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Napoleon, Missouri: Stable Homeownership Amidst Rising Home Values
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
Napoleon, located in Missouri, is a small community that has experienced fluctuations in population and housing dynamics over the past decade. The city has maintained a consistently 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.
Homeownership rates in Napoleon have remained relatively stable, ranging from 81% to 85% between 2013 and 2022. During this period, average home prices have shown a significant upward trend. In 2012, the average home price was $124,632, and by 2022, it had more than doubled to $270,662, representing a 117% increase over a decade. This substantial growth in home values did not seem to significantly impact homeownership rates, suggesting a strong preference for homeownership in the community despite rising prices.
Federal interest rates have played a role in shaping homeownership trends. From 2013 to 2016, when interest rates were extremely low (ranging from 0.09% to 0.4%), homeownership rates in Napoleon remained steady at around 81-83%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates actually increased slightly, reaching 85% in 2019. This suggests that local factors may have had a stronger influence on homeownership than national interest rates in this particular community.
The renter population in Napoleon has remained relatively small, fluctuating between 15% and 19% from 2013 to 2022. Average rent prices have shown an overall increasing trend, albeit with some fluctuations. In 2013, the average rent was $838, which decreased to $796 in 2019 before rising sharply to $1,000 in 2022, representing a 19.3% increase over the decade. The population of Napoleon has fluctuated during this period, peaking at 1,019 in 2016 before declining to 806 in 2022. These population changes may have influenced the demand for rental properties and subsequently affected rent prices.
In 2023 and 2024, average home prices in Napoleon continued to rise, reaching $273,412 in 2023 before slightly decreasing to $272,246 in 2024. This represents a modest 0.6% increase from 2022 to 2023, followed by a 0.4% decrease from 2023 to 2024. Concurrently, federal interest rates increased significantly to 5.02% in 2023 and 5.33% in 2024, which may have contributed to the stabilization of home prices.
Looking ahead, based on historical trends and current economic conditions, it's projected that average home prices in Napoleon will continue to increase moderately over the next five years, potentially reaching around $300,000 by 2029. Average rent prices are also expected to rise, potentially surpassing $1,200 per month within the same timeframe. However, the rate of increase may slow down compared to the rapid growth observed in recent years.
In summary, Napoleon has maintained a high rate of homeownership despite significant increases in average home prices. The rental market, while smaller, has seen notable growth in average rent prices, particularly in recent years. The community has demonstrated resilience in maintaining homeownership levels even as home values have more than doubled over a decade. The recent stabilization of home prices, coupled with rising interest rates, suggests a potential shift in the housing market dynamics that will be important to monitor in the coming years.
