee Mills presents an interesting dynamic. Despite the general economic principle that lower interest rates encourage homeownership, this community showed a consistent increase in homeownership even as interest rates fluctuated. For instance, when interest rates were at a low of 0.08% in 2021, homeownership was at 90%. Interestingly, homeownership continued to rise to 95% in 2022, even as interest rates increased to 1.68%.
The renter percentage in Kissee Mills has decreased significantly, from 32% in 2013 to just 5% in 2022. This decline aligns with the rise in homeownership. Average rent prices, however, have shown volatility. In 2013, the average rent was $653, which increased to $873 in 2021, but then decreased to $815 in 2022. This fluctuation in rent prices, coupled with the declining renter population, suggests a complex rental market dynamic in the city.
In 2023 and 2024, Kissee Mills continued to see changes in its housing market. The average home price reached $208,582 in 2023 and slightly increased to $209,166 in 2024, showing a stabilization in home values. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends.
Looking ahead, based on the historical data and current trends, we can project future housing market conditions in Kissee Mills. Average home prices are likely to continue their upward trajectory, potentially reaching around $230,000 by 2029. However, the rate of increase may slow down due to the higher interest rates. Average rent prices, which have shown volatility, may stabilize or see moderate increases, potentially reaching around $900 by 2029.
In summary, Kissee Mills has experienced a dramatic shift towards homeownership, with a corresponding decrease in renters. Average home prices have shown substantial growth, while rent prices have fluctuated. The community's resilience in maintaining high homeownership rates despite rising interest rates is particularly noteworthy. As the housing market continues to evolve, Kissee Mills remains an interesting case study in small-town housing dynamics.
