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Rising Home Values and Ownership Trends in Zip Code 64158: A Decade of Change in Kansas City
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
Zip code 64158, located in Kansas City, Missouri, has experienced significant changes in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
From 2013 to 2022, homeownership rates in zip code 64158 showed some variability. In 2013, the homeownership rate was 62%, which increased to 63% by 2022. However, this period saw fluctuations, with the rate dropping to 52% in 2020 before recovering. Concurrently, average home prices in the area demonstrated a steady upward trend. In 2013, the average home price was $191,156, which rose consistently to reach $356,884 by 2022, representing an impressive 86.7% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates initially dipped to 52% in 2020 but then began to recover, reaching 63% by 2022. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Renter percentages in zip code 64158 have also fluctuated over the years, ranging from 31% in 2018 to a peak of 48% in 2020. Average rent prices have shown a general upward trend, with some notable increases. In 2013, the average rent was $1,005, which increased moderately to $1,093 by 2017. However, there was a significant jump to $1,757 in 2018, followed by a slight decrease to $1,656 by 2022. The population growth from 4,315 in 2013 to 5,950 in 2022 likely contributed to the overall increase in rent prices due to higher housing demand.
As of 2024, the average home price in zip code 64158 stands at $376,165, showing continued growth from the 2022 figure. This represents a 5.4% increase from 2022 to 2024. The federal interest rate in 2024 is 5.33%, which is significantly higher than the rates seen in the early 2020s. This increase in interest rates could potentially impact homeownership rates and housing affordability in the coming years.
Looking ahead, based on the historical data and current trends, we can project potential scenarios for the next five years. If the current trajectory continues, average home prices in zip code 64158 could potentially reach around $450,000 by 2029, assuming a similar growth rate to that seen between 2013 and 2022. Average rent prices, which have shown more volatility, might stabilize around $1,800 to $2,000 per month, considering the recent trends and potential market adjustments.
In summary, zip code 64158 has experienced significant growth in both average home prices and average rent prices over the past decade. Homeownership rates have remained relatively stable despite fluctuations, while renter percentages have shown more variability. The area's population growth and broader economic factors, including interest rates, have played crucial roles in shaping these trends. As the housing market continues to evolve, it will be important to monitor how these factors interact and influence future housing dynamics in this Kansas City neighborhood.
