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Average Home Values and Ownership in Zip Code 64161: A Decade of Resilience and Growth
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 64161, located in Kansas City, Missouri, has experienced notable shifts in its housing landscape over the past decade. This area has seen significant fluctuations in homeownership rates, average home prices, and average rent prices, reflecting the dynamic nature of its real estate market. The homeownership rate in zip code 64161 has shown a general decline from 2013 to 2019, followed by a recent uptick. In 2013, the area boasted a high 88% homeownership rate. However, this figure steadily decreased to 57% by 2019. Interestingly, this trend reversed in recent years, with homeownership rising to 71% in 2022. Concurrently, average home prices in the area have shown a consistent upward trajectory. From 2019 to 2022, average home prices increased from $135,053 to $172,407, representing a substantial 27.7% growth over just three years.
The relationship between federal interest rates and homeownership rates in this zip code presents an intriguing pattern. Despite historically low interest rates from 2013 to 2020 (ranging from 0.09% to 0.38%), homeownership rates generally declined during this period. This suggests that other local factors may have had a more significant influence on homeownership trends than national interest rates in this particular area.
Renter percentages in zip code 64161 have inversely mirrored the homeownership trends. The proportion of renters increased from 12% in 2013 to a peak of 43% in 2019, before declining to 29% in 2022. Average rent prices have shown considerable volatility during this period. In 2013, the average rent was $1,074, which decreased to $882 in 2018 before rising sharply to $1,383 in 2021. Interestingly, 2022 saw a significant drop in average rent to $1,033, despite a slight increase in population from 653 in 2019 to 655 in 2022.
Looking at the most recent data, average home prices in zip code 64161 continued their upward trend, reaching $180,933 in 2023 and further increasing to $188,098 in 2024. This represents a 9.1% increase from 2022 to 2024. Notably, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could 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 zip code 64161 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project average home prices could reach approximately $220,000 by 2029. Average rent prices are expected to stabilize and then gradually increase, potentially reaching around $1,500 by 2029, assuming economic conditions remain relatively stable and population growth continues its current trajectory.
In summary, zip code 64161 has experienced a recent resurgence in homeownership after years of decline, coupled with steadily increasing average home prices. The rental market has shown more volatility, with fluctuating renter percentages and average rent prices. The area's real estate market appears resilient, with continued growth in home values despite rising interest rates. These trends suggest a dynamic and evolving housing market in this Kansas City neighborhood.
