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Rising Home Values and Ownership Fluctuations in Stayton Meadows
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Stayton Meadows, a neighborhood in Kansas City, Missouri, has experienced significant changes in its real estate market over the past decade. This analysis focuses on the trends in homeownership rates and property values, reflecting the area's economic dynamics and market conditions. Homeownership rates in Stayton Meadows have fluctuated over time, maintaining a relatively high level. In 2013, 75% of residents owned their homes. This figure decreased to 69% by 2020 but rebounded to 74% in 2022, indicating a renewed interest in homeownership. Concurrently, average home prices in the neighborhood have shown remarkable growth. From $74,785 in 2013, average home values more than doubled to $188,152 by 2022, demonstrating substantial appreciation in property values.
The relationship between federal interest rates and homeownership rates in Stayton Meadows aligns with established economic patterns. During the period of low interest rates from 2013 to 2016, ranging from 0.1% to 0.4%, homeownership rates remained stable at around 73-75%. As interest rates began to rise from 2017 onwards, reaching 2.16% in 2019, there was a slight decrease in homeownership to 72%. This trend corresponds with the general principle that lower interest rates tend to encourage homeownership due to more affordable mortgage financing.
Renter percentages in Stayton Meadows have shown an inverse relationship to homeownership rates. The proportion of renters increased from 25% in 2013 to a peak of 31% in 2020, before declining to 25% in 2022. Average rent prices have fluctuated over this period, starting at $1,152 in 2013, peaking at $1,186 in 2014, and settling at $1,104 in 2022. Despite the increase in renter percentage from 2013 to 2020, rent prices remained relatively stable, suggesting that supply may have kept pace with demand during this period.
In 2023 and 2024, Stayton Meadows continued to see growth in average home prices, reaching $197,191 in 2023 and $204,457 in 2024. This represents a 4.7% increase from 2022 to 2023, and a further 3.7% increase from 2023 to 2024. These price increases occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. This suggests a strong underlying demand for housing in the neighborhood, potentially driven by factors such as local economic growth or the area's desirability.
Looking ahead, predictive models suggest that average home prices in Stayton Meadows may continue to rise over the next five years, albeit at a more moderate pace due to the current high interest rate environment. Average home prices are expected to reach around $230,000 to $240,000 by 2029. Average rent prices are also likely to increase, potentially reaching $1,300 to $1,400 per month in the same timeframe, assuming continued population growth and economic stability in the area.
In summary, Stayton Meadows has demonstrated resilience and growth in its real estate market over the past decade. The neighborhood has maintained a strong homeownership base while experiencing significant appreciation in property values. Despite fluctuations in federal interest rates and renter percentages, the area has shown consistent demand for both owned and rented properties. The recent uptick in homeownership rates, coupled with steady increases in home values, suggests a positive outlook for the neighborhood's real estate market in the coming years.
