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Robberson's Housing Market: Rising Home Values and Shifting Ownership in Springfield, Missouri
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
Robberson, a neighborhood in Springfield, Missouri, has undergone significant changes in its housing market and demographics over the past decade. The area has experienced a notable shift towards a renter-majority population, accompanied by substantial increases in both home values and rent prices. This transformation has reshaped the neighborhood's housing landscape and potentially impacted its affordability and demographic composition. From 2013 to 2022, Robberson witnessed a steady decline in homeownership rates, dropping from 51% to 32%. Concurrently, average home prices more than doubled, rising from $40,300 in 2013 to $98,421 in 2022. This inverse relationship suggests that rising home prices may have made homeownership less attainable for many residents. A notable example of this trend occurred between 2015 and 2016, when the homeownership rate decreased from 38% to 36%, while average home prices increased by 10.9%, from $43,125 to $47,848. The role of federal interest rates in Robberson's homeownership trends is worth noting. From 2013 to 2015, interest rates remained historically low at around 0.1%, which typically encourages homeownership. However, Robberson's homeownership rate continued to decline during this period, indicating that other factors, such as rapidly increasing home prices, may have outweighed the potential benefits of low interest rates for prospective buyers in the neighborhood.
As homeownership rates decreased, the percentage of renters in Robberson increased from 49% in 2013 to 68% in 2022. This shift coincided with a significant rise in average rent prices, which more than doubled from $422 in 2013 to $992 in 2022. The most dramatic increase occurred between 2019 and 2020, when average rent surged by 55.5%, from $568 to $883. This substantial rise in rent prices coincided with a population increase from 3,712 in 2019 to 3,966 in 2020, suggesting that growing demand for housing in the area may have contributed to the escalating rents. In recent years, Robberson's housing market has continued to evolve. The average home price reached $108,582 in 2023 and further increased to $113,305 in 2024, representing a 4.3% year-over-year growth. During this period, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates in the neighborhood. Predictive models suggest that the upward trend in both average home prices and rent is likely to continue over the next five years. Based on historical data and current market conditions, average home prices in Robberson could potentially reach $140,000 to $150,000 by 2029. Similarly, average rent prices might increase to around $1,300 to $1,400 per month in the same timeframe, assuming the current growth rate persists. In conclusion, Robberson has experienced a significant shift towards a renter-majority population, with homeownership rates declining as both average home prices and rents have increased substantially. The neighborhood's housing market has transformed dramatically, with property values more than doubling over a decade and rent prices following a similar trajectory. These trends, combined with fluctuating interest rates and population growth, have reshaped the housing landscape in Robberson, potentially impacting affordability and demographic composition in the years to come.
