Loading Content...
Koshkonong, Missouri: Rising Home Values Amid Shifting Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Koshkonong, Missouri, a small town with a population of 1,386 as of 2022, has undergone significant changes in its housing market over the past decade. The community has experienced a notable shift in homeownership rates, coupled with substantial increases in both home values and rental prices. These changes reflect broader economic trends and local market dynamics that have shaped the residential landscape of this Missouri town.
From 2013 to 2022, Koshkonong witnessed a considerable decrease in homeownership rates. In 2013, 88% of residents owned their homes, but by 2022, this figure had dropped to 75%, marking a 13 percentage point decline. Concurrently, the town experienced a remarkable increase in average home prices. The average home value in Koshkonong rose from $113,051 in 2016 to $190,007 in 2022, representing a significant 68% increase over a six-year period.
The relationship between federal interest rates and homeownership rates in Koshkonong presents an interesting pattern. Despite low interest rates ranging from 0.08% to 1.68% between 2013 and 2021, homeownership rates declined. This trend suggests that other factors, such as rising home prices, may have outweighed the potential benefits of low interest rates for prospective homebuyers in the area.
As homeownership declined, the percentage of renters in Koshkonong increased from 12% in 2013 to 25% in 2022. The average rent prices fluctuated during this period, peaking at $648 in 2013, dropping to a low of $480 in 2018, and then rebounding to $735 in 2022. This represents a 53% increase in average rent from 2018 to 2022, despite a population decrease from 1,671 to 1,386 during the same period.
In 2023 and 2024, Koshkonong's housing market continued to evolve. The average home price reached $199,701 in 2023 and further increased to $202,080 in 2024, showing a steady upward trend. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the town.
Predictive models suggest that average home prices in Koshkonong may continue to rise over the next five years, potentially reaching around $220,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $800 per month within the same timeframe. These projections assume a continuation of current trends and stable economic conditions.
In conclusion, Koshkonong has experienced a significant shift from homeownership to renting over the past decade, accompanied by substantial increases in both average home prices and rent. The town's housing market has shown resilience and growth, even as its population has fluctuated. The interplay between interest rates, housing prices, and demographic changes continues to shape the residential landscape of this Missouri community.
