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Rising Home Values and Declining Ownership: Hardin's Housing Market Dynamics
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
Hardin, Missouri, is a small community that has experienced fluctuating population trends over the past decade. The city has seen notable shifts in homeownership rates and housing market dynamics, reflecting broader economic and demographic changes.
From 2013 to 2022, Hardin witnessed a gradual decline in homeownership rates, accompanied by significant changes in average home prices. In 2013, the homeownership rate stood at 81%, with average home prices at $47,721. By 2022, the homeownership rate had decreased to 70%, while average home prices had risen substantially to $168,307. This inverse relationship suggests that rising home prices may have contributed to a decrease in homeownership, potentially pricing some residents out of the market.
The federal interest rate trends appear to have influenced homeownership rates in Hardin. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable at around 77-81%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% by 2022, homeownership rates declined to 70%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in Hardin have shown an upward trend, increasing from 19% in 2013 to 30% in 2022. Interestingly, average rent prices have fluctuated over this period. In 2013, the average rent was $1,309, peaking at $1,570 in 2019 before decreasing to $870 in 2022. This decline in average rent prices, despite an increase in the renter population, could be attributed to various factors such as changes in housing stock or local economic conditions.
In 2023 and 2024, Hardin's average home prices continued to rise, reaching $176,241 in 2023 and slightly decreasing to $176,013 in 2024. Concurrently, federal interest rates increased significantly to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends and housing affordability in the city.
Looking ahead, predictive models suggest that average home prices in Hardin may continue to rise moderately over the next five years, albeit at a slower pace than seen in recent years. Average rent prices, which have shown volatility, may stabilize and potentially increase slightly as the renter population grows. However, these projections are subject to various economic factors and local market conditions.
In summary, Hardin has experienced a notable decrease in homeownership rates coupled with a significant increase in average home prices over the past decade. The rise in federal interest rates appears to have influenced this trend. Meanwhile, the renter population has grown, though average rent prices have shown volatility. The recent stabilization of home prices and high interest rates may signal a new phase in the city's housing market dynamics.
