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Morrison's Rising Home Values and High Ownership Rates: A Decade of Growth
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
Morrison, Missouri is a small urban community with a population of 602 as of 2022. This city has experienced significant changes in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local dynamics. Homeownership in Morrison has shown a strong upward trend, rising from 84% in 2014 to an impressive 92% in 2022. This substantial increase in owner-occupied housing coincided with fluctuations in average home prices. In 2016, the average home price was $106,288, which steadily increased to $175,041 by 2022, representing a 64.7% increase over six years.
The relationship between federal interest rates and homeownership rates in Morrison appears to follow expected patterns. As interest rates remained low from 2014 to 2020, ranging from 0.09% to 0.38%, homeownership rates increased from 84% to 92%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Renter percentages in Morrison have decreased correspondingly, from 16% in 2014 to 7% in 2022. Despite this decline in renters, average rent prices have shown some volatility. In 2013, the average rent was $1,108, which decreased to $915 by 2019, but then rose again to $912 in 2022. This fluctuation in rent prices, despite the decreasing renter population, might be attributed to factors such as changes in housing quality or local economic conditions.
In 2023 and 2024, Morrison has seen continued growth in average home prices. The average home price reached $182,834 in 2023 and further increased to $187,259 in 2024. This represents a 7% increase from 2022 to 2024. Interestingly, federal interest rates also saw a significant increase during this period, rising from 1.68% in 2022 to 5.02% in 2023, and further to 5.33% in 2024.
Looking ahead, based on the trends observed, we can predict that average home prices in Morrison will continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. Average rent prices may stabilize or increase slightly as the rental market adjusts to the smaller pool of renters. However, the high rate of homeownership could put upward pressure on rent prices for the limited rental properties available.
In summary, Morrison has experienced a significant shift towards homeownership, with a concurrent increase in average home prices. The interplay between federal interest rates, homeownership rates, and housing prices reflects both national economic trends and local market dynamics. The city's housing market has shown resilience and growth, with continued increases in home values even in the face of rising interest rates.
