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Weir, Mississippi: Home Values and Ownership Trends Amid Interest Rate Fluctuations
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Weir, located in Mississippi, is a small community with a population of 1,149 as of 2022. This quaint town, spanning just 1.05 square miles, has experienced fluctuations in its homeownership rates and housing market over the past decade. The ownership percentage has shown a general decline since 2014, while average home prices have seen a notable increase in recent years. Average rent prices have fluctuated but remained relatively stable over the observed period.
The homeownership rate in Weir reached its peak in 2014 at 81%, but has since shown a gradual decline. In 2018, the ownership percentage dropped to 66%, before slightly recovering to 77% in 2022. Interestingly, this trend doesn't directly correlate with the average home prices, which have seen a significant increase in recent years. The average home price in Weir rose from $89,258 in 2021 to $101,111 in 2022, representing a 13.3% increase in just one year.
Federal interest rates have played a role in shaping homeownership trends in Weir. The period from 2010 to 2015 saw historically low interest rates, ranging from 0.09% to 0.18%. This coincided with relatively high homeownership rates in Weir, peaking at 81% in 2014. As interest rates began to rise from 2016 onwards, reaching 1.83% in 2018, we observed a decline in homeownership rates, dropping to 66% in the same year. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The renter percentage in Weir has shown an inverse relationship to homeownership rates, naturally increasing as ownership rates declined. In 2014, when homeownership was at its peak, the renter percentage was at a low of 19%. By 2018, as homeownership declined, the renter percentage increased to 34%. Average rent prices have fluctuated over the years but remained relatively stable. In 2013, the average rent was $597, rising to a peak of $693 in 2015, before gradually decreasing to $612 in 2022. These rent price fluctuations don't show a strong correlation with the changes in renter percentages, suggesting other factors may be influencing rent prices in Weir.
Looking at the most recent data, the average home price in Weir reached $104,287 in 2023, showing continued growth from previous years. However, in 2024, there was a slight decrease to $97,698. This recent dip coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and further to 5.33% in 2024. These higher interest rates may be contributing to the slight cooling of the housing market in Weir.
Based on the observed trends and recent data, we can make some predictions for the next five years. Average home prices in Weir are likely to continue their overall upward trajectory, albeit at a more moderate pace due to higher interest rates. We might expect average home prices to reach around $110,000 to $115,000 by 2029. Average rent prices, which have remained relatively stable, are predicted to see modest increases, potentially reaching $650 to $675 by 2029. However, these predictions are subject to various economic factors and local market conditions.
In summary, Weir has experienced a gradual shift from high homeownership rates to a more balanced mix of owners and renters over the past decade. The recent surge in average home prices, coupled with rising interest rates, suggests a dynamic housing market in this small Mississippi town. The interplay between homeownership rates, rental markets, and housing prices will continue to shape the residential landscape of Weir in the coming years.
