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Monett, Missouri: Declining Home Ownership Amid Rising Prices
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Monett, Missouri has experienced significant changes in its housing market over the past decade. This analysis examines trends in homeownership, average home prices, and rent prices in the city, providing insights into its real estate dynamics. Homeownership in Monett has declined from 71% in 2013 to 61% in 2022. This decrease coincided with a substantial increase in average home prices, which rose from $85,950 in 2013 to $154,109 in 2022, marking a 79% increase. The relationship between federal interest rates and homeownership rates in Monett shows an interesting pattern. When interest rates were extremely low (0.11% to 0.13%) from 2013 to 2015, homeownership rates remained stable at around 71-72%. However, as interest rates began to rise from 2016 onwards, reaching 1.68% by 2022, homeownership rates started to decline.
As homeownership declined, the percentage of renters in Monett increased from 29% in 2013 to 39% in 2022. This shift coincided with a significant rise in average rent prices, which increased from $547 per month in 2013 to $800 in 2022, representing a 46% increase over nine years. The rise in rental prices may be attributed to increased demand for rental properties as homeownership became less accessible due to rising home prices and interest rates.
Recent data shows that the average home price in Monett continued to rise, reaching $162,430 in 2023 and $165,791 in 2024, a 7.6% increase from 2022 to 2024. Federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may further impact homeownership trends in the city.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in Monett will continue to rise, potentially reaching around $190,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For rent prices, the forecast suggests a more moderate increase, potentially reaching an average of $900-$950 per month by 2029, assuming current trends continue.
In summary, Monett has experienced a clear shift towards renting, with homeownership rates declining as both home prices and rent costs have increased. The rise in federal interest rates appears to have played a role in this trend, making homeownership less attainable for some residents. As the city continues to evolve, these housing market dynamics will likely play a crucial role in shaping Monett's community and economic landscape in the coming years.
