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Willard, Missouri: Rising Home Values and High Ownership Rates in a Growing 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
Willard, Missouri, a growing community in Greene County, has experienced steady population growth over the past decade, reaching 16,710 residents in 2022. The city's housing market has shown resilience, characterized by relatively stable homeownership rates and significant increases in average home prices, while average rent prices have demonstrated a more moderate upward trend.
The homeownership rate in Willard has remained relatively stable over the years, with slight fluctuations. In 2013, the homeownership rate was 80%, which increased to 83% in 2017, marking the highest rate during the observed period. However, by 2022, the rate had decreased slightly to 78%. Concurrently, average home prices in Willard have shown a substantial upward trend. In 2013, the average home price was $118,002, which steadily increased to $247,509 by 2022, representing a remarkable 109.7% increase over this period.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), Willard saw its homeownership rate increase from 80% to 81%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate in Willard slightly declined to 78%.
Renter percentages in Willard have inversely mirrored homeownership rates, ranging from a low of 17% in 2017 to 22% in 2022. Average rent prices have shown an overall upward trend, albeit with some fluctuations. In 2013, the average rent was $806, which increased to $1,052 by 2021, representing a 30.5% increase. Interestingly, there was a significant drop in average rent to $881 in 2022, despite the growing population and lower homeownership rate that year.
In 2023 and 2024, Willard has continued to see growth in average home prices. The average home price reached $254,889 in 2023 and further increased to $262,494 in 2024. This represents a 6% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the city.
Looking ahead, based on the historical data and current trends, we can project that average home prices in Willard are likely to continue their upward trajectory over the next five years, albeit potentially at a slower rate due to higher interest rates. Average rent prices may stabilize or show moderate increases as the market adjusts to the changing economic conditions and housing demand.
In summary, Willard has demonstrated resilience in its housing market, with consistently high homeownership rates despite rising home prices. The relationship between federal interest rates and homeownership rates is evident, with lower rates generally corresponding to higher ownership percentages. The recent surge in interest rates may pose challenges to homeownership in the near future, potentially leading to a slight increase in the renter population. However, the overall trend suggests that Willard remains an attractive location for homeowners, with a strong potential for continued growth in property values.
