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Rising Home Values and Strong Ownership in Meta, Missouri: A Resilient Small Town Housing Market
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
Meta, Missouri, is a small town with a unique demographic profile and housing market trends. The city has experienced significant changes in population, homeownership rates, and housing prices over the past decade. Notably, the city has maintained a consistently high rate of homeownership, with a general upward trend in average home prices and average rent prices.
The trend in homeownership rates in Meta has been remarkably strong, with the percentage of owner-occupied homes increasing from 91% in 2013 to 98% in 2019, before slightly declining to 90% in 2022. This trend aligns with the steady increase in average home prices, which rose from $136,841 in 2012 to $245,786 in 2022, representing a 79.6% increase over a decade. The relationship between homeownership and home prices suggests that despite rising costs, residents of Meta have maintained a strong preference for owning their homes.
Federal interest rates have played a significant role in shaping homeownership trends in Meta. From 2012 to 2015, when interest rates were historically low (ranging from 0.09% to 0.14%), the city saw a slight increase in homeownership from 91% to 93%. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, homeownership rates in Meta remained resilient, only dropping slightly to 90% in 2022. This suggests that other local factors may have a stronger influence on homeownership in Meta than national interest rate trends.
The renter population in Meta has fluctuated inversely to homeownership rates, with the percentage of renters decreasing from 8% in 2013 to a low of 2% in 2019, before rising again to 9% in 2022. Average rent prices have shown a consistent upward trend, increasing from $335 in 2014 to $513 in 2022, a 53.1% increase. This rise in rent prices occurred despite the city's population decreasing from 333 in 2014 to 223 in 2022, indicating that factors other than population growth are driving rent increases.
In 2023 and 2024, Meta experienced further increases in average home prices, reaching $259,237 in 2023 and $263,957 in 2024. This represents a 7.4% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying affordability.
Looking ahead, predictive models suggest that average home prices in Meta may continue to rise, potentially reaching around $290,000 by 2029, assuming a similar growth rate to recent years. Average rent prices could potentially increase to approximately $600 by 2029 if the current trend continues. However, these projections may be influenced by various factors including economic conditions, local development, and population changes.
In summary, Meta has demonstrated a strong preference for homeownership despite rising home prices and fluctuating interest rates. The housing market has shown resilience, with both home prices and rent prices increasing steadily over the past decade, even as the population has declined. These trends suggest a complex interplay of local and national factors shaping Meta's unique housing landscape.
