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Rising Home Values and Declining Ownership in Vandeventer, St. Louis
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
Vandeventer, a neighborhood in St. Louis, Missouri, has experienced significant shifts in its housing market over the past decade. The area has seen a notable decline in homeownership rates, contrasting with an overall increase in average home values and rent prices. This urban neighborhood presents a unique case study of changing housing dynamics in a relatively stable population.
The homeownership rate in Vandeventer has shown a consistent downward trend, decreasing from 48% in 2013 to 33% in 2022. During this period, average home prices have experienced considerable fluctuations. In 2016, the average home price stood at $89,703, dropping to $82,970 in 2017. The market then rebounded, with prices reaching $91,572 in 2019 before declining again to $83,867 in 2020. A significant upturn followed, with average home prices rising to $107,967 in 2022, marking a 20.3% increase from 2016 to 2022. Despite this overall appreciation in home values, the declining homeownership rate suggests that other factors are influencing residents' ability or willingness to purchase homes.
Federal interest rates have played a role in homeownership trends in Vandeventer. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period coincided with initially higher homeownership rates in the neighborhood. However, despite these favorable borrowing conditions, Vandeventer still experienced a decline in homeownership. This trend indicates that local factors, such as employment opportunities or neighborhood-specific issues, may have had a more significant impact on homeownership than interest rates alone.
As homeownership rates decreased, the percentage of renters in Vandeventer increased from 52% in 2013 to 67% in 2022. Average rent prices have generally risen during this period, starting at $704 in 2013 and reaching $777 in 2022, an increase of 10.4%. The population has remained relatively stable, fluctuating between 1,878 and 2,114 residents, indicating that the rising rental percentage is not solely due to population growth but rather a shift from owning to renting within the existing community.
In 2023, the average home price in Vandeventer was $102,209, showing a slight decrease from 2022. However, the price rebounded to $110,256 in 2024, marking a new peak for the neighborhood. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions and contributing to the continued high percentage of renters in the area.
Based on observed trends, predictions suggest that average home prices in Vandeventer may continue to rise over the next five years, potentially reaching around $125,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $850 per month within the same timeframe. These projections assume relatively stable economic conditions and no major local policy changes.
In summary, Vandeventer has experienced a significant shift towards renting, with homeownership rates declining despite overall increases in property values. The neighborhood has seen volatility in home prices but a general upward trend, particularly in recent years. Rent prices have also increased steadily, reflecting the growing demand for rental properties. These trends, combined with recent spikes in interest rates, suggest that Vandeventer may continue to see a predominantly renter-occupied housing market in the near future, with potential for further increases in both home values and rental costs.
