Conversely, the rental market in zip code 64089 has shown some fluctuations. The percentage of renters decreased from 18% in 2015 to 14% in 2022. Despite this decline in the renter population, average rent prices have been volatile. In 2015, the average rent was $909, which increased to $969 in 2019 before dropping to $844 in 2022. This volatility in rent prices, coupled with a decreasing renter population, suggests a complex rental market possibly influenced by factors such as housing supply and local economic conditions.

As of 2024, the average home price in zip code 64089 has reached $371,050, continuing the upward trend observed in previous years. This represents a 2.7% increase from the 2023 average of $362,137. Notably, the federal interest rate has also increased significantly, standing at 5.33% in 2024, up from 5.02% in 2023. This higher interest rate environment may impact future homeownership trends and housing affordability in the area.

Looking ahead, based on historical trends and current market conditions, we can expect average home prices in zip code 64089 to continue rising over the next five years, albeit potentially at a slower rate due to higher interest rates. Average rent prices may stabilize or see modest increases as the rental market adjusts to changing demand and supply dynamics.

In summary, zip code 64089 has demonstrated a strong trend towards increased homeownership and rising property values over the past decade. The interplay between federal interest rates, homeownership rates, and housing prices has been evident, with lower interest rates generally corresponding to higher homeownership. The rental market has shown more variability, with decreasing renter percentages and fluctuating rent prices. As the area continues to grow, these housing market dynamics will likely continue to evolve, shaped by economic factors and local development trends.