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Meadville, Missouri: Rising Home Values and Steady Ownership in a Small Community
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
Meadville, Missouri, is a small community that has experienced fluctuations in population and housing dynamics over the past decade. The city has maintained a relatively high rate of homeownership, with average home prices showing a steady upward trend. Meanwhile, average rent prices have also seen increases, albeit with some variability.
The homeownership rate in Meadville has remained relatively stable, with a slight decrease from 81% in 2013 to 75% in 2022. During this same period, average home prices have shown a consistent upward trend. In 2012, the average home price was $83,034, and by 2022, it had risen to $168,139, representing a substantial increase of 102.5% over a decade. This trend suggests that despite rising home prices, Meadville has maintained a strong homeownership culture.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), the homeownership rate in Meadville remained high at around 75-81%. 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 more significantly from 2017 onwards, the homeownership rate stabilized around 75%, suggesting a resilient local housing market.
The percentage of renters in Meadville increased slightly from 19% in 2013 to 25% in 2022. During this period, average rent prices also saw an overall increase. In 2013, the average rent was $493, which rose to $595 by 2022, representing a 20.7% increase. It's worth noting that rent prices peaked at $638 in 2019 before slightly declining. The population growth from 874 in 2013 to 936 in 2022 may have contributed to the increased demand for rental properties and the subsequent rise in rent prices.
In 2023 and 2024, Meadville's housing market continued to show strength. The average home price reached $175,334 in 2023 and further increased to $184,692 in 2024, representing a 9.8% growth over two years. This occurred despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for some buyers.
Looking ahead, based on the historical data and current trends, we can project that average home prices in Meadville will continue to rise over the next five years, albeit possibly at a more moderate pace due to higher interest rates. A conservative estimate would put the average home price around $220,000 to $230,000 by 2029. Average rent prices are also likely to continue their upward trajectory, potentially reaching around $700 to $750 per month in the same timeframe, assuming steady population growth and demand for rental properties.
In summary, Meadville has demonstrated a robust housing market with consistently high homeownership rates despite rising home prices. The rental market has also shown growth, both in terms of the percentage of renters and average rent prices. The city's ability to maintain these trends in the face of fluctuating interest rates and population changes suggests a resilient local economy and a continued demand for housing in this Missouri community.
