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Pleasant Hope's Rising Home Values: A Decade of Homeownership 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
Pleasant Hope, located in Missouri, has experienced notable fluctuations in its population and housing market over the past decade. The city's homeownership rates have remained relatively high, consistently above 70% throughout the observed period. Average home prices have shown a steady increase, while average rent prices have also risen, albeit with some variability.
The relationship between homeownership rates and average home prices in Pleasant Hope reveals an interesting trend. From 2013 to 2022, the percentage of owner-occupied housing increased from 72% to 84%, while average home prices rose from $123,397 to $241,121. This substantial 95% increase in average home prices did not deter homeownership; instead, it coincided with a 12 percentage point increase in owner-occupied housing. This trend suggests that despite rising home prices, residents of Pleasant Hope have maintained a strong preference for homeownership.
Federal interest rates appear to have influenced homeownership rates in Pleasant Hope. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.4%), homeownership rates increased from 72% to 80%. As interest rates began to rise more significantly from 2017 onwards, homeownership rates remained relatively stable, fluctuating between 77% and 86%. This suggests that while low interest rates may have initially encouraged homeownership, other factors have helped maintain high ownership rates even as interest rates increased.
The rental market in Pleasant Hope has shown some volatility. The percentage of renter-occupied housing decreased from 28% in 2013 to 16% in 2022. Interestingly, average rent prices increased significantly during this period, rising from $613 in 2013 to $956 in 2022, a 56% increase. This trend suggests that while fewer residents are renting, those who do are paying considerably more. The population fluctuations, ranging from a high of 4,473 in 2012 to a low of 3,384 in 2019, may have influenced the rental market dynamics.
In 2023 and 2024, Pleasant Hope continued to see growth in average home prices. The average home price reached $248,348 in 2023 and further increased to $256,610 in 2024. This represents a 3% year-over-year increase from 2023 to 2024. Notably, federal interest rates remained elevated during this period, at 5.02% in 2023 and 5.33% in 2024, which are significantly higher than the rates seen in the previous decade.
Looking ahead, based on the observed trends, we can forecast the following for the next five years: Average home prices are likely to continue their upward trajectory, potentially reaching around $300,000 by 2029, assuming a similar growth rate. Average rent prices may continue to increase, potentially surpassing $1,100 per month by 2029, if the current trend persists. Homeownership rates are expected to remain high, possibly stabilizing around 85% if current economic conditions and local preferences continue.
In summary, Pleasant Hope has demonstrated a robust housing market characterized by increasing home values and a strong preference for homeownership. Despite rising home prices and fluctuating interest rates, residents have consistently chosen to own rather than rent. The rental market, while shrinking in terms of occupancy, has seen significant price increases. These trends suggest a resilient local economy and a continued desire for homeownership among Pleasant Hope residents.
