Loading Content...
Rising Home Values and Ownership in Rolling Meadows: A Decade of Housing Market Evolution
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Rolling Meadows, a neighborhood in Kansas City, Missouri, has experienced significant changes in its residential landscape over the past decade. Homeownership rates have fluctuated between 62% and 82%, while average home prices have shown a consistent upward trend. The area has also seen notable volatility in average rent prices.
The relationship between homeownership rates and average home prices in Rolling Meadows reveals an interesting dynamic. In 2013, the homeownership rate was 70% with an average home price of $118,221. As home prices steadily increased to $187,269 in 2018, the homeownership rate decreased to 62%. However, from 2020 onwards, a surprising trend emerged. Despite average home prices rising sharply from $207,828 in 2020 to $268,157 in 2022, homeownership rates also increased significantly, reaching 82% in 2022. This suggests that factors beyond just home prices were influencing homeownership decisions in the neighborhood.
Federal interest rates appear to have played a role in homeownership trends in Rolling Meadows. From 2013 to 2015, homeownership rates remained relatively stable around 70-71% while interest rates were very low, between 0.11% and 0.13%. As interest rates began to rise more significantly from 2016 (0.4%) to 2019 (2.16%), homeownership rates initially declined, reaching a low of 62% in 2018. However, the sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a substantial increase in homeownership, reaching 77% in 2021 and 82% in 2022, despite rising home prices. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Renter percentages and average rent prices in Rolling Meadows have shown some correlation, but with notable exceptions. In 2013, when 30% of residents were renters, the average rent was $687. Renter percentages fluctuated between 23% and 38% from 2014 to 2020, while average rent prices saw a dramatic increase from $617 in 2014 to $1,288 in 2020. Interestingly, as the renter percentage peaked at 38% in 2018, average rent also saw a significant jump to $1,272. However, by 2022, despite the renter percentage dropping to 18%, the average rent remained high at $1,280, suggesting that other factors beyond supply and demand were influencing rent prices in the neighborhood.
In 2023 and 2024, Rolling Meadows continued to see growth in average home prices, reaching $279,349 in 2023 and $288,610 in 2024. This represents a 4.2% increase from 2022 to 2023 and a further 3.3% increase from 2023 to 2024. Concurrently, federal interest rates rose to 5.02% in 2023 and 5.33% in 2024, marking a significant increase from the low rates seen in the early 2020s.
Looking ahead, based on the trends observed, we can forecast that average home prices in Rolling Meadows are likely to continue their upward trajectory, albeit at a potentially slower rate due to higher interest rates. A conservative estimate would put average home prices around $320,000 to $340,000 in five years. Average rent prices, which have shown more volatility, may stabilize or see modest increases, potentially reaching $1,400 to $1,500 per month in the same timeframe.
In summary, Rolling Meadows has demonstrated resilience in its housing market, with increasing homeownership rates despite rising home prices. The neighborhood has seen substantial growth in property values, particularly since 2020. While rent prices have increased significantly over the past decade, recent trends suggest a potential stabilization. The interplay between interest rates, home prices, and homeownership rates highlights the complex factors influencing the local real estate market.
