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Wood Heights, Missouri: Rising Home Values and Ownership in a Small City
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Wood Heights, Missouri: A Study in Rising Home Values and Ownership Rates Wood Heights, a small city in Missouri with a population of 2,811 as of 2022, has experienced a remarkable increase in homeownership rates and average home prices over the past decade. This study examines the trends in homeownership, home values, and rental market dynamics in Wood Heights from 2013 to 2024.
Homeownership in Wood Heights has shown a consistent upward trend, rising from 82% in 2013 to an impressive 95% in 2022. This substantial increase in owner-occupied housing has coincided with a significant appreciation in average home prices. In 2012, the average home price in Wood Heights was $70,180, which more than doubled to $209,904 by 2022, representing a remarkable 199% increase over a decade. This data indicates a strong correlation between rising homeownership rates and increasing property values.
The relationship between federal interest rates and homeownership rates in Wood Heights appears to follow the general trend of lower interest rates encouraging homeownership. From 2013 to 2020, when interest rates remained relatively low (ranging from 0.09% to 1.83%), homeownership rates in Wood Heights increased from 82% to 89%. The continued rise in homeownership to 95% in 2022, despite a slight increase in interest rates to 1.68%, suggests that other local factors may have also played a role in driving homeownership.
As homeownership rates increased, the percentage of renters in Wood Heights decreased from 18% in 2013 to just 5% in 2022. Interestingly, average rent prices showed significant volatility during this period. The average rent rose from $805 in 2013 to a peak of $1,188 in 2017, before declining to $1,027 in 2022. This fluctuation in rent prices, particularly the decrease in recent years, may have contributed to the shift towards homeownership as renting became less attractive compared to buying.
In 2023, the average home price in Wood Heights reached $219,165, with federal interest rates rising to 5.02%. As of 2024, the average home price has further increased to $228,342, while interest rates have slightly risen to 5.33%. Despite the higher interest rates, the continued appreciation in home values suggests ongoing demand for housing in the area.
Looking ahead, based on the historical data and current trends, it is projected that average home prices in Wood Heights will continue to rise over the next five years, potentially reaching around $275,000 by 2029. Average rent prices may stabilize or show modest increases, possibly reaching $1,200 per month by 2029, assuming the current trend of decreasing renter occupancy continues.
In summary, Wood Heights has experienced a significant shift towards homeownership, accompanied by substantial growth in average home prices. The declining renter population and fluctuating rent prices have likely contributed to this trend. Despite rising interest rates, the housing market in Wood Heights appears to remain robust, with continued appreciation in property values expected in the coming years.
