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Rising Home Values and Declining Ownership: Golden's Housing Market Evolution
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Golden, Missouri, a small community in Barry County, has experienced significant changes in its housing market over the past decade. From 2013 to 2022, the locality witnessed a notable decline in homeownership rates alongside a substantial increase in average home prices. The percentage of owner-occupied homes decreased from 92% in 2013 to 80% in 2022, marking a 12% drop. Concurrently, the average home price rose from $111,915 in 2013 to $296,633 in 2022, representing a remarkable 165% increase.
The relationship between federal interest rates and homeownership rates in Golden reveals an intriguing pattern. Between 2013 and 2016, when interest rates remained low (0.11% to 0.4%), homeownership rates stayed relatively stable at around 90%. However, as interest rates began to climb from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed a more pronounced decline, falling from 88% in 2017 to 80% in 2022.
As homeownership decreased, the percentage of renters in Golden increased from 7% in 2013 to 20% in 2022. This shift coincided with fluctuations in average rent prices. Starting at $389 in 2013, the average rent decreased to a low of $237 in 2018 before sharply rising to $623 by 2022. This represents a 163% increase in average rent from 2018 to 2022, despite the population remaining relatively stable during this period.
The housing market in Golden continued to evolve in 2023 and 2024. The average home price rose slightly to $299,672 in 2023 and further increased to $308,640 in 2024. During this time, federal interest rates climbed to 5.02% in 2023 and 5.33% in 2024, reaching levels not seen since the early 2000s.
Predictive models suggest that average home prices in Golden may continue to rise over the next five years, potentially reaching around $350,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $700 per month within the same timeframe. These projections, however, are subject to various economic factors and local market conditions.
In conclusion, Golden has undergone a significant transformation in its housing landscape over the past decade. The community has experienced a decrease in homeownership rates coupled with substantial increases in both average home prices and rent prices. The interplay between rising property values, changing interest rates, and the growing proportion of renters underscores the dynamic nature of Golden's housing market.
