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Linn Creek, Missouri: Rising Home Values and Ownership Rates in a Small City
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
Linn Creek, located in Missouri, is a small community with a population of 4,286 as of 2022. This charming city, covering just 1.3 square miles, has experienced significant changes in homeownership rates and housing prices over the past decade.
The trend of homeownership in Linn Creek has shown a consistent increase from 2013 to 2022. In 2013, the homeownership rate stood at 76%, and by 2022, it had risen to 88%. This substantial growth in homeownership coincided with a steady increase in average home prices. In 2012, the average home price was $182,308, and by 2022, it had risen to $331,532, representing an impressive 81.9% increase over a decade.
The relationship between federal interest rates and homeownership rates in Linn Creek follows a well-established pattern. As interest rates remained low from 2013 to 2020, ranging from 0.09% to 0.38%, homeownership rates climbed from 76% to 88%. This trend aligns with the general understanding that lower interest rates make home financing more affordable, encouraging higher rates of homeownership.
Conversely, the percentage of renters in Linn Creek has decreased over time. In 2013, renters made up 24% of the population, but by 2022, this figure had dropped to 12%. Despite this decrease in the renter population, average rent prices have shown an overall upward trend. The average rent price rose from $908 in 2013 to $940 in 2022, with some fluctuations in between. The highest average rent was recorded in 2019 at $1,026.
Looking at the most recent data, the average home price in Linn Creek for 2023 was $315,260, showing a slight decrease from 2022. However, in 2024, the average home price has increased to $323,210. Interestingly, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the city.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Linn Creek will continue to rise, albeit at a more moderate pace. The average home price is projected to reach approximately $350,000 by 2029. For rent prices, the forecast suggests a gradual increase, with average rents potentially reaching around $1,100 per month in the next five years.
In summary, Linn Creek has experienced a significant shift towards homeownership over the past decade, with a corresponding increase in average home prices. The declining renter population has been accompanied by fluctuating but generally increasing rent prices. Recent data shows a slight cooling in the housing market, but prices are expected to continue their upward trajectory in the coming years, albeit at a slower pace.
