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Leonard, Missouri: Stable Homeownership Amidst 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
Leonard, Missouri, is a small rural community with a population that has fluctuated between 296 and 363 residents over the past decade. This tight-knit village has experienced notable shifts in homeownership rates and housing prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Leonard has shown remarkable stability over the years, with a slight upward trend. In 2013, 84% of residents owned their homes, and this figure rose to 86% by 2022. During this period, average home prices in the village saw significant growth. In 2012, the average home price was $78,770, and by 2022, it had risen to $199,047, representing a substantial increase of 152.7% over a decade.
The relationship between federal interest rates and homeownership rates in Leonard appears to follow expected patterns. As interest rates remained low from 2013 to 2016, hovering around 0.1% to 0.4%, homeownership rates increased from 84% to 88%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates slightly decreased but remained strong at 86%.
Renter percentages in Leonard have fluctuated inversely to homeownership rates, ranging from a low of 11% in 2021 to a high of 20% in 2015. Average rent prices have shown volatility over the years. In 2013, the average rent was $589, which increased to a peak of $905 in 2016. Since then, rent prices have fluctuated, settling at $821 in 2022. Interestingly, the highest renter percentage (20% in 2015) coincided with a significant jump in average rent to $857, suggesting increased demand for rental properties during that period.
In 2023 and 2024, Leonard experienced continued growth in average home prices. The average home price reached $206,290 in 2023 and further increased to $217,597 in 2024, representing a 5.5% year-over-year increase. This growth occurred despite federal interest rates rising to 5.02% in 2023 and 5.33% in 2024, indicating strong local demand for housing even in a higher interest rate environment.
Looking ahead, predictive models suggest that average home prices in Leonard are likely to continue their upward trajectory over the next five years, albeit at a potentially slower pace due to higher interest rates. Based on historical trends, average home prices could reach approximately $250,000 by 2029. Rent prices are expected to remain volatile but may stabilize around $850-$900 per month, influenced by factors such as local employment opportunities and housing supply.
In summary, Leonard has demonstrated resilience in its housing market, with consistently high homeownership rates and steadily increasing home values. The interplay between interest rates, homeownership, and rental markets has shaped the village's housing landscape, with recent years showing robust growth despite economic challenges. As the community moves forward, it is likely to see continued appreciation in property values and a sustained preference for homeownership among its residents.
