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Trenton, Missouri: Resilient Housing Market Sees Average Home Values Rise Despite Ownership Shifts
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Trenton, a city in Missouri, has experienced significant shifts in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices, providing insights into the city's real estate dynamics. The homeownership rate in Trenton has shown a general decline from 2013 to 2022, with some fluctuations. In 2013, 66% of housing units were owner-occupied. This percentage dropped to 58% by 2018 and remained stable until 2019. There was a slight increase to 60% in 2020, which held steady through 2022. Concurrently, average home prices in Trenton have shown an overall upward trend. In 2013, the average home price was $47,423. This figure rose steadily, reaching $77,283 by 2022, representing a substantial 63% increase over this period.
Federal interest rates have played a role in homeownership trends. From 2013 to 2015, interest rates remained low, hovering around 0.1%. During this period, homeownership rates in Trenton declined from 66% to 62%. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, homeownership rates stabilized around 60%. This suggests that while lower interest rates generally encourage homeownership, other local factors in Trenton may have counteracted this effect.
The rental market in Trenton has shown interesting trends as well. The percentage of renter-occupied units increased from 34% in 2013 to 42% in 2017 and 2018, before slightly decreasing to 40% in 2022. Average rent prices have fluctuated over the years. In 2013, the average rent was $516. It peaked at $616 in 2014, then experienced ups and downs before reaching $777 in 2022, marking a 51% increase from 2013. The rise in rent prices, coupled with the increase in renter-occupied units, suggests growing demand for rental properties in Trenton.
In 2023, the average home price in Trenton was $77,254, showing a slight decrease from 2022. However, 2024 saw a significant jump to $89,214, a 15.5% increase from the previous year. This surge coincides with the federal interest rate rising to 5.33% in 2024, the highest it has been in over two decades. Despite the high interest rates, the substantial increase in home prices indicates strong demand in Trenton's housing market.
Looking ahead, predictive models suggest that average home prices in Trenton may continue to rise over the next five years, potentially reaching around $100,000 by 2029. Rent prices are also expected to increase, possibly surpassing $900 per month within the same timeframe. These projections are based on the current trends and economic indicators.
In summary, Trenton's housing market has shown resilience and growth over the past decade. Despite fluctuations in homeownership rates, average home prices have consistently increased. The rental market has expanded, with both the proportion of renters and average rent prices rising. The recent surge in home prices, even in the face of high interest rates, indicates a robust demand for housing in Trenton. These trends suggest a dynamic and evolving real estate landscape in this Missouri city.
