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Average Home Values and Ownership in Zip Code 64119: A Decade of Change in Kansas City's Housing 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 64119, located in Kansas City, Missouri, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has seen a gradual shift towards renting, with a corresponding increase in both home values and rental costs.
The homeownership rate in zip code 64119 has shown a slight downward trend from 2013 to 2022. In 2013, the homeownership rate was 76%, which gradually decreased to 71% by 2022. This decline coincided with a substantial increase in average home prices. In 2013, the average home price was $109,343, which rose steadily to reach $227,266 by 2022, representing a 107.8% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows an interesting pattern. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable at around 73-76%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a slight decrease in homeownership rates to 71%. This suggests that while low interest rates may have helped maintain homeownership levels, other factors also influenced the gradual shift towards renting.
The percentage of renters in zip code 64119 has increased from 22% in 2013 to 29% in 2022. This growth in the renter population corresponds with a rise in average rent prices. In 2013, the average rent was $1,058, which increased to $1,223 by 2022, representing a 15.6% increase. The population of the zip code also grew during this period, from 28,746 in 2013 to 32,958 in 2022, potentially contributing to the increased demand for rental properties.
Looking at the most recent data, the average home price in zip code 64119 continued to rise, reaching $240,155 in 2023 and $247,726 in 2024. This represents a 9% increase from 2022 to 2024. Notably, federal interest rates also increased significantly during this period, climbing to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 64119 will continue to rise, potentially reaching around $290,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $1,500 per month within the same timeframe. These projections are based on the consistent upward trends observed in both metrics over the past decade.
In summary, zip code 64119 has experienced a gradual shift towards renting, with homeownership rates declining from 76% to 71% between 2013 and 2022. This shift has occurred alongside substantial increases in both average home prices (107.8% increase) and average rent prices (15.6% increase). The area has also seen population growth, which may have contributed to the increased demand for housing. With continued rises in home prices and interest rates in 2023 and 2024, it will be interesting to observe how these factors influence future homeownership and rental trends in this Kansas City neighborhood.
