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Rising Home Values and Shifting Ownership in Florissant, Missouri: A Decade of Housing Market Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Florissant, Missouri, a vibrant city in St. Louis County known for its rich history and beautiful parks, has experienced significant changes in its housing market over the past decade. The city has witnessed a gradual decline in homeownership rates, while average home prices and rent prices have generally trended upward. This analysis examines the housing market trends in Florissant from 2013 to 2024, focusing on homeownership rates, average home prices, and rental market dynamics.
From 2013 to 2022, Florissant's homeownership rate decreased from 73% to 67%. During this same period, average home prices in the city rose significantly. In 2013, the average home price was $86,916, and by 2022, it had increased to $175,138, representing a substantial 101% increase over nine years. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less attainable for some residents.
Federal interest rates have played a role in shaping homeownership trends in Florissant. In 2013, when the homeownership rate was at 73%, the federal interest rate was 0.11%. As interest rates remained low through 2020 (0.38%), homeownership rates continued to decline, reaching 66% that year. This trend contradicts the typical expectation that lower interest rates encourage homeownership, indicating that other factors, such as rising home prices, may have had a stronger influence on homeownership rates in Florissant.
As homeownership rates declined, the percentage of renters in Florissant increased from 25% in 2013 to 33% in 2022. Concurrently, average rent prices rose from $1,100 in 2013 to $1,146 in 2022, an increase of 4.2%. The population remained relatively stable during this period, growing slightly from 59,319 in 2013 to 59,912 in 2022. This suggests that the increase in renters may be due to factors such as rising home prices and changing demographics rather than significant population growth.
In 2023, the average home price in Florissant reached $182,311, with federal interest rates at 5.02%. By 2024, the average home price slightly increased to $183,310, while federal interest rates rose to 5.33%. These higher interest rates may impact future homeownership trends and housing affordability in the city.
Looking ahead, predictive models suggest that average home prices in Florissant may continue to rise over the next five years, potentially reaching around $200,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,300 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, Florissant has experienced a decrease in homeownership rates alongside significant increases in average home prices over the past decade. The rental market has expanded, with a growing percentage of renters and moderately rising average rent prices. As the city moves forward, the interplay between housing prices, interest rates, and demographic shifts will likely continue to shape Florissant's housing market dynamics.
