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Rising Home Values and Shifting Ownership in Kansas City's Linwood-Ivanhoe Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
The Linwood Homeowner - Ivanhoe neighborhood in Kansas City, Missouri, has experienced significant fluctuations in homeownership rates and housing prices over the past decade. This area has seen a notable shift in its residential composition, with ownership percentages and average home prices showing interesting correlations. The neighborhood has also witnessed changes in its rental market, reflecting broader economic trends and local dynamics.
From 2013 to 2018, the Linwood Homeowner - Ivanhoe neighborhood experienced a decline in homeownership rates, dropping from 48% to 28%. During this same period, average home prices began to rise, increasing from $40,422 in 2016 to $54,219 in 2018. This inverse relationship suggests that as home prices appreciated, fewer residents were able to afford homeownership, leading to a shift towards renting. However, the trend reversed dramatically from 2018 to 2022, with homeownership rates rebounding to 50% while average home prices continued to climb, reaching $123,299 in 2022. This substantial increase in both homeownership and prices indicates a significant transformation in the neighborhood's housing market.
The relationship between federal interest rates and homeownership rates in the Linwood Homeowner - Ivanhoe neighborhood aligns with well-established trends. As interest rates remained low between 2013 and 2016, ranging from 0.09% to 0.40%, the neighborhood saw relatively stable homeownership rates. The slight increase in interest rates to 1.83% by 2018 coincided with the lowest homeownership rate of 28%. However, despite rising interest rates in subsequent years, homeownership rates increased significantly, suggesting other factors such as neighborhood revitalization or changing demographics may have played a more substantial role in this area.
Renter percentages in the neighborhood showed an inverse relationship to homeownership rates, peaking at 71% in 2018 before declining to 50% by 2022. Average rent prices demonstrated a general upward trend, increasing from $522 in 2013 to $780 in 2020, with a slight decrease to $760 in 2022. The population of the neighborhood fluctuated during this period, dropping from 1,860 in 2013 to a low of 1,512 in 2015 before rebounding to 1,576 in 2022. These changes in population may have influenced the demand for rental properties and, consequently, rent prices.
In 2023 and 2024, the average home prices in the Linwood Homeowner - Ivanhoe neighborhood remained relatively stable, with a slight decrease to $123,244 in 2023 and then an increase to $130,005 in 2024. This stability occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. The resilience of home prices in the face of higher interest rates suggests strong local demand or other positive factors influencing the neighborhood's housing market.
Looking ahead, predictive models suggest that average home prices in the Linwood Homeowner - Ivanhoe neighborhood may continue to rise moderately over the next five years, potentially reaching around $150,000 by 2029. Rent prices are also projected to increase, albeit at a slower rate, potentially approaching $850 per month by 2029. These projections assume consistent economic conditions and neighborhood development patterns.
In summary, the Linwood Homeowner - Ivanhoe neighborhood has demonstrated remarkable resilience and growth in its housing market. The most significant discoveries include the dramatic rebound in homeownership rates from 2018 to 2022, the consistent increase in average home prices despite fluctuations in interest rates, and the overall upward trend in rent prices. These trends indicate a neighborhood in transition, potentially becoming more attractive to homeowners while maintaining a balanced mix of owned and rented properties.
