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Rising Home Values and High Ownership Rates in Foxcroft and Glen Arbor: A Decade of Real Estate Trends
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
Foxcroft and Glen Arbor, a neighborhood in Kansas City, Missouri, has demonstrated remarkable stability in homeownership rates while experiencing significant growth in average home prices over the past decade. This area has consistently maintained a high percentage of owner-occupied homes, typically above 85%, despite substantial increases in property values. The interplay between homeownership rates, home prices, and federal interest rates has shaped the neighborhood's housing landscape in interesting ways.
The percentage of owner-occupied homes in Foxcroft and Glen Arbor has remained relatively constant, with minor fluctuations. In 2013, the homeownership rate was 89%, which increased slightly to 92% by 2021. This high rate of homeownership has persisted despite significant changes in average home prices. In 2010, the average home price in the neighborhood was $245,155. By 2022, this figure had risen dramatically to $435,243, representing a 77.5% increase over 12 years. This trend suggests that despite rising home prices, residents in the area have maintained their ability and desire to own homes.
Federal interest rates have played a role in homeownership trends in Foxcroft and Glen Arbor. From 2010 to 2016, interest rates remained very low, hovering between 0.1% and 0.4%. During this period, homeownership rates in the neighborhood remained high, likely due to the affordability of mortgages. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates in the area showed resilience, maintaining levels above 90%. This suggests that other factors, such as the desirability of the neighborhood, may be influencing homeownership rates more strongly than interest rates alone.
The percentage of renter-occupied homes in Foxcroft and Glen Arbor has generally been low, but has shown some increase in recent years. In 2013, only 2% of homes were renter-occupied. This figure remained relatively stable until 2020, when it increased to 8%, and further to 9% in 2022. The slight increase in renter-occupied homes could be attributed to the rising home prices, which may have made renting a more attractive option for some residents.
Looking at the most recent data, average home prices in Foxcroft and Glen Arbor continued their upward trajectory in 2023 and 2024. In 2023, the average home price reached $450,398, and by 2024, it further increased to $468,064. This represents a 3.9% year-over-year increase from 2023 to 2024. Concurrently, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, which typically make mortgages more expensive, home prices in the neighborhood have continued to appreciate, indicating strong demand for housing in the area.
Based on the historical trends and recent data, we can project potential scenarios for the next five years. If the current trend continues, average home prices in Foxcroft and Glen Arbor could potentially reach around $550,000 by 2029. This projection assumes a consistent annual growth rate similar to recent years. However, it's important to note that various factors, including economic conditions, local development, and changes in interest rates, could influence this trajectory.
In summary, Foxcroft and Glen Arbor has demonstrated a robust housing market characterized by high homeownership rates and steadily increasing home values. The neighborhood has shown resilience in maintaining high owner-occupancy rates despite rising home prices and fluctuating interest rates. The slight increase in renter-occupied homes in recent years, coupled with the continued rise in home prices, suggests a dynamic and evolving housing landscape in this Kansas City neighborhood. As we move forward, it will be interesting to observe how these trends develop and how they shape the future of this community.
