Hill Park, a neighborhood in Independence, Missouri, has experienced significant changes in its housing market over the past decade. From 2013 to 2022, the area saw notable shifts in homeownership rates and a substantial increase in average home prices. During this period, homeownership rates fluctuated, starting at 49% in 2013, peaking at 56% in 2014 and 2018, and settling at 50% in 2022. Concurrently, average home prices in Hill Park demonstrated a remarkable upward trend, more than tripling from $31,263 in 2013 to $115,379 in 2022.

The relationship between federal interest rates and homeownership rates in Hill Park shows some interesting patterns. When interest rates were low at 0.11% in 2013, homeownership was at 49%. As rates remained relatively low through 2016 (0.4%), homeownership fluctuated but remained relatively stable. Interestingly, when interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates actually increased to 56%, suggesting that local factors may have had a stronger influence on homeownership decisions in this neighborhood.

Renter occupancy in Hill Park has also shown variability, often mirroring the inverse of homeownership trends. Renter occupancy was 51% in 2013, peaked at 56% in 2016, and decreased to 50% in 2022. Average rent prices generally increased during this period, starting at $959 in 2013 and reaching $1,044 in 2021. However, there was an unexpected drop to $806 in 2022, coinciding with a population increase from 2,144 in 2021 to 2,578 in 2022. This change may indicate an influx of more affordable rental options or shifts in the local rental market dynamics.