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East Community Team North: Rising Home Values Amid Stable Ownership in Kansas City
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
East Community Team North, a neighborhood in Kansas City, Missouri, has experienced significant changes in its real estate landscape over the past decade. This area has seen notable fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions. The neighborhood has witnessed a shift in homeownership rates, trending towards increased renting. In 2013, the area had a 63% homeownership rate, which decreased to 54% by 2022. This change coincided with a substantial increase in average home prices, rising from $15,916 in 2013 to $67,881 in 2022, representing a remarkable 326% increase over nine years.
The relationship between federal interest rates and homeownership rates in East Community Team North follows an interesting pattern. As interest rates remained low between 2013 and 2016 (ranging from 0.11% to 0.40%), homeownership rates initially fell from 63% to 52%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates stabilized and even slightly increased to 54% by 2022. This suggests that other local factors, such as rapidly increasing home prices, may have had a more significant impact on homeownership than interest rates alone.
Renter percentages in the neighborhood have generally increased over time, from 37% in 2013 to 46% in 2022. Average rent prices have shown considerable volatility. They peaked at $846 in 2013, decreased to a low of $602 in 2017, and then rebounded to $961 by 2022. This 60% increase in average rent from 2017 to 2022 coincided with a population growth from 2,805 to 3,821 residents, suggesting increased demand for rental properties in the area.
The most recent data shows that average home prices in East Community Team North continued their upward trajectory, reaching $69,515 in 2023 and $75,314 in 2024. This represents a 2.4% increase from 2022 to 2023 and a further 8.3% increase from 2023 to 2024. Simultaneously, federal interest rates rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying affordability in the neighborhood.
Predictive models forecast that average home prices in East Community Team North will continue to rise, potentially reaching around $90,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For average rent prices, a more moderate increase is expected, potentially reaching approximately $1,100 per month by 2029, assuming the population growth and demand for rental properties continue at similar rates.
In summary, East Community Team North has experienced a shift towards increased renting, with homeownership rates declining despite periods of low interest rates. The neighborhood has seen substantial growth in average home prices, particularly since 2020, with this trend expected to continue. Average rent prices, while volatile, have shown an overall upward trend, especially in recent years. These trends reflect a dynamic and evolving real estate market in this Kansas City neighborhood, likely influenced by factors such as population growth, economic conditions, and changing housing preferences.
