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Weston, Missouri: Historic City Sees Steady Rise in Home Values Amid Stable Ownership Rates
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Weston, Missouri, a charming city with a rich history dating back to the early 19th century, is known for its picturesque downtown and proximity to the Missouri River. The city has experienced notable trends in homeownership rates and housing prices over the years. Weston has maintained a relatively high percentage of owner-occupied homes, while average home prices have shown a consistent upward trend. Average rent prices, on the other hand, have exhibited some volatility.
The homeownership rate in Weston has remained relatively stable, with a slight increase over the past decade. In 2013, the percentage of owner-occupied homes stood at 69%, gradually rising to 75% by 2022. This trend coincides with a significant increase in average home prices. In 2013, the average home price in Weston was $170,092, which steadily climbed to $324,714 by 2022, representing a substantial 91% increase over nine years.
Federal interest rates have played a role in shaping homeownership trends in Weston. As interest rates remained low from 2013 to 2021, ranging between 0.08% and 2.16%, it created favorable conditions for homeownership. This period saw the city's homeownership rate increase from 69% to 73%, likely due to more affordable financing options. However, the sharp rise in interest rates to 1.68% in 2022 and 5.02% in 2023 may have contributed to the slight dip in homeownership to 75% in 2022.
The renter population in Weston has experienced some fluctuations over the years. In 2013, 31% of the population were renters, which decreased to 25% by 2022. Interestingly, average rent prices have shown a general downward trend during this period. In 2013, the average rent was $1,023, which peaked at $1,035 in 2014 before gradually declining to $830 in 2022. This 19% decrease in average rent prices over nine years, coupled with the city's population growth from 2,752 in 2013 to 2,712 in 2022, suggests a complex interplay of factors affecting the rental market in Weston.
Looking at the most recent data, the average home price in Weston continued its upward trajectory, reaching $340,098 in 2023 and further increasing to $350,671 in 2024. This represents a 4.7% and 3.1% year-over-year increase, respectively. Notably, these price increases occurred despite the federal interest rate rising to 5.02% in 2023 and 5.33% in 2024, indicating a strong demand for housing in Weston that has outpaced the potential dampening effect of higher borrowing costs.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Weston will continue to rise, albeit at a more moderate pace. By 2029, average home prices could reach approximately $425,000 to $450,000, representing a 21-28% increase from 2024 levels. Average rent prices, which have been on a downward trend, may stabilize and potentially see a modest increase, potentially reaching $900 to $950 per month by 2029.
In summary, Weston, Missouri, has demonstrated a strong homeownership market with consistently rising average home prices, even in the face of increasing interest rates. The rental market has shown more variability, with decreasing average rents despite a growing population. These trends suggest that Weston remains an attractive location for homebuyers, while also offering increasingly affordable rental options. The city's ability to maintain high homeownership rates while experiencing significant property value appreciation indicates a robust and desirable housing market that is likely to continue its positive trajectory in the coming years.
