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Rising Home Values and Stable Ownership in Peculiar, Missouri: A Decade of Growth
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
Peculiar, Missouri, aptly named for its unique character, is a growing suburban community located in Cass County. With a population of 9,528 in 2022 and a land area of 9.06 square miles, this city has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. The city has maintained a high rate of homeownership, consistently above 80%, while both average home prices and average rent prices have shown an upward trend.
The trend of homeownership in Peculiar has remained relatively stable, with a slight increase over time. In 2013, the homeownership rate was 82%, which rose to 86% by 2015 and 2016. Although there was a minor dip to 84% from 2017 to 2020, the rate climbed back to 85% in 2021 and 2022. This high rate of homeownership coincides with a substantial increase in average home prices. In 2013, the average home price was $147,512, which steadily rose to $327,290 by 2022, representing a remarkable 122% increase over nine years.
The relationship between federal interest rates and homeownership rates in Peculiar appears to follow the general trend of lower interest rates encouraging homeownership. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.09% to 0.40%), the city saw its highest homeownership rates of 86%. As interest rates began to rise more significantly from 2017 onwards, there was a slight decrease in homeownership rates to 84%, though they remained high overall.
Conversely, the percentage of renters in Peculiar has remained relatively low, fluctuating between 14% and 17% from 2013 to 2022. Despite this low percentage, average rent prices have shown a significant upward trend. In 2013, the average rent was $966, which increased to $1,246 by 2019, representing a 29% increase. Interestingly, there was a slight decrease in average rent prices from 2020 to 2022, with the 2022 average rent at $1,045. This trend could be attributed to various factors, including the city's growing population and potential changes in housing supply.
Looking at the most recent data, the average home price in Peculiar continued to rise in 2023, reaching $331,231, and further increased to $337,343 in 2024. This represents a modest growth of 3.1% from 2022 to 2024. Notably, federal interest rates have also increased significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and home prices.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in Peculiar will continue to rise, albeit at a more moderate pace. Given the consistent upward trend and recent slower growth, average home prices could potentially reach around $375,000 to $400,000 by 2029. For average rent prices, the forecast suggests a potential rebound and gradual increase, possibly reaching $1,200 to $1,300 by 2029, assuming economic conditions remain stable and population growth continues.
In summary, Peculiar has maintained a strong homeownership market with steadily increasing average home prices over the past decade. Despite fluctuations in federal interest rates, the city has retained a high percentage of homeowners. The rental market, while smaller, has also seen significant price increases, though with recent moderation. The city's continued population growth and the interplay between homeownership rates, home prices, and rent prices will likely shape its housing market in the coming years.
