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Home Values and Ownership Trends in Zip Code 64146: A Decade of Growth
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
Zip code 64146, located in Kansas City, Missouri, has experienced notable changes in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing homeownership and rising average home prices, with some fluctuations in average rent prices.
The ownership percentage in zip code 64146 has shown a consistent upward trend from 2013 to 2022. In 2013, the homeownership rate was 67%, and it steadily increased to reach 70% by 2022. This rise in homeownership coincided with a significant increase in average home prices. The average home price in 2013 was $115,456, and it rose dramatically to $265,024 by 2022, representing a 129.5% increase over this period. This trend suggests a strong correlation between rising home values and increasing homeownership rates in the area.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 64146. From 2013 to 2016, interest rates remained historically low, hovering around 0.1-0.4%. During this period, homeownership rates increased from 67% to 71%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates continued to climb, albeit at a slower pace, reaching 70% in 2022. This suggests that while low interest rates initially spurred homeownership, other factors such as local economic conditions and housing market dynamics also influenced the continued growth in homeownership.
The renter percentage in zip code 64146 has inversely mirrored the homeownership trend, decreasing from 33% in 2013 to 29% in 2022. Interestingly, average rent prices have shown considerable volatility during this period. In 2013, the average rent was $775, which increased to $923 by 2015. After fluctuating over the next few years, it reached $930 in 2022, representing a 20% increase from 2013. The population of the zip code has also fluctuated, peaking at 1,913 in 2019 before declining to 1,666 in 2022. These population changes may have influenced the demand for rental properties and subsequently affected rent prices.
In 2023 and 2024, the average home prices in zip code 64146 continued their upward trajectory, reaching $279,734 in 2023 and $290,666 in 2024. This represents a 5.6% increase from 2022 to 2023 and a further 3.9% increase from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from the 1.68% rate in 2022.
Looking ahead, based on current trends and historical data, we can project that average home prices in zip code 64146 will continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. We estimate that by 2029, average home prices could reach approximately $340,000 to $360,000. Average rent prices are also expected to increase, potentially reaching $1,100 to $1,200 per month by 2029, assuming continued demand for rental properties in the area.
In summary, zip code 64146 has demonstrated a strong trend towards increased homeownership and rising home values over the past decade. Despite recent increases in interest rates, the area has maintained a high rate of homeownership, suggesting a robust and desirable housing market. The interplay between homeownership rates, home prices, and rent prices reflects the dynamic nature of this Kansas City neighborhood's real estate market.
