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Laclede, Idaho: Soaring Home Values and Ownership Rates in a Small 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
Laclede, Idaho, is a small community nestled in the northern part of the state. Over the past decade, this city has experienced notable fluctuations in homeownership rates and housing prices, reflecting broader economic trends and local market dynamics. The percentage of owner-occupied homes in Laclede has shown a general upward trend, increasing from 79% in 2013 to 93% in 2022. This significant rise in homeownership coincides with a substantial increase in average home prices. In 2017, the average home price in Laclede was $341,061. By 2022, this figure had more than doubled to $699,535, representing a remarkable 105% increase over five years.
The relationship between federal interest rates and homeownership rates in Laclede appears to follow the well-established trend of lower interest rates encouraging homeownership. For instance, as interest rates remained low between 2013 and 2016 (ranging from 0.09% to 0.4%), homeownership rates in Laclede increased from 79% to 83%. The continued low interest rates through 2020 (0.38%) and 2021 (0.08%) likely contributed to the maintenance of high homeownership rates, which reached 93% by 2022.
Conversely, the percentage of renters in Laclede has generally decreased over time, dropping from 20% in 2013 to just 7% in 2022. Despite this decline in the renter population, average rent prices have shown an overall upward trend. The average rent increased from $1,040 in 2013 to $1,085 in 2019, before experiencing some fluctuations. In 2022, the average rent was $1,017, slightly lower than the peak in 2019 but still higher than the 2013 figure. This trend suggests that even with a smaller renter population, demand for rental properties has remained relatively strong.
In 2023 and 2024, Laclede has experienced a slight cooling in the housing market. The average home price decreased from $699,535 in 2022 to $677,823 in 2023, representing a 3.1% decline. However, the market rebounded in 2024, with average home prices rising to $720,399, a 6.3% increase from the previous year. This recent uptick occurs despite higher federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024.
Looking ahead, predictive models suggest that average home prices in Laclede may continue to rise over the next five years, albeit at a more moderate pace than seen in recent years. The average home price could potentially reach around $800,000 by 2029. Average rent prices are also expected to increase gradually, potentially reaching approximately $1,200 per month in the same timeframe.
In summary, Laclede has experienced a significant increase in homeownership rates and average home prices over the past decade. The community has shown resilience in its housing market, with recent data indicating continued growth despite fluctuations in interest rates. The rental market, while smaller, has remained relatively stable with gradual increases in average rent prices. These trends suggest a robust and dynamic housing market in Laclede, with potential for continued growth in both home values and rental rates in the coming years.
