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Rising Home Values and Ownership in Leeton, Missouri: A Decade of Housing Market Resilience
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Leeton, located in Missouri, is a small community that has experienced fluctuating demographics and housing trends over the past decade. The city has shown a general trend towards increased homeownership, with average home prices steadily rising and average rent prices showing some volatility.
Homeownership rates in Leeton have seen an overall increase from 2013 to 2022. In 2013, the homeownership rate was 76%, which grew to 83% by 2022. This upward trend in homeownership coincided with a significant increase in average home prices. The average home price in Leeton rose from $103,232 in 2013 to $202,510 in 2022, representing a substantial 96% increase over this period. This trend suggests that despite rising home prices, residents of Leeton have been increasingly able and willing to purchase homes.
The relationship between federal interest rates and homeownership rates in Leeton shows an interesting pattern. From 2013 to 2016, as interest rates remained low (ranging from 0.11% to 0.40%), homeownership rates increased from 76% to 81%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, even as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), Leeton's homeownership rate continued to increase, reaching 82% in 2018 before slightly declining to 80% in 2019.
Renter percentages in Leeton have generally decreased as homeownership rates increased. The percentage of renters dropped from 24% in 2013 to 17% in 2022. Interestingly, average rent prices have shown some volatility during this period. The average rent peaked at $742 in 2017 before declining to $666 in 2022. This decline in average rent prices, coupled with the decreasing percentage of renters, could suggest a shift in housing preferences towards homeownership in the community.
Looking at the most recent data, the average home price in Leeton continued to rise in 2023, reaching $203,141, and further increased to $205,356 in 2024. This represents a modest but steady growth in home values. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in the city.
Applying predictive models to forecast 5-year trends, we can anticipate that average home prices in Leeton will continue to rise, albeit at a potentially slower rate due to the higher interest rate environment. The average home price could reach approximately $225,000 to $235,000 by 2029. Average rent prices may stabilize or see modest increases, potentially reaching around $700 to $750 per month in the same timeframe.
In summary, Leeton has experienced a notable shift towards homeownership over the past decade, with rising home prices and fluctuating rent prices. The community has shown resilience in maintaining high homeownership rates even in the face of increasing home prices and interest rates. As we look to the future, the housing market in Leeton is likely to continue evolving, with potential moderation in price growth and ongoing changes in the balance between homeowners and renters.
