Rising Home Values and Ownership in Boulevard Heights: A Decade of Real Estate Dynamics
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
DATA SOURCE
Boulevard Heights, a neighborhood in St. Louis, Missouri, has experienced significant changes in homeownership and housing prices over the past decade. From 2013 to 2022, the area saw a slight decrease in owner-occupied housing, while average home prices and rent rates generally increased.
The homeownership rate in Boulevard Heights declined from 74% in 2013 to 71% in 2022. Concurrently, average home prices in the neighborhood rose substantially. In 2013, the average home price was $101,722, and by 2022, it had increased to $167,775, representing a 65% rise over nine years. This inverse relationship between homeownership rates and average home prices indicates that rising property values may have made homeownership less accessible for some residents.
Federal interest rates have influenced homeownership trends in Boulevard Heights. In 2013, when the homeownership rate peaked at 74%, the federal interest rate was 0.11%. As interest rates remained low through 2020 (0.38%), homeownership rates stabilized around 67%. However, when interest rates rose sharply in 2022 to 1.68%, there was a slight increase in homeownership to 71%, possibly due to residents purchasing homes before rates increased further.
The renter population in Boulevard Heights increased from 26% in 2013 to 29% in 2022. Correspondingly, average rent prices rose from $789 in 2013 to $961 in 2022, a 22% increase. The population growth from 13,635 in 2013 to 14,689 in 2022 likely contributed to the increased demand for rental properties and the subsequent rise in rent prices.
In 2023, the average home price in Boulevard Heights reached $177,261, with the federal interest rate at 5.02%. As of 2024, the average home price has further increased to $183,571, while the federal interest rate stands at 5.33%. These high interest rates may impact future homeownership trends in the neighborhood.
Looking ahead, based on historical trends and current market conditions, average home prices in Boulevard Heights are expected to continue rising, albeit at a potentially slower rate due to high interest rates. A 5-year forecast suggests average home prices could reach approximately $210,000 by 2029. Average rent prices are also likely to increase, potentially reaching around $1,150 per month in the same timeframe.
In summary, Boulevard Heights has experienced a gradual shift towards more renter-occupied housing, alongside substantial increases in both average home prices and average rent prices. The interplay between federal interest rates, population growth, and housing market dynamics has shaped these trends, with rising property values potentially making homeownership more challenging for some residents.
