Loading Content...
Rising Home Values and Ownership in Knob Noster, Missouri: A Decade of Housing Market Evolution
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Knob Noster, Missouri, is a small city located in Johnson County. Known for its proximity to Whiteman Air Force Base, this city has experienced notable fluctuations in its housing market and population over the past decade. The ownership percentage has shown an upward trend in recent years, while average home prices have steadily increased. Average rent prices have remained relatively stable with some minor fluctuations.
The homeownership rate in Knob Noster has seen a significant increase from 2013 to 2022. In 2013, 49% of housing units were owner-occupied. This figure dropped to a low of 44% in 2016 and 2017 before steadily climbing to 58% in 2022. Concurrently, average home prices rose from $138,663 in 2013 to $238,318 in 2022, representing a 71.9% increase over this period. This trend suggests a strong correlation between rising home values and increasing homeownership rates in the city.
Federal interest rates have played a crucial role in shaping homeownership trends in Knob Noster. From 2013 to 2016, when interest rates were at historic lows (0.11% to 0.40%), homeownership rates actually decreased. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates in Knob Noster paradoxically increased. This trend suggests that local factors, such as the city's relationship with the nearby Air Force base, may have a more significant impact on homeownership than national interest rates.
The percentage of renters in Knob Noster has shown an inverse relationship to homeownership rates, decreasing from 56% in 2016 to 42% in 2022. Interestingly, average rent prices have not shown a consistent trend during this period. The average rent was $810 in 2013, peaked at $884 in 2021, and then decreased to $823 in 2022. This fluctuation in rent prices, coupled with the declining renter population, suggests a complex rental market influenced by factors such as housing availability and local economic conditions.
In 2023 and 2024, Knob Noster's housing market continued to evolve. The average home price in 2023 was $241,612, showing a modest increase from 2022. In 2024, the average home price further rose to $246,721. Concurrently, federal interest rates increased significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in the city.
Looking ahead, predictive models suggest that average home prices in Knob Noster will continue to rise over the next five years, albeit at a more moderate pace. By 2029, average home prices could reach approximately $275,000 to $285,000. Average rent prices are expected to remain relatively stable, potentially fluctuating between $800 and $900, influenced by factors such as housing supply and local economic conditions.
In summary, Knob Noster has experienced a notable increase in homeownership rates and average home prices over the past decade, despite fluctuations in federal interest rates. The rental market has shown more variability, with decreasing renter percentages and fluctuating rent prices. As the city moves forward, it's likely to see continued growth in home values, while the rental market may stabilize, reflecting the changing dynamics of this small Missouri city.
