For some cities on the map, growth has taken on an entirely new meaning. Cities such as St. Louis are hubs for start-ups, gourmet eateries and other creative niches, so it is easy to see why countless tourists and residents alike flock to the Gateway to the West. Upon closer look, what does the housing market look like for this popular city and surrounding areas?
The U.S. Department of Housing and Urban Development recount a successful past few years in the housing market for St. Louis, noting that although job growth in the city has been slow, the economic conditions remain positive. As of October 2015, St. Louis had an owner vacancy rate of roughly 2.5 percent -- a drop from 4.8 percent in 2010. As for the submarket, the homeownership rate was 41.8 percent, and the number of sold homes (both new and existing) saw an increase when compared with previous years. The HUD Department noted an expected minimal housing demand between 2015 and 2018.
The HUD estimates may reflect a slow growth rate in the area, but meanwhile, The Kansas City Star reports significant growth in single-family housing in communities surrounding St. Louis. After its population boom from 1986 to 2006, Lee's Summit has finally showed signs of recovery from the housing crisis a decade ago. The area saw 391 housing permits in 2017 alone -- not to mention the additional few hundred new-unit permits issued that year. The Star shared that last year was Lee's Summit's fourth straight year of growth. While the outlook of some areas in Missouri are are seeing an average growth, others show a particularly exciting future in the housing market world.