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Martin City's Housing Market: Steady Homeownership Amid Rising Values
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Martin City, a vibrant neighborhood in Kansas City, Missouri, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has generally maintained a high rate of owner-occupied housing, with average home prices showing a steady upward trend. Meanwhile, average rent prices have also increased, albeit with some fluctuations.
The homeownership rate in Martin City has remained relatively stable, with some variations over the years. In 2013, the homeownership rate stood at 80%, and it reached its peak at 84% in 2018. However, there was a notable decline to 71% in 2020, followed by a recovery to 79% by 2022. This trend has generally corresponded with changes in average home prices. In 2013, the average home price was $144,176, which steadily increased to $210,185 by 2019. The upward trend continued, with average home prices reaching $267,877 in 2022, representing an 86% increase from 2013 to 2022.
Federal interest rates have played a significant role in homeownership trends in Martin City. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates remained high, ranging from 79% to 82%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership rates initially increased to 84% in 2018 before slightly declining to 83% in 2019. The sharp drop in interest rates to 0.38% in 2020 coincided with a significant decrease in homeownership to 71%, likely due to other economic factors at play during that time.
Renter percentages in Martin City have generally been low, ranging from 15% to 29% between 2013 and 2022. The average rent prices have shown an overall upward trend, with some fluctuations. In 2013, the average rent was $973, which increased to $1,142 by 2019, representing a 17% increase. There was a slight dip to $1,049 in 2020, but prices rebounded to $1,145 by 2022. The renter population has remained relatively small, with the percentage of renters reaching its highest point at 29% in 2020, corresponding with the lowest homeownership rate that year.
As of 2024, the average home price in Martin City has risen to $286,198, continuing the upward trend observed in previous years. This represents a 6.9% increase from the 2022 average of $267,877. The federal interest rate for 2024 stands at 5.33%, which is significantly higher than the rates seen in the past decade. This increase in interest rates may impact homebuying decisions and potentially slow down the rate of price appreciation in the coming years.
Looking ahead, based on the historical data and current trends, it's projected that average home prices in Martin City will continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. Average home prices could reach around $330,000 to $350,000 by 2029. Average rent prices are also expected to increase, potentially reaching $1,300 to $1,400 per month by 2029, assuming the trends of the past decade continue.
In summary, Martin City has maintained a strong homeownership base despite some fluctuations, with average home prices showing consistent growth. The rental market, while smaller, has also seen increases in average rent prices. The relationship between federal interest rates and homeownership rates has been evident, with lower rates generally corresponding to higher homeownership. As the neighborhood moves forward, it's likely to see continued appreciation in both home values and rent prices, though the pace may be moderated by higher interest rates and economic factors.
