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Rising Home Values and Ownership in Joplin: A Resilient Housing Market After Natural Disaster
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Joplin, Missouri, a vibrant city known for its resilience after the devastating 2011 tornado, has experienced notable shifts in its housing market over the past decade. Located in the southwestern part of the state, Joplin has seen a general upward trend in homeownership rates and average home prices, while average rent prices have fluctuated.
The homeownership rate in Joplin has remained relatively stable, with a slight increase from 60% in 2013 to 61% in 2022. This consistency in homeownership aligns with the steady growth in average home prices, which rose from $71,500 in 2010 to $170,998 in 2022, representing a significant 139% increase over 12 years. The most substantial year-over-year growth occurred between 2020 and 2021, with average home prices jumping from $131,245 to $148,817, a 13.4% increase.
Federal interest rates have played a crucial role in shaping homeownership trends in Joplin. The period of historically low interest rates from 2010 to 2021, ranging from 0.08% to 2.16%, likely contributed to the stability and slight increase in homeownership rates. These low rates made mortgage financing more affordable, potentially encouraging more residents to purchase homes despite rising prices.
Renter percentages in Joplin have mirrored the homeownership trend, remaining relatively stable with a slight decrease from 40% in 2013 to 39% in 2022. Average rent prices, however, have shown more volatility. From 2013 to 2018, average rent increased from $745 to $900, a 20.8% rise. Interestingly, average rent prices then began to decline, reaching $798 in 2022, a 11.3% decrease from the 2018 peak. This trend could be attributed to various factors, including changes in housing supply or shifts in local economic conditions.
Looking at more recent data, the average home price in Joplin continued its upward trajectory, reaching $182,463 in 2023 and $188,821 in 2024. This represents a 6.7% increase from 2022 to 2023 and a further 3.5% rise from 2023 to 2024. Concurrently, federal interest rates have increased significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in Joplin.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in average home prices, albeit at a potentially slower rate due to higher interest rates. Average home prices could reach approximately $220,000 by 2029. Average rent prices may stabilize or show modest increases, potentially reaching around $850 by 2029, as the market adjusts to changes in homeownership rates and overall housing demand.
In summary, Joplin's housing market has demonstrated resilience and growth over the past decade. The city has maintained a stable homeownership rate while experiencing significant appreciation in average home values. The recent surge in interest rates presents a new dynamic that may influence future housing trends. As Joplin continues to evolve, its housing market is likely to remain an important indicator of the city's economic health and desirability as a place to live.
