Loading Content...
Perry, Missouri: Rising Home Values and Ownership Rates Amidst Population Stability
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Perry, Missouri, a small urban center spanning 1.38 square miles, has experienced significant changes in its housing market over the past decade. As of 2022, the city had a population of 2,368 residents. Perry has seen notable shifts in homeownership rates and housing prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Perry has shown a steady increase over the years, rising from 78% in 2013 to 85% in 2022. This upward trend in homeownership coincided with a significant increase in average home prices. In 2012, the average home price was $87,833, which grew substantially to $184,093 by 2022, representing a 109.6% increase over a decade. This trend suggests a strong correlation between rising home values and increasing homeownership rates in Perry.
The relationship between federal interest rates and homeownership rates in Perry appears to follow the expected pattern. As interest rates remained low between 2013 and 2021, ranging from 0.08% to 1.83%, homeownership rates increased from 78% to 85%. This trend aligns with the general principle that lower interest rates make home financing more accessible, potentially encouraging more residents to become homeowners.
Conversely, the percentage of renters in Perry has decreased from 22% in 2013 to 15% in 2022. Despite this decline in the renter population, average rent prices have shown an overall upward trend. The average rent price increased from $544 in 2013 to $689 in 2022, representing a 26.7% increase. This rise in rent prices, despite a decreasing renter population, could be attributed to various factors such as improved rental property quality or broader market pressures.
In 2023 and 2024, Perry continued to see growth in average home prices. The average home price reached $187,832 in 2023 and further increased to $197,645 in 2024. This represents a 7.4% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends.
Looking ahead, based on the historical data and current trends, we can project continued growth in both average home prices and rent prices over the next five years. Average home prices could potentially reach around $230,000 by 2029, assuming a similar growth rate. Average rent prices might increase to approximately $800 per month in the same timeframe, following the current trajectory.
In summary, Perry has experienced a notable increase in homeownership rates alongside rising home values over the past decade. The inverse relationship between homeownership and rental rates, coupled with increasing property values and rent prices, suggests a robust and evolving housing market in this small Missouri city. The recent sharp increase in interest rates may introduce new dynamics to the local housing market in the coming years.
