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Rising Home Values and Ownership in De Kalb, Missouri: A Decade of Housing Market Resilience
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
De Kalb, Missouri, is a small community that has experienced fluctuations in its population and housing market over the past decade. The city has maintained a relatively high rate of homeownership, with average home prices showing a notable increase in recent years. Meanwhile, average rent prices have also seen an upward trend, albeit with some fluctuations.
Homeownership rates in De Kalb have remained consistently high, ranging from 76% to 86% between 2013 and 2022. The peak of homeownership was observed in 2018 at 86%, while the lowest rate was recorded in 2022 at 76%. Despite these minor fluctuations, the overall trend indicates a strong preference for homeownership in the community. Average home prices have shown a significant increase, rising from $266,843 in 2022 to $275,965 in 2024, representing a 3.4% growth over this period.
The relationship between federal interest rates and homeownership rates in De Kalb appears to follow the general trend observed nationwide. As interest rates remained low from 2013 to 2021, ranging from 0.08% to 1.83%, homeownership rates in the town stayed relatively stable and high. However, as interest rates began to rise sharply in 2022 (1.68%) and 2023 (5.02%), we see a slight decline in homeownership rates from 78% in 2020 to 76% in 2022, suggesting that higher interest rates may be impacting affordability and homeownership decisions.
Renter percentages in De Kalb have shown a slight increase over the years, rising from 14% in 2018 to 23% in 2022. This trend coincides with an overall increase in average rent prices. In 2013, the average rent was $596, which steadily increased to $742 by 2022, representing a 24.5% increase over nine years. The rise in both renter percentages and rent prices could be attributed to various factors, including population changes and potentially limited housing supply.
Looking at the most recent data, average home prices in De Kalb continued to rise, reaching $269,041 in 2023 and $275,965 in 2024. This represents a 2.6% increase from 2023 to 2024. Concurrently, federal interest rates have remained high, at 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in De Kalb will continue to increase, potentially reaching around $300,000 by 2029. This projection is based on the steady growth observed in recent years. For average rent prices, the upward trend is expected to persist, potentially reaching approximately $850 per month by 2029, assuming a similar rate of increase as observed in the past decade.
In summary, De Kalb has maintained a strong homeownership base despite recent increases in interest rates. The housing market has shown resilience with rising home values and rent prices. The slight increase in renter percentages, coupled with rising rent prices, suggests a growing demand for rental properties. As the community continues to evolve, these housing trends will play a crucial role in shaping the town's demographic and economic landscape in the coming years.
