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Mountain View, Missouri: Rising Home Values and Ownership Rates Amid Market Fluctuations
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
Mountain View, Missouri, is a small city located in the southern part of the state. With a population of 4,162 in 2022 and an area of 3.75 square miles, it offers a blend of small-town charm and growing community dynamics. Over the past decade, Mountain View has experienced fluctuations in homeownership rates and housing prices, reflecting broader economic trends and local market conditions.
The homeownership rate in Mountain View has shown a gradual increase from 2013 to 2022. In 2013, 64% of housing units were owner-occupied, and this figure rose to 67% by 2022. This upward trend in homeownership coincided with a significant increase in average home prices. The average home price in Mountain View rose from $83,024 in 2013 to $159,554 in 2022, representing a substantial 92% increase over this period. This correlation suggests that despite rising home prices, residents of Mountain View have maintained a strong preference for homeownership.
Federal interest rates have played a crucial role in shaping homeownership trends in Mountain View. From 2013 to 2016, interest rates remained historically low, hovering around 0.1% to 0.4%. During this period, homeownership rates in Mountain View stabilized around 61-62%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership in the city actually increased from 62% to 66%. This counterintuitive trend might be attributed to local economic factors or a desire to secure home purchases before further rate increases.
Renter percentages in Mountain View have inversely mirrored the homeownership trends, decreasing from 36% in 2013 to 33% in 2022. Interestingly, average rent prices have shown volatility over this period. In 2013, the average rent was $669, which decreased to $535 in 2014. Rent prices then gradually increased to $671 in 2019 before dropping again to $534 in 2022. This fluctuation in rent prices, coupled with the steady decrease in renter percentages, suggests that the rental market in Mountain View has been subject to various local economic factors and possibly changes in housing supply.
In 2023 and 2024, Mountain View's housing market continued its upward trajectory. The average home price reached $168,543 in 2023 and further increased to $170,616 in 2024. This represents a 7% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the city.
Looking ahead, based on the historical data and current trends, it's projected that average home prices in Mountain View will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. A conservative estimate suggests average home prices could reach around $190,000 to $200,000 by 2029. Rent prices, which have shown more volatility, are harder to predict but may stabilize or see modest increases, potentially reaching an average of $650 to $700 per month in the same timeframe.
In summary, Mountain View has demonstrated a resilient housing market with increasing homeownership rates despite rising home prices. The interplay between federal interest rates, local economic conditions, and housing preferences has shaped a unique market dynamic in this small Missouri city. As the community continues to evolve, these trends will likely play a crucial role in shaping Mountain View's residential landscape and economic development.
