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Rising Home Values and Ownership in Iron Mountain Lake, Missouri: A Decade of Housing Market Resilience
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Iron Mountain Lake, a small city in Missouri, has experienced fluctuating population and housing dynamics over the past decade. The city has shown a general trend of increasing homeownership rates alongside rising average home prices, while average rent prices have also seen an upward trajectory.
Homeownership in Iron Mountain Lake has shown a notable increase from 77% in 2016 to 86% in 2022. This rise in homeownership coincided with a significant increase in average home prices. In 2017, the average home price was $49,235, which steadily rose to $65,733 by 2022, representing a 33.5% increase over five years. This trend suggests that despite rising prices, more residents were able to enter the housing market, possibly due to favorable economic conditions or local incentives for homeownership.
The relationship between federal interest rates and homeownership rates in Iron Mountain Lake appears to follow the general economic principle that lower interest rates encourage homeownership. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates in the city increased from 83% to 86%. This correlation suggests that the low-cost financing environment may have made homeownership more accessible to residents.
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Renter percentages in Iron Mountain Lake have inversely mirrored the homeownership trends, decreasing from 23% in 2016 to 14% in 2022. Despite this decrease in the renter population, average rent prices have shown an overall upward trend. The average rent increased from $620 in 2016 to $707 in 2022, a 14% rise over six years. This increase in rent prices, despite a shrinking renter population, could be attributed to various factors such as improvements in rental properties or a shift towards higher-quality rental units in the area.
In 2023 and 2024, the housing market in Iron Mountain Lake continued its upward trajectory. The average home price reached $67,601 in 2023 and further increased to $70,831 in 2024, representing a 4.8% year-over-year growth. This rise occurred despite a significant increase in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, potentially indicating strong local demand or limited housing supply in the area.
Looking ahead, based on the observed trends, it's projected that average home prices in Iron Mountain Lake will continue to rise over the next five years, potentially reaching around $80,000 by 2029 if the current growth rate persists. Average rent prices are also expected to increase, potentially surpassing $800 per month within the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, Iron Mountain Lake has demonstrated a strong trend towards homeownership, with increasing home values and rising rent prices. The city's housing market has shown resilience, continuing to appreciate even in the face of rising interest rates. These trends suggest a potentially growing local economy and increasing desirability of the area for residents.
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