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Tebbetts, Missouri: Stable Homeownership Amidst Rising Home Values
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
Tebbetts, Missouri, is a small community that has experienced notable demographic and housing market changes over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices, providing insights into the local real estate market dynamics. The homeownership rate in Tebbetts has shown some fluctuation but has generally remained high, ranging from 73% to 86% between 2013 and 2022. Average home prices have steadily increased during this period, while average rent prices have also risen, albeit with some variations. Examining the relationship between homeownership rates and average home prices reveals an interesting trend. Despite the significant increase in average home prices from $134,814 in 2010 to $262,659 in 2022, the homeownership rate has remained relatively stable. This suggests that local residents have been able to maintain homeownership even as property values appreciated. For instance, in 2013, when the homeownership rate was 85% and the average home price was $138,237, we see a slight decrease to 82% homeownership in 2015 with an average home price of $146,429. However, by 2017, homeownership rebounded to 86% despite average home prices reaching $168,086.
Federal interest rates have played a role in homeownership trends. The period from 2010 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%, which likely contributed to the high homeownership rates observed during this time. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, we see a slight decline in homeownership to 73%, suggesting that higher borrowing costs may have impacted some potential buyers.
Renter percentages and average rent prices have shown an inverse relationship to homeownership rates. As the renter population fluctuated between 14% and 27% from 2013 to 2022, average rent prices generally increased. In 2013, when renters made up 14% of the population, the average rent was $877. By 2022, with renters comprising 27% of the population, the average rent had risen to $971. This increase in both renter percentage and rent prices could be attributed to population growth, which rose from 1,720 in 2013 to 2,279 in 2022, potentially increasing demand for rental properties.
In 2023 and 2024, we observe a continued upward trend in average home prices, reaching $266,422 in 2023 and $272,761 in 2024. Concurrently, federal interest rates have risen significantly, hitting 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact affordability and could potentially influence future homeownership rates in Tebbetts.
Looking ahead, predictive models suggest that average home prices in Tebbetts may continue to rise over the next five years, potentially reaching around $300,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,200 per month within the same timeframe. These projections assume a continuation of current economic conditions and local market factors.
In summary, Tebbetts has maintained a high rate of homeownership despite rising home prices, showcasing the community's resilience. The interplay between federal interest rates, population growth, and housing demand has shaped the local real estate landscape. As average home prices and rents continue to climb, it will be crucial to monitor how these trends impact the community's demographics and housing affordability in the coming years.
