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Qulin, Missouri: Fluctuating Home Values and Ownership Rates Reflect Economic Trends
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
Qulin, located in Missouri, is a small urban area with a population that has fluctuated over the years, reaching 1,579 residents in 2022. This city has experienced notable shifts in homeownership rates and housing prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Qulin has shown significant variability over the past decade. In 2013, the homeownership rate stood at 72%, and it gradually increased to peak at 81% in 2018. However, there has been a noticeable decline since then, with the rate dropping to 70% by 2022. This trend coincides with changes in average home prices, which have generally risen over the same period. The average home price in Qulin increased from $102,136 in 2013 to $133,185 in 2022, representing a 30.4% increase over nine years.
Federal interest rates have played a crucial role in shaping homeownership trends in Qulin. The period from 2013 to 2015 saw historically low interest rates, hovering around 0.1%, which likely contributed to the initial increase in homeownership rates. As interest rates began to rise gradually from 2016 onwards, reaching 1.68% in 2022, we observe a corresponding decline in homeownership rates. This aligns with the well-established trend that lower interest rates generally encourage homeownership due to more affordable financing options.
The rental market in Qulin has also experienced significant changes. The percentage of renters decreased from 28% in 2013 to 18% in 2018, before rising again to 30% in 2022. Interestingly, average rent prices have shown a general upward trend during this period. The average rent increased from $553 in 2013 to $723 in 2022, a substantial 30.7% increase. This rise in rent prices, coupled with the recent increase in the renter population, suggests growing demand for rental properties in the city.
In 2023 and 2024, Qulin's housing market continued to evolve. The average home price in 2023 was $131,865, showing a slight decrease from 2022. In 2024, the average home price further declined to $126,465. This downward trend coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates likely contributed to the cooling of the housing market.
Looking ahead, predictive models suggest that average home prices in Qulin may continue to face downward pressure in the short term due to high interest rates. However, as the market adjusts, prices are expected to stabilize and potentially see modest growth over the next five years. Rent prices, on the other hand, are projected to continue their upward trajectory, albeit at a more moderate pace, driven by the increasing renter population and overall housing demand.
In summary, Qulin has experienced significant fluctuations in homeownership rates and housing prices over the past decade. The interplay between federal interest rates, homeownership trends, and rental market dynamics has shaped the city's housing landscape. Recent data indicates a cooling housing market, influenced by rising interest rates, while the rental market remains robust. These trends underscore the complex and ever-changing nature of Qulin's real estate market.
