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St. Robert, Missouri: Rising Home Values and Ownership in a Military-Adjacent City
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
St. Robert, Missouri, a city in Pulaski County, is closely tied to Fort Leonard Wood, a major U.S. Army training installation. This connection significantly influences the city's demographics and housing market. Over the past decade, St. Robert has experienced fluctuations in homeownership rates, average home prices, and average rent prices, reflecting the unique characteristics of a military-adjacent community.
The homeownership rate in St. Robert has shown an interesting trend, increasing from 41% in 2017 to 55% in 2022. This significant rise in homeownership coincided with changes in average home prices. In 2017, the average home price was $140,357, which gradually increased to $186,319 by 2022, representing a 32.7% increase over five years. This trend suggests that despite rising home prices, more residents were able to transition into homeownership, possibly due to factors such as stable employment associated with the nearby military base or favorable local economic conditions.
Federal interest rates play a crucial role in homeownership trends. From 2017 to 2020, interest rates remained relatively low, ranging from 1% to 2.16%, which likely contributed to the increasing homeownership rate in St. Robert. The exceptionally low rates in 2020 (0.38%) and 2021 (0.08%) may have further incentivized home buying, explaining the continued rise in homeownership to 51% in 2021 and 55% in 2022, despite the gradual increase in average home prices.
Renter percentages in St. Robert have inversely mirrored the homeownership trend, decreasing from 59% in 2017 to 45% in 2022. Interestingly, average rent prices have shown a slight downward trend during this period. In 2017, the average rent was $1,019, which decreased to $1,023 by 2022, a marginal 0.4% reduction. This stability in rent prices, combined with the city's population growth from 13,438 in 2017 to 13,826 in 2022, suggests a balanced rental market despite the shift towards homeownership.
In 2023 and 2024, St. Robert's housing market continued to evolve. The average home price rose to $199,651 in 2023 and further increased to $208,633 in 2024, representing a 12% growth from 2022 to 2024. This price appreciation occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends, potentially slowing the rapid growth seen in previous years.
Looking ahead, predictive models suggest that average home prices in St. Robert may continue to rise, albeit at a more moderate pace. Over the next five years, we might expect average home prices to reach around $230,000 to $240,000, assuming a continuation of current economic conditions and steady demand related to Fort Leonard Wood. Average rent prices are likely to remain relatively stable, potentially increasing slightly to around $1,050 to $1,100 per month, reflecting the city's balanced rental market and consistent demand from military personnel and associated civilians.
In summary, St. Robert has demonstrated a strong trend towards increased homeownership over the past several years, accompanied by steady growth in average home prices. The city's unique position near a major military installation has likely contributed to its resilient housing market, even in the face of rising interest rates. As the city continues to grow and adapt, the interplay between homeownership rates, housing prices, and rental market dynamics will remain crucial factors in shaping St. Robert's residential landscape.
