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Lake Winnebago, Missouri: Stable Homeownership Amid Rising Home Values
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
Lake Winnebago, a city in Missouri, is characterized by its scenic setting and close-knit community. Over the past decade, the city has experienced significant growth in population and homeownership rates, accompanied by substantial increases in average home prices. This analysis examines the trends in ownership versus rental rates and their relationship to housing and rent prices in Lake Winnebago. The homeownership rate in Lake Winnebago has shown a remarkable upward trend, increasing from 96% in 2013 to 98% in 2022. This high rate of homeownership has been accompanied by a significant rise in average home prices. In 2013, the average home price in Lake Winnebago was $349,039. By 2022, this figure had more than doubled to $777,600, representing a 123% increase over nine years.
The relationship between federal interest rates and homeownership rates in Lake Winnebago appears to be somewhat unconventional. Despite fluctuations in federal interest rates, the city maintained an exceptionally high homeownership rate. For instance, when interest rates were at a low of 0.08% in 2021, the homeownership rate was 98%. This rate remained stable at 98% in 2022, even as interest rates rose to 1.68%. This suggests that factors other than interest rates, such as local economic conditions or community preferences, may have a stronger influence on homeownership in Lake Winnebago.
The rental market in Lake Winnebago has been relatively small and stable. The percentage of renters decreased from 4% in 2013 to 2% in 2022. Average rent prices have shown some volatility in recent years. In 2019, the average rent was $2,050, which decreased to $1,722 in 2020 and further to $1,389 in 2022. This decline in rent prices occurred despite the city's growing population, which increased from 2,940 in 2013 to 3,492 in 2022.
Looking at the most recent data, the average home price in Lake Winnebago reached $786,480 in 2023, representing a 1.14% increase from 2022. However, in 2024, there was a slight decrease to $776,820, a 1.23% drop. This coincides with a rise in federal interest rates, which increased from 5.02% in 2023 to 5.33% in 2024, potentially influencing home buying decisions.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Lake Winnebago will continue to rise, albeit at a more moderate pace. Based on historical data and current economic conditions, we project average home prices could reach approximately $850,000 by 2029. For rent prices, the forecast suggests a potential stabilization and gradual increase, possibly reaching around $1,600 by 2029.
In summary, Lake Winnebago has maintained an exceptionally high homeownership rate, reaching 98% in recent years, despite significant increases in average home prices. The city's housing market has shown resilience, with home values more than doubling over the past decade. While the rental market is small, it has experienced some fluctuations in prices. The recent slight decrease in home prices, coupled with rising interest rates, may signal a shift towards a more balanced market in the coming years. However, the overall trend suggests continued growth in both population and housing values for Lake Winnebago.
