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Ingleside, Kansas City: Soaring Home Values Amidst Shifting Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Ingleside, a neighborhood in Kansas City, Missouri, has undergone significant changes in its housing market over the past decade. This analysis examines the fluctuations in homeownership rates, average home prices, and rental trends, reflecting broader economic patterns and local market dynamics. From 2016 to 2022, Ingleside experienced a substantial decline in homeownership rates, dropping from 72% to 44%. Concurrently, average home prices saw a remarkable increase, rising from $14,487 in 2010 to $75,446 in 2022, marking a 421% growth. This inverse relationship suggests that escalating home prices may have made homeownership less attainable for many residents, resulting in a shift towards renting.
Federal interest rates have played a crucial role in shaping Ingleside's homeownership trends. The period from 2010 to 2015 saw historically low interest rates, ranging from 0.09% to 0.18%, initially supporting homeownership. However, as interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, combined with rapidly increasing home prices, it became increasingly challenging for potential buyers to enter the market. This trend likely contributed to the decline in homeownership rates during this period.
As homeownership declined, the percentage of renters in Ingleside increased significantly, from 28% in 2016 to 56% in 2022. Interestingly, average rent prices have shown a more volatile pattern. They peaked at $2,069 in 2014, then fluctuated before dropping sharply to $947 in 2022. This decrease in average rent prices, despite the increasing proportion of renters, could be attributed to various factors such as an increase in available rental units or economic pressures affecting the local rental market.
Recent data shows that average home prices in Ingleside continued to rise, reaching $75,774 in 2023 and further increasing to $83,177 in 2024. This upward trend persists despite the significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. These high interest rates would typically be expected to cool the housing market, yet home prices in Ingleside continue to climb, suggesting strong demand or limited supply in the area.
Predictive models forecasting 5-year trends anticipate continued growth in average home prices, potentially reaching around $100,000 by 2029 if current trends persist. However, average rent prices may stabilize or show modest increases, possibly returning to the $1,500-$2,000 range, as the rental market adjusts to the increased demand and changing economic conditions.
In conclusion, Ingleside has experienced a significant shift from homeownership to renting, driven by rapidly rising home prices and changing interest rates. The neighborhood's housing market has shown resilience, with home prices continuing to climb even in the face of high interest rates. The coming years are likely to see further increases in home values, while the rental market may experience more moderate changes as it adapts to the evolving housing landscape.
