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Rosebud's Home Values and Ownership: A Decade of Stability Amidst Rising Prices
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Rosebud, Missouri, a small urban community, has experienced fluctuating demographics and housing market trends over the past decade. This analysis explores the relationship between homeownership rates, average home prices, and average rent prices in Rosebud, providing insights into the local real estate landscape.
The homeownership rate in Rosebud has remained relatively stable, with slight fluctuations between 2013 and 2022. In 2013, the homeownership rate was 83%, which increased to 87% in 2018, the highest point in the observed period. By 2022, the rate settled at 85%. The average home prices in Rosebud have shown a consistent upward trend since data became available in 2017. The average home price increased from $153,823 in 2017 to $248,538 in 2022, representing a significant 61.6% increase over five years.
Federal interest rates play a crucial role in homeownership trends. From 2013 to 2016, interest rates remained extremely low, hovering around 0.1% to 0.4%. During this period, Rosebud maintained a high homeownership rate of 80% to 84%. As interest rates began to rise in 2017 (1%) and 2018 (1.83%), the city experienced its peak homeownership rate of 87% in 2018, possibly due to residents securing homes before further rate increases. Despite the interest rate climbing to 2.16% in 2019, the homeownership rate remained strong at 85%, a level maintained through 2022 even as interest rates fluctuated.
The renter population in Rosebud has shown inverse trends to homeownership. The percentage of renters decreased from 17% in 2013 to 13% in 2018, before settling at 15% from 2019 to 2022. Average rent prices have been volatile during this period. In 2013, the average rent was $478, which nearly doubled to $840 in 2014. There was a significant drop to $539 in 2018, coinciding with the lowest renter percentage. Since then, average rent has increased steadily, reaching $969 in 2022, a 79.8% increase from 2018. This rise in rent prices occurred despite a stable renter population, suggesting increased demand or improved rental property quality.
In 2023 and 2024, Rosebud's housing market continued its upward trajectory. The average home price rose to $254,105 in 2023 and further increased to $265,283 in 2024, representing a 6.7% growth over these two years. Concurrently, federal interest rates reached 5.02% in 2023 and 5.33% in 2024, the highest levels since 2007. These higher interest rates may impact future homeownership trends and housing affordability in the city.
Looking ahead, predictive models suggest that average home prices in Rosebud will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $300,000 to $320,000. Average rent prices are also expected to increase, potentially reaching $1,200 to $1,300 per month by 2029, assuming current trends persist.
In summary, Rosebud has maintained a high and stable homeownership rate despite rising home prices. The rental market has seen significant price increases, particularly since 2018. The interplay between federal interest rates, home prices, and rent costs will likely continue to shape the city's housing landscape in the coming years, with both home prices and rents projected to rise further.
