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Lowry City, Missouri: Home Values Double Amid Steady Ownership Rates
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Lowry City, a small community in Missouri, has experienced notable fluctuations in its housing market over the past decade. This analysis examines the trends in homeownership rates, average home prices, and average rent prices, revealing interesting patterns in the city's real estate landscape.
The homeownership rate in Lowry City has shown some variability but has generally remained strong. In 2013, the homeownership rate stood at 73%, and by 2019, it had increased to 77%. However, there was a slight decline to 69% by 2022. Concurrently, average home prices have shown a consistent upward trend. In 2010, the average home price was $75,739, which steadily increased to $147,631 by 2022, representing a significant 95% increase over this period.
The relationship between federal interest rates and homeownership rates in Lowry City follows a generally expected pattern. For instance, in 2013, when interest rates were at a low 0.11%, the homeownership rate was 73%. As interest rates gradually increased, reaching 1.68% in 2022, we observed a slight decrease in homeownership to 69%. This trend aligns with the principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages and average rent prices in Lowry City have shown interesting trends. The renter-occupied percentage fluctuated between 23% and 35% from 2013 to 2022. Notably, average rent prices have increased substantially during this period. In 2013, the average rent was $345, which rose to $745 by 2022, marking a 116% increase. This significant rise in rent prices occurred despite relatively stable renter percentages, suggesting other factors such as overall market conditions and housing demand may have influenced rent prices.
Looking at the most recent data, the average home price in Lowry City reached $151,272 in 2023 and slightly increased to $151,365 in 2024. This represents a continued upward trend in home values, albeit at a slower pace compared to previous years. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Lowry City will continue to rise, albeit at a more moderate pace. Based on historical data and current market conditions, we project average home prices could reach approximately $170,000 to $180,000 by 2029. For rent prices, the forecast suggests a continued upward trend, potentially reaching an average of $850 to $900 per month by 2029.
In summary, Lowry City has experienced significant growth in both home values and rent prices over the past decade. While homeownership rates have remained relatively stable with some fluctuations, the substantial increase in housing costs presents both opportunities and challenges for the community. The recent rise in interest rates may influence future homeownership trends, potentially slowing the rate of price increases in the coming years.
