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Average Home Values and Ownership in Zip Code 64112: Kansas City's Dynamic Real Estate Market
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
Zip code 64112, situated in Kansas City, Missouri, exhibits a fascinating combination of urban living and real estate dynamics. Over the past decade, this area has witnessed variations in homeownership rates, accompanied by consistent increases in both average home prices and average rent prices. The correlation between homeownership rates and average home prices in zip code 64112 reveals noteworthy patterns. In 2013, the homeownership rate was 41%, with an average home price of $250,397. By 2022, while the homeownership rate remained relatively stable at 42%, the average home price had risen significantly to $385,854, representing a 54% increase over this period. This substantial growth in home values did not correspond with a significant change in homeownership rates, indicating that other factors may be influencing residents' decisions to buy or rent.
Federal interest rates have influenced homeownership trends in zip code 64112. For instance, in 2013, when interest rates were at a low 0.11%, the homeownership rate was 41%. As interest rates gradually increased to 1.68% by 2022, the homeownership rate showed a slight increase to 42%. This modest uptick in homeownership, despite rising interest rates, suggests a resilient local housing market and potentially strong demand for homeownership in this area.
Renter percentages and average rent prices in zip code 64112 have also demonstrated notable trends. In 2013, 58% of residents were renters, with an average rent of $1,098. By 2022, the renter percentage remained stable at 58%, while the average rent had increased to $1,304, a 19% rise. This stability in the renter population, coupled with increasing rent prices, suggests a consistent demand for rental properties in the area, possibly driven by factors such as job market conditions or lifestyle preferences.
Examining the most recent data, the average home price in zip code 64112 reached $394,697 in 2023 and further increased to $408,226 in 2024. This represents a year-over-year increase of 3.4%, indicating continued growth in the local real estate market. Concurrently, federal interest rates rose from 5.02% in 2023 to 5.33% in 2024, potentially impacting homebuying decisions in the area.
Applying predictive models to forecast 5-year trends, we anticipate continued growth in both average home prices and rent prices in zip code 64112. Based on historical data and current market conditions, average home prices could potentially reach around $450,000 by 2029, while average rent prices might approach $1,500 per month. These projections assume a continuation of current economic conditions and local market trends.
In summary, zip code 64112 demonstrates a robust real estate market characterized by steadily increasing home values and rent prices. The stability in homeownership and renter percentages, despite rising prices, suggests a balanced and desirable living environment. The area's resilience to interest rate fluctuations and consistent price appreciation indicate a strong local economy and sustained demand for housing in this Kansas City neighborhood.
