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Park DeVille's Housing Market: Rising Home Values and Shifting Ownership in Columbia, Missouri
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
Park DeVille, a neighborhood in Columbia, Missouri, has experienced significant changes in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions. The homeownership rate in Park DeVille has shown a general upward trend from 2013 to 2019, with some fluctuations. In 2013, the homeownership rate was 34%, which increased to 41% by 2019. This rise coincided with a steady increase in average home prices. In 2013, the average home price was $89,363, and by 2019, it had risen to $104,166, representing a 16.6% increase over six years. This trend suggests that as home values appreciated, more residents may have been motivated to invest in homeownership.
Federal interest rates play a crucial role in homeownership trends. From 2013 to 2015, interest rates remained extremely low, ranging from 0.11% to 0.13%. During this period, the homeownership rate in Park DeVille increased from 34% to 37%. As interest rates began to rise more significantly from 2016 onwards, reaching 2.16% by 2019, the homeownership rate continued to climb, reaching 41% in 2019. This suggests that despite rising interest rates, other factors such as local economic conditions and housing market dynamics may have had a stronger influence on homeownership decisions in Park DeVille.
The rental market in Park DeVille has also undergone notable changes. In 2013, 66% of residents were renters, paying an average rent of $441. By 2019, the percentage of renters had decreased to 59%, while the average rent had increased to $500, representing a 13.4% rise over six years. This trend indicates that as homeownership became more prevalent, the rental market experienced some tightening, leading to higher average rents.
In 2023 and 2024, Park DeVille's housing market continued to evolve. The average home price in 2023 reached $150,844, a significant jump from previous years. In 2024, it further increased to $157,663. These substantial increases coincide with higher federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. Despite these higher rates, the continued rise in home prices suggests strong demand in the local housing market.
Looking ahead, predictive models forecast continued growth in both home prices and rents over the next five years. Average home prices are expected to maintain their upward trajectory, potentially reaching around $180,000 to $190,000 by 2029. Average rents are also projected to increase, possibly surpassing $1,100 per month within the same timeframe. These predictions are based on the historical trends observed in the neighborhood and broader economic factors.
In summary, Park DeVille has experienced a shift towards increased homeownership, rising home values, and higher rents over the past decade. The neighborhood has shown resilience in its housing market, with home prices continuing to appreciate even in the face of rising interest rates. As the area evolves, it's likely to see further changes in its housing landscape, potentially attracting more homeowners while also facing challenges in maintaining affordable rental options for its residents.
