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Rising Home Values and Shifting Ownership in Armour Hills: A Decade of Change
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
Armour Hills, a charming neighborhood in Kansas City, Missouri, is known for its tree-lined streets and historic homes. Over the past decade, this area has experienced fluctuations in homeownership rates and property values, reflecting broader economic trends and local market dynamics.
The homeownership rate in Armour Hills has remained relatively high, averaging around 87% between 2013 and 2022. In 2013, the homeownership rate was 91%, with an average home price of $231,870. As average home prices increased to $326,065 in 2018, the homeownership rate peaked at 92%. This trend suggests that rising property values initially encouraged homeownership in the neighborhood.
Federal interest rates have significantly influenced homeownership trends in Armour Hills. In 2013, with interest rates at 0.11%, the neighborhood had a 91% homeownership rate. As interest rates rose to 2.16% by 2019, homeownership declined to 83%. This inverse relationship demonstrates how lower interest rates typically encourage homeownership by making mortgages more affordable.
Renter percentages in Armour Hills have shown an overall upward trend, increasing from 9% in 2013 to 16% in 2022. This shift coincided with a substantial rise in average rent prices, from $849 in 2013 to $1,903 in 2020, before moderating to $1,341 in 2022. The increase in renter percentages, despite rising rent prices, may indicate growing demand for rental properties or challenges in transitioning to homeownership for some residents.
In 2023 and 2024, Armour Hills continued to see growth in average home prices, reaching $424,654 in 2023 and $444,958 in 2024. This upward trend occurred despite high federal interest rates of 5.02% in 2023 and 5.33% in 2024, suggesting strong demand for homes in the neighborhood regardless of higher borrowing costs.
Predictive models suggest that average home prices in Armour Hills may continue to rise over the next five years, potentially reaching around $500,000 by 2029. Average rent prices are also expected to increase moderately, potentially reaching approximately $1,500 per month in the same timeframe.
In summary, Armour Hills has demonstrated resilience in its housing market, with consistently high homeownership rates despite fluctuations in property values and interest rates. The neighborhood has seen significant appreciation in home values and rent prices over the past decade, reflecting its desirability as a residential area. While the rental market has grown, homeownership remains the dominant tenure choice for residents. The continued upward trajectory of home prices, even in the face of higher interest rates, suggests ongoing demand for housing in this attractive Kansas City neighborhood.
