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Windsor, Missouri: Rising Home Values Amid Fluctuating Ownership Rates
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
Windsor, located in Missouri, has experienced fluctuating trends in homeownership rates, average home prices, and average rent prices over the past decade. This small city with a population of 3,544 in 2022 has shown resilience in its housing market despite various economic factors influencing property dynamics.
The homeownership rate in Windsor has seen notable changes from 2013 to 2022. In 2013, the homeownership rate stood at 76%. It reached its peak in 2016 at 81% before gradually declining to 70% in 2021. However, there was a rebound to 75% in 2022. Concurrently, average home prices have shown a consistent upward trend. In 2013, the average home price was $66,266, which steadily increased to $149,336 by 2022, representing a substantial 125% increase over this period. This trend suggests that despite rising home prices, Windsor has maintained a relatively high rate of homeownership.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership in Windsor increased from 76% to 81%. As interest rates began to rise more steadily from 2017 (1%) to 2019 (2.16%), there was a corresponding decrease in homeownership rates, dropping to 74% by 2019. The sudden drop in interest rates in 2020 (0.38%) and 2021 (0.08%) didn't immediately boost homeownership, likely due to economic uncertainties during the pandemic.
Renter percentages and average rent prices have shown interesting patterns. In 2013, 24% of residents were renters, with an average rent of $574. The renter percentage decreased to a low of 19% in 2016, coinciding with the peak in homeownership. However, by 2022, the renter percentage had increased back to 25%, with average rent rising to $706. This represents a 23% increase in average rent over the period, which is significantly less than the increase in home prices. The fluctuations in renter percentages appear to inversely correlate with homeownership rates, as expected.
In 2023, the average home price in Windsor reached $151,406, showing continued growth from the previous year. This trend persisted into 2024, with average home prices rising to $155,058. Interestingly, federal interest rates also increased significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, which typically discourage home buying, Windsor's housing market has continued to appreciate.
Looking ahead, based on the observed trends, we can predict that average home prices in Windsor will likely continue to rise over the next five years, albeit possibly at a slower rate due to the higher interest rates. If the current trajectory holds, average home prices could potentially reach around $180,000 to $200,000 by 2029. Average rent prices are also expected to increase, possibly reaching $800 to $850 per month in the same timeframe. However, these projections could be influenced by various economic factors and local market conditions.
In summary, Windsor has demonstrated a robust housing market with steadily increasing home values despite fluctuations in homeownership rates. The inverse relationship between homeownership and rental rates, coupled with the impact of federal interest rates, has shaped the city's housing dynamics. The continued rise in both home prices and rents, even in the face of higher interest rates, suggests a strong demand for housing in this Missouri city.
