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Chapel Neighborhood: Rising Home Values and Shifting Ownership in Independence
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 Chapel neighborhood in Independence, Missouri, has witnessed significant changes in its housing market over the past decade. This area has experienced fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
From 2013 to 2022, Chapel saw a gradual decline in homeownership rates, dropping from 86% to 79%. During this same period, average home prices in the area increased significantly, rising from $75,947 in 2013 to $180,168 in 2022, representing a 137% increase. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less accessible for some residents.
Federal interest rate trends have played a role in shaping homeownership patterns in Chapel. From 2013 to 2016, interest rates remained consistently low, hovering around 0.1% to 0.4%. During this period, homeownership rates in Chapel remained relatively stable, ranging from 81% to 86%. However, as interest rates began to rise more substantially from 2017 onwards, reaching 1.68% by 2022, homeownership rates in Chapel showed a slight decline, dropping to 79% by 2022. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in Chapel have shown an overall increase from 14% in 2013 to 21% in 2022, mirroring the decline in homeownership rates. Average rent prices have not followed a consistent trend during this period. In 2013, the average rent was $474, rising to a peak of $992 in 2016, before fluctuating and settling at $956 in 2022. The population of Chapel grew from 2,656 in 2013 to 3,347 in 2022, which may have contributed to the increased demand for rental properties and the overall rise in average rent prices despite some year-to-year variations.
In 2023 and 2024, Chapel's housing market continued to evolve. The average home price in 2023 reached $191,005, further increasing to $199,165 in 2024. This represents a 10.5% increase from 2022 to 2024. Federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in the neighborhood.
Predictive models suggest that average home prices in Chapel are likely to continue their upward trajectory over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices are also expected to increase moderately, driven by population growth and the overall appreciation of property values in the area.
In summary, the Chapel neighborhood has experienced a gradual shift towards more renters, rising average home prices, and fluctuating but generally increasing average rent prices over the past decade. The interplay between federal interest rates, local population growth, and broader economic factors has shaped these trends, creating a dynamic housing market in this Independence neighborhood.
