Renter percentages in La Russell have remained relatively low, ranging from 12% to 18% between 2013 and 2022. Interestingly, average rent prices have shown some volatility during this period. In 2013, the average rent was $495, which increased to $577 in 2017, representing a 16.6% rise. However, by 2022, the average rent had decreased to $539, a 6.6% drop from the 2017 peak. These fluctuations in rent prices occurred despite the overall population growth from 471 in 2013 to 571 in 2022, suggesting that other factors beyond population changes influenced rental market dynamics.

Looking at the most recent data, the average home price in La Russell continued its upward trajectory, reaching $256,729 in 2023 and further increasing to $259,413 in 2024. This represents a 6.1% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may potentially impact future homeownership rates and housing affordability in the area.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in La Russell will continue to rise, albeit at a more moderate pace. By 2029, average home prices could potentially reach around $300,000 to $320,000, assuming a continuation of current market conditions and economic factors. For rent prices, the forecast suggests a possible stabilization or slight increase, with average rents potentially reaching $600 to $650 by 2029.

In summary, La Russell in zip code 64848 has maintained high homeownership rates despite significant increases in average home prices. The rental market has shown some volatility in pricing, but renter percentages have remained relatively low. Recent increases in interest rates and continued growth in home prices may present challenges for future homeownership accessibility, potentially leading to shifts in the housing market dynamics of this Missouri community.