Loading Content...
Riverview, Missouri: Home Values Double Amid Shifting Ownership 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
Riverview, Missouri, a small community in St. Louis County, has experienced notable changes in its housing market over the past decade. This compact city, spanning just 0.83 square miles, has seen fluctuating trends in homeownership rates, average home prices, and average rent prices. Since 2013, the city has observed a general decline in homeownership, while average home prices have shown volatility, and average rent prices have demonstrated a gradual decrease followed by a recent uptick.
The relationship between homeownership rates and average home prices in Riverview presents an interesting dynamic. In 2013, the homeownership rate stood at 55%, with an average home price of $40,871. As average home prices declined to $35,081 in 2015, the homeownership rate also decreased to 52%. However, despite a subsequent rise in average home prices to $71,783 in 2022, the homeownership rate continued to fall, reaching 46% that year. This suggests that factors beyond home prices, such as local economic conditions or demographic shifts, may be influencing homeownership trends in the city.
Federal interest rates have played a role in shaping homeownership patterns in Riverview. The period from 2013 to 2015 saw historically low interest rates, hovering around 0.1%. During this time, homeownership rates remained relatively stable, ranging from 55% to 52%. As interest rates began to rise gradually from 2016 onwards, reaching 1.68% in 2022, homeownership rates in Riverview showed a more pronounced decline, dropping to 46% by 2022. This trend aligns with the general principle that higher interest rates can make home financing less affordable, potentially discouraging homeownership.
Renter percentages and average rent prices in Riverview have shown an inverse relationship. In 2013, the renter-occupied percentage was 45%, with an average rent of $884. As the renter percentage increased to 51% in 2018, the average rent decreased to $780. This trend continued through 2019, with renters comprising 50% of occupants and average rent further declining to $761. However, by 2022, despite a slight increase in average rent to $786, the renter percentage rose to 54%. This suggests that factors such as housing supply and local economic conditions may be influencing renting patterns beyond just price considerations.
Looking at the most recent data, average home prices in Riverview reached $68,128 in 2023 and slightly decreased to $65,368 in 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and further increased to 5.33% in 2024. These higher interest rates may continue to impact homeownership trends in the city, potentially favoring the rental market.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in Riverview may experience moderate growth, potentially reaching around $75,000 by 2029. Average rent prices are expected to continue their gradual upward trajectory, possibly approaching $900 per month in the same timeframe. These projections assume relative stability in local economic conditions and housing supply.
In summary, Riverview has experienced a notable shift towards renting in recent years, despite fluctuations in average home prices. The inverse relationship between renter percentages and average rent prices suggests a complex housing market influenced by various factors beyond just cost. With rising interest rates and evolving housing preferences, the city may continue to see a preference for renting in the near future, while both home prices and rent costs are projected to see moderate increases.
