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Longfellow Neighborhood: Rising Home Values Amid 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
The Longfellow neighborhood in Kansas City, Missouri, has experienced significant changes in its housing market over the past decade. This historic area, known for its diverse architecture, has seen notable shifts in homeownership rates and substantial increases in average home prices. From 2013 to 2022, the homeownership rate fluctuated, starting at 33%, dropping to 20% by 2019, and then rebounding to 31% in 2022. During this same period, average home prices rose dramatically from $129,606 to $329,615, representing a 154% increase. The relationship between homeownership trends and federal interest rates in Longfellow has been complex. From 2013 to 2016, despite extremely low interest rates of 0.1% to 0.4%, homeownership declined from 33% to 23%. This suggests that local factors, such as rapidly increasing home prices, may have outweighed the potential benefits of low interest rates for potential buyers in the neighborhood. As homeownership declined, the renter population in Longfellow generally increased. The percentage of renters grew from 67% in 2013 to 80% in 2019, before slightly decreasing to 69% in 2022. Concurrently, average rent prices showed a consistent upward trend, rising from $784 in 2013 to $1,055 in 2022, a 34.6% increase. This trend aligns with the growing renter population, indicating increased demand for rental properties in the area.
Recent data shows that average home prices in Longfellow continued to rise, reaching $336,932 in 2023 and $349,776 in 2024, a 6.1% increase from 2022 to 2024. Simultaneously, federal interest rates have significantly increased, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates, combined with the continued rise in home prices, may present challenges for potential homebuyers in the coming years. Predictive models forecast that average home prices in Longfellow will likely continue their upward trajectory, potentially reaching around $400,000 by 2029. This projection is based on the consistent year-over-year increases observed in the past decade. For average rent prices, the trend suggests they could surpass $1,300 by 2029, assuming the current rate of increase continues. In conclusion, the Longfellow neighborhood has experienced a notable decline in homeownership rates coupled with a significant increase in average home prices over the past decade. The rental market has grown, with both the percentage of renters and average rent prices showing upward trends. Recent data indicates continuing price appreciation in the housing market, while higher interest rates may impact future homeownership rates. These trends suggest a shifting landscape in Longfellow's housing market, with potential implications for affordability and community demographics in the coming years.
