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Maplewood, Missouri: Rising Home Values and Shifting Ownership in a Historic Suburb
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
Maplewood, Missouri, is a charming suburban city located in St. Louis County. With a population of 8,161 as of 2022, this small but vibrant community has experienced interesting shifts in homeownership and housing prices over the past decade. The city has maintained a relatively stable balance between owners and renters, while average home prices and rent have shown notable increases.
The homeownership rate in Maplewood has remained relatively steady, fluctuating between 39% and 42% from 2013 to 2022. Despite this stability, average home prices have seen a significant upward trend. In 2010, the average home price was $136,184, which steadily increased to $232,305 by 2022, representing a substantial 70.6% increase over 12 years. This trend suggests that while the proportion of homeowners hasn't changed dramatically, the value of owned properties has appreciated considerably.
Federal interest rates have played a role in shaping homeownership trends in Maplewood. The period from 2010 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%. During this time, homeownership rates in Maplewood remained relatively stable, hovering around 40%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a slight increase in homeownership to 42%, possibly indicating that some renters rushed to purchase homes before rates climbed further.
The rental market in Maplewood has also experienced notable changes. The percentage of renters has fluctuated between 58% and 61% from 2013 to 2022. Average rent prices have shown an overall upward trend, rising from $770 in 2013 to $863 in 2022, an increase of about 12%. However, this trend hasn't been consistently upward; there were fluctuations, with the average rent dropping to $714 in 2015 before rising again. The city's relatively stable population during this period suggests that changes in rent prices were likely influenced by market forces rather than significant population shifts.
In 2023 and 2024, Maplewood's housing market continued its upward trajectory. The average home price reached $244,940 in 2023 and further increased to $257,504 in 2024, representing a 5.4% year-over-year growth. This rise occurred despite the Federal interest rate jumping to 5.02% in 2023 and 5.33% in 2024, which typically would be expected to cool the housing market.
Looking ahead, based on the historical trends and recent data, we can project continued growth in both home prices and rent for the next five years. Average home prices could potentially reach around $300,000 by 2029, assuming a conservative annual growth rate of 3-4%. Average rent prices might increase to approximately $1,000 per month in the same period, following the trend of steady but slower growth compared to home prices.
In summary, Maplewood has demonstrated resilience in its housing market, with steadily increasing home values despite relatively stable homeownership rates. The rental market has shown more volatility in pricing but maintains a majority share of the housing landscape. The city's ability to sustain rising home prices even in the face of increasing interest rates suggests a strong local economy and desirable living conditions, which are likely to continue driving the housing market in the coming years.
