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Rising Home Values and Shifting Ownership in St. Charles, Idaho: A Decade of Housing Market Dynamics
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
St. Charles, Idaho, is a small community nestled in the southeastern part of the state. This charming city has experienced fluctuations in its homeownership rates and housing market over the past decade. The overall trend shows a slight decrease in homeownership, coupled with a significant increase in average home prices and average rent prices.
From 2013 to 2022, St. Charles saw a modest decline in homeownership rates. In 2013, the percentage of owner-occupied homes stood at 81%, which increased to 99% in 2014. However, this rate gradually decreased to 90% by 2022. During this same period, average home prices in the city experienced substantial growth. In 2012, the average home price was $218,441, which more than doubled to $532,634 by 2022, representing a 144% increase over a decade.
The relationship between federal interest rates and homeownership rates in St. Charles shows some correlation. As interest rates remained low between 2013 and 2016, ranging from 0.11% to 0.40%, homeownership rates remained high, above 95%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a slight decline in homeownership rates, dropping to 90% by 2022.
The percentage of renters in St. Charles has shown an overall increase from 2013 to 2022, albeit with some fluctuations. In 2013, the renter-occupied rate was 18%, which decreased to nearly 0% in 2014. However, it gradually increased to 10% by 2022. Average rent prices have also seen significant growth during this period. In 2017, the average rent was $871, which increased to $900 by 2022, representing a 3.3% increase over five years. It's worth noting that the population of St. Charles decreased from 245 in 2013 to 188 in 2022, which may have influenced the rental market dynamics.
Looking at the most recent data from 2023 and 2024, we see that average home prices in St. Charles continued to rise. In 2023, the average home price was $514,264, and it further increased to $534,622 in 2024, representing a 4% increase in just one year. This growth occurred despite the federal interest rate rising to 5.02% in 2023 and 5.33% in 2024, which are significantly higher rates compared to previous years.
Based on the historical trends and current market conditions, we can project that average home prices in St. Charles are likely to continue rising over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by the overall appreciation of property values in the area. However, the rate of increase for both home prices and rents may moderate compared to the rapid growth seen in recent years.
In summary, St. Charles has experienced a significant increase in average home prices and rents over the past decade, despite a slight decrease in homeownership rates. The city's housing market has shown resilience, with property values continuing to appreciate even in the face of rising interest rates. As the community evolves, these trends are likely to shape the future of housing in St. Charles, potentially impacting affordability and demographic composition in the coming years.
