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Winfield, Missouri: Rising Home Values and Shifting Ownership Trends in a Small 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
Winfield, Missouri is a small city that has experienced notable demographic and housing market changes over the past decade. The city has seen fluctuations in its homeownership rates and significant increases in both average home prices and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Winfield has shown a declining trend over recent years, dropping from 80% in 2016 to 63% in 2022. This substantial decrease of 17 percentage points coincides with a significant rise in average home prices. In 2016, the average home price in Winfield was $145,404, which steadily increased to $234,048 by 2022, representing a 60.9% increase over six years. This inverse relationship suggests that rising home prices may have made homeownership less attainable for some residents, pushing more people into the rental market.
Federal interest rates have played a role in shaping homeownership trends in Winfield. From 2016 to 2020, interest rates remained relatively low, ranging from 0.4% to 2.16%. During this period, homeownership rates in Winfield remained relatively high, above 70%. However, as interest rates began to rise sharply in 2022 to 1.68% and further in 2023 to 5.02%, homeownership rates declined to 63%, indicating that higher borrowing costs may have deterred potential buyers.
The rental market in Winfield has expanded as homeownership rates declined. The percentage of renters increased from 20% in 2016 to 37% in 2022. This shift corresponds with an increase in average rent prices, rising from $639 in 2016 to $810 in 2022, a 26.8% increase. The growing renter population and rising rent prices suggest increased demand for rental properties, possibly due to the decreased affordability of homeownership.
In 2023 and 2024, Winfield's housing market continued to evolve. The average home price reached $245,300 in 2023 and further increased to $253,404 in 2024, representing a 3.3% year-over-year growth. Concurrently, federal interest rates climbed to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions and affordability.
Looking ahead, predictive models suggest that average home prices in Winfield may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by the growing renter population and overall housing demand. However, the rate of increase may moderate as the market adjusts to economic conditions and housing supply changes.
In summary, Winfield has experienced a significant shift from homeownership to renting, coinciding with substantial increases in both home prices and rent costs. The interplay between federal interest rates, housing affordability, and demographic changes has reshaped the city's housing landscape. As Winfield moves forward, these trends are likely to continue influencing the local real estate market, with potential implications for community development and housing policies.
