Loading Content...
Missouri City's Average Home Values Double: A Decade of Growth in Texas Suburb
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Missouri City, located in Texas, is a vibrant suburban community known for its diverse population and proximity to Houston. Over the past decade, the city has experienced notable shifts in homeownership rates and housing prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Missouri City has shown fluctuations over the years, with a general trend towards higher ownership. In 2013, the homeownership rate was 79%, which increased to a peak of 87% in 2019. However, by 2022, it stabilized at 80%. Concurrently, average home prices in the city have seen a steady upward trajectory. In 2013, the average home price was $173,888, which more than doubled to $345,411 by 2022, representing a significant 98.6% increase over this period.
The relationship between federal interest rates and homeownership rates in Missouri City shows some correlation. For instance, when interest rates were historically low between 2013 and 2016 (ranging from 0.09% to 0.4%), homeownership rates remained stable at around 79-81%. As interest rates began to rise from 2017 onwards, reaching 1.83% in 2018, there was a slight dip in homeownership to 77% in 2018. However, the city saw its highest homeownership rate of 87% in 2019 when interest rates were at 2.16%, suggesting that local factors may have played a more significant role than national interest rates in this particular year.
Renter percentages in Missouri City have generally been lower than homeownership rates, fluctuating between 13% and 24% from 2013 to 2022. The average rent prices have shown an upward trend, albeit with some volatility. In 2013, the average rent was $1,330, which increased to $1,776 in 2018, representing a 33.5% rise. However, by 2022, the average rent had decreased slightly to $1,574, possibly due to increased housing supply or changes in local economic conditions.
In 2023 and 2024, Missouri City's housing market continued to evolve. The average home price in 2023 was $350,982, a slight increase from 2022. In 2024, it further rose to $354,624. Concurrently, federal interest rates increased significantly, reaching 5.02% in 2023 and 5.33% in 2024, potentially impacting home affordability and buyer behavior.
Looking ahead, predictive models suggest a continued moderate increase in average home prices over the next five years, potentially reaching around $375,000 by 2029. Average rent prices are also expected to rise, albeit at a slower pace, possibly reaching $1,700 by 2029. These projections assume stable economic conditions and no major disruptions to the local housing market.
In summary, Missouri City has experienced a robust increase in average home prices over the past decade, coupled with generally high homeownership rates. The rental market has shown more volatility, with rent prices fluctuating but generally trending upward. The city's housing market has demonstrated resilience and growth, with recent years showing continued appreciation in home values despite rising interest rates. These trends reflect Missouri City's attractiveness as a residential area and its potential for continued growth in the coming years.
