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Rising Home Values and Ownership in Stanberry, Missouri: A Decade of Housing Market Transformation
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Stanberry, a small city in Missouri with just over 1,800 residents, has experienced significant changes in its housing market over the past decade. This analysis examines the trends in homeownership rates, average home prices, and rental costs in this community.
Homeownership in Stanberry has shown a notable upward trend, increasing from 69% in 2013 to 77% in 2022. This rise in homeownership coincided with a substantial increase in average home prices. In 2017, the average home price in Stanberry was $45,254, which grew steadily to reach $83,000 by 2022, representing an 83% increase over five years.
The relationship between federal interest rates and homeownership rates in Stanberry presents an interesting dynamic. Despite the rise in interest rates from 1% in 2017 to 1.68% in 2022, the city saw an increase in homeownership from 68% to 77% during this period. This trend suggests that local factors, such as affordability compared to larger urban areas, may have played a more significant role in driving homeownership than national interest rates.
As homeownership increased, the percentage of renters in Stanberry decreased from 31% in 2013 to 23% in 2022. This decline in the renter population was accompanied by a substantial increase in average rent prices. The average rent rose from $514 in 2013 to $742 in 2022, a 44% increase. This trend indicates a tightening rental market, possibly due to a reduced supply of rental properties as more homes transitioned to owner-occupied status.
In 2023 and 2024, Stanberry's housing market continued to evolve. The average home price slightly decreased to $82,868 in 2023 but rebounded to $87,698 in 2024. This represents a 5.8% increase from 2022 to 2024, indicating continued strength in the local housing market. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homebuying activity.
Looking ahead, predictive models suggest that Stanberry's housing market will likely continue its upward trajectory. Based on historical trends, average home prices could potentially reach $95,000 to $100,000 within the next five years. Average rent prices are also expected to climb, potentially surpassing $800 per month by 2029. However, these projections assume a continuation of current economic conditions and local market dynamics.
In summary, Stanberry has experienced a notable increase in homeownership rates and housing values over the past decade. The city's real estate market has shown resilience, with rising home prices and rents despite fluctuations in federal interest rates. As the community continues to evolve, the balance between homeownership and rental markets will likely play a crucial role in shaping Stanberry's housing landscape in the coming years.
