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Rising Home Values and High Ownership Rates: Wildwood's Resilient Housing Market
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
Wildwood, Missouri, is a suburban city located in St. Louis County, known for its picturesque landscapes and abundant outdoor recreational opportunities. Over the past decade, Wildwood has maintained a consistently high homeownership rate, with average home prices steadily increasing and average rent prices showing significant fluctuations.
The homeownership rate in Wildwood has remained remarkably stable, hovering around 91-92% from 2013 to 2022. This high rate of homeownership coincides with a steady increase in average home prices. In 2013, the average home price was $324,577, which rose to $494,501 by 2022, representing a substantial 52.4% increase over nine years. This trend suggests a strong correlation between the city's consistent homeownership rates and the rising property values.
Federal interest rates have played a significant role in shaping homeownership trends in Wildwood. From 2013 to 2016, interest rates remained below 0.5%, coinciding with the period when homeownership rates were at their highest at 92%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a slight decrease in homeownership to 91%. This pattern aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
The renter population in Wildwood, while small, has shown some fluctuations. The percentage of renters increased from 7% in 2013 to 9% in 2022. Interestingly, average rent prices have experienced significant volatility during this period. In 2013, the average rent was $1,159, which peaked at $1,791 in 2018 before settling at $1,650 in 2022. This represents a 42.4% increase in average rent from 2013 to 2022. The rising rent prices, coupled with the slight increase in the renter population, suggest a growing demand for rental properties in the area.
In 2023 and 2024, Wildwood's housing market continued to show strength. The average home price reached $518,107 in 2023 and further increased to $534,835 in 2024, marking a 8.2% rise over two years. Concurrently, federal interest rates climbed to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the near future.
Looking ahead, based on historical trends and current market conditions, it's projected that average home prices in Wildwood will continue to rise over the next five years, potentially reaching around $600,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $2,000 per month within the same timeframe. However, the rate of increase may moderate due to higher interest rates and potential market stabilization.
In summary, Wildwood has demonstrated a robust and stable housing market characterized by high homeownership rates and steadily increasing property values. The slight uptick in the renter population, coupled with volatile but generally increasing rent prices, indicates a diversifying housing landscape. As the city continues to grow and evolve, these trends suggest Wildwood will remain an attractive location for both homeowners and renters, with property values likely to continue their upward trajectory in the coming years.
