Loading Content...
Blackburn's Rising Home Values and Ownership Rates Amid Interest Rate Fluctuations
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
The Blackburn neighborhood in Independence, Missouri, has experienced significant changes in its housing market over the past decade. This analysis focuses on the trends in homeownership rates, average home prices, and rental market dynamics from 2013 to 2024, with projections for future years. From 2013 to 2022, Blackburn saw a gradual increase in homeownership rates, rising from 60% to 65%. This period also witnessed a substantial 93% increase in average home prices, from $139,231 in 2013 to $268,962 in 2022. The relationship between federal interest rates and homeownership rates in Blackburn followed expected patterns, with lower interest rates between 2013 and 2021 corresponding to increased homeownership. The rental market in Blackburn also underwent notable changes during this period. While the percentage of renters remained relatively stable between 33% and 36%, average rent prices increased by 13%, from $1,117 in 2013 to $1,260 in 2022. This rent price increase occurred alongside a modest population growth, with the neighborhood's population rising from 8,846 in 2013 to 8,932 in 2022.
Recent data shows continued growth in Blackburn's housing market. The average home price reached $279,333 in 2023 and further increased to $286,474 in 2024, maintaining an upward trend. However, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact housing affordability and future homeownership rates. Forecasts for the next five years suggest that average home prices in Blackburn will continue to rise, potentially reaching $320,000 to $340,000 by 2029. Rent prices are also expected to increase, with average rents potentially reaching $1,400 to $1,500 by 2029, assuming current economic conditions and population growth trends persist. In conclusion, the Blackburn neighborhood has demonstrated a robust and growing housing market. Key findings include the 93% increase in average home prices from 2013 to 2022, the steady rise in homeownership rates to 65% by 2022, and the 13% increase in average rent prices over the same period. These trends, combined with recent interest rate increases and continued property value appreciation, indicate a dynamic and evolving housing market in Blackburn for the coming years.
