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Poplar Bluff's Housing Market: Rising Home Values and Stable Ownership in Missouri's Ozark Foothills
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
Poplar Bluff, a city in southeastern Missouri, has experienced notable shifts in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices in this dynamic community. From 2013 to 2022, Poplar Bluff saw fluctuations in homeownership rates, with a general downward trend followed by a recent uptick. In 2013, the homeownership rate stood at 57%, declining to 54% by 2019. However, by 2022, it had rebounded slightly to 56%. During this period, average home prices in Poplar Bluff demonstrated an interesting pattern. Starting at $127,298 in 2013, prices initially decreased, reaching a low of $115,749 in 2018. However, from 2019 onwards, a steady increase began, with average home prices rising to $144,165 by 2022, marking a 13.3% increase over the 2013 figure.
The relationship between federal interest rates and homeownership rates in Poplar Bluff shows some correlation. As interest rates remained low from 2013 to 2015 (around 0.1%), homeownership rates slightly declined from 57% to 56%. When interest rates began to rise more significantly from 2016 to 2019 (reaching 2.16% in 2019), homeownership rates dipped to 54%. Interestingly, as interest rates dropped again in 2020 and 2021, homeownership rates began to recover, reaching 57% in 2021 before slightly decreasing to 56% in 2022 as interest rates started to climb again.
Renter percentages in Poplar Bluff have shown an inverse relationship to homeownership rates, naturally. The renter-occupied percentage increased from 43% in 2013 to 46% in 2019, before decreasing slightly to 44% in 2022. Average rent prices have generally trended upward during this period. In 2013, the average rent was $609, rising to $688 by 2019, an increase of 13%. The trend continued with average rent reaching $701 in 2021, before unexpectedly dropping to $640 in 2022, a 8.7% decrease from the previous year.
In 2023 and 2024, Poplar Bluff's housing market continued to evolve. Average home prices rose to $152,511 in 2023 and further increased to $157,272 in 2024, representing a 9.1% increase from 2022 to 2024. This growth occurred despite rising federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for some buyers.
Looking ahead, predictive models suggest a continued upward trend in both average home prices and rent prices over the next five years. Average home prices are projected to increase by approximately 3-5% annually, potentially reaching around $182,000 by 2029. Average rent prices, after the unexpected dip in 2022, are forecasted to resume an upward trajectory, potentially increasing by 2-4% annually, which could bring the average rent to approximately $740 by 2029.
In summary, Poplar Bluff's housing market has shown resilience and growth, particularly in recent years. The city has experienced a slight rebound in homeownership rates, significant increases in average home prices, and generally rising rent prices, despite fluctuations in federal interest rates. These trends suggest a strengthening housing market in Poplar Bluff, with potential for continued growth in both the homeownership and rental sectors in the coming years.
