Loading Content...
Rising Home Values and Ownership in Zip Code 64149: A Decade of Change in Kansas City, Missouri
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 64149, located in Kansas City, Missouri, has experienced significant changes in its housing market over the past decade. This area has seen a notable shift in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics. The homeownership rate in zip code 64149 has shown a general upward trend, particularly in recent years. In 2013, the homeownership rate was 88%, which increased to 92% by 2022. This rise in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $204,258, which more than doubled to $471,627 by 2022. This strong correlation suggests that rising property values have not deterred homeownership in the area, possibly indicating a robust local economy and high desirability of the neighborhood.
Federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates corresponded with the increase in homeownership rates from 88% in 2013 to 90% in 2020. The accessibility of affordable financing likely contributed to the ability of more residents to purchase homes, even as prices rose.
Renter percentages in zip code 64149 have fluctuated over the years, showing an inverse relationship to homeownership rates. In 2013, the renter percentage was 12%, which peaked at 18% in 2019 before declining to 8% in 2022. Interestingly, average rent prices have shown significant variability. In 2013, the average rent was $2,250, which remained stable until 2017. However, there was a sharp decrease to $1,258 in 2018, followed by a rapid increase to $2,407 in 2020 and $2,413 in 2022. These fluctuations in rent prices, coupled with the area's growing population (from 2,246 in 2013 to 3,473 in 2022), suggest a dynamic rental market responding to changing supply and demand factors.
Looking at the most recent data, the average home price in zip code 64149 continued to rise, reaching $475,842 in 2023 and $491,979 in 2024. This represents a 4.3% increase from 2022 to 2024. Concurrently, federal interest rates have also increased significantly, rising from 1.68% in 2022 to 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, which typically make mortgages more expensive, the continued rise in home prices suggests sustained demand in this area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 64149 will continue to appreciate, albeit at a potentially slower rate due to higher interest rates. Based on historical data and current market conditions, we project average home prices could reach approximately $550,000 to $600,000 by 2029. For average rent prices, considering the recent stabilization around $2,400, we forecast a moderate increase to around $2,700 to $2,900 per month by 2029, assuming consistent economic growth and demand in the area.
In summary, zip code 64149 has demonstrated a strong trend towards homeownership, with rates increasing from 88% to 92% between 2013 and 2022, despite significant growth in average home prices. The area has shown resilience in its housing market, with home values more than doubling over a decade. While the rental market has experienced fluctuations, it appears to have stabilized in recent years. The continued rise in home prices, even in the face of increasing interest rates, suggests a robust and desirable housing market in this Kansas City neighborhood.
