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McFall's Housing Market: Rising Homeownership Amidst Price Fluctuations
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
McFall, Missouri, a small community, has experienced significant demographic shifts over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices, providing insights into the local housing market dynamics. The homeownership rate in McFall has shown a notable increase over the years, rising from 84% in 2013 to 91% in 2022. This upward trend in homeownership has coincided with fluctuations in average home prices. The average home price in the city rose from $93,899 in 2019 to $119,229 in 2021, representing a substantial increase of 27% over two years. However, prices moderated slightly to $108,229 in 2022.
The relationship between federal interest rates and homeownership rates in McFall appears to follow the general trend of lower interest rates encouraging homeownership. For instance, as interest rates remained low from 2013 to 2016 (below 0.5%), the homeownership rate increased from 84% to 85%. The continued low interest rates through 2020 (0.38%) coincided with a further increase in homeownership to 87%.
Conversely, the percentage of renters in McFall has decreased from 16% in 2013 to 9% in 2022. Despite this decline, average rent prices have shown volatility. The average rent increased from $581 in 2013 to $658 in 2019, then experienced a sharp rise to $773 in 2022, a 33% increase over three years. This increase in rent prices occurred despite a decrease in the city's population from 488 in 2013 to 385 in 2022, suggesting other factors beyond population growth are influencing rental costs.
In 2023, the average home price in McFall decreased to $92,739, a significant drop from the previous year. This decline continued into 2024, with average home prices rebounding slightly to $98,614. Notably, federal interest rates have risen sharply during this period, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may be contributing to the moderation in home prices.
Looking ahead, predictive models suggest that average home prices in McFall may continue to experience moderate growth over the next five years, potentially reaching around $110,000 by 2029. Average rent prices are forecasted to maintain their upward trajectory, possibly exceeding $800 per month within the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, McFall has seen a significant increase in homeownership rates, reaching 91% in 2022. Average home prices have shown volatility, with a peak in 2021 followed by a decline in 2023 and a slight recovery in 2024. Rent prices have increased substantially despite a decreasing renter population. The recent rise in federal interest rates appears to be influencing the housing market, potentially moderating home price growth. These trends reflect a dynamic housing market in McFall, with homeownership becoming increasingly prevalent while rental costs continue to rise.
