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Rising Home Values and Declining Ownership in Emerald Beach, Missouri
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
Emerald Beach, Missouri: Housing Market Trends and Waterfront Living Emerald Beach, a small village in Missouri, combines small-town charm with waterfront living. Over the past decade, this neighborhood has experienced significant changes in its housing market and demographic composition. The overall trend shows a gradual decrease in homeownership rates, alongside fluctuating average home prices and rent costs. From 2013 to 2022, homeownership rates in Emerald Beach steadily declined. In 2013, 92% of residents owned their homes, but by 2022, this figure had dropped to 80%. This downward trend in homeownership coincided with a substantial increase in average home prices. The average home price rose from $148,693 in 2018 to $268,857 in 2022, marking an 80.8% increase over just four years.
The relationship between federal interest rates and homeownership rates in Emerald Beach follows an established pattern. Between 2013 and 2021, interest rates remained low, ranging from 0.08% to 1.83%. During this period, homeownership rates initially remained high but gradually decreased. This suggests that while low interest rates generally encourage homeownership, other factors such as rising home prices may have counteracted this effect in Emerald Beach.
The percentage of renters in Emerald Beach has shown an upward trend, increasing from 7% in 2013 to 20% in 2022. This rise in renters correlates with an overall increase in average rent prices. In 2013, the average rent was $479, which increased to $541 by 2022, representing a 13% increase. However, rent prices fluctuated during this period, reaching a peak of $623 in 2020 before declining slightly. The population of Emerald Beach has also fluctuated, potentially influencing the demand for rental properties and impacting rent prices.
Recent data shows that the average home price in Emerald Beach slightly decreased to $268,436 in 2023 but is projected to rise to $276,799 in 2024, a modest 3.1% increase. Concurrently, federal interest rates have significantly increased, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact homebuying affordability and could potentially influence the housing market in Emerald Beach.
Predictive models forecast that average home prices in Emerald Beach will continue to rise over the next five years, albeit at a more moderate pace compared to the rapid growth seen between 2018 and 2022. The average home price could potentially reach around $310,000 by 2029. For rent prices, the forecast suggests a continued upward trend, with average rents potentially reaching $650 to $700 per month in the next five years.
In conclusion, Emerald Beach has experienced a significant shift in its housing landscape over the past decade. The decline in homeownership rates, coupled with rising home prices and increasing rental occupancy, suggests a changing dynamic in the local real estate market. The recent spike in interest rates may further influence these trends, potentially slowing home price growth and affecting affordability for prospective buyers. As the community continues to evolve, these housing market trends will play a crucial role in shaping the future of Emerald Beach.
