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Rising Home Values and Shifting Ownership in South Crysler, Independence
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
South Crysler, a neighborhood in Independence, 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.
The homeownership rate in South Crysler has shown a general decline from 2013 to 2019, followed by a slight recovery. In 2013, 76% of housing units were owner-occupied. This percentage decreased steadily to 65% by 2019, before increasing to 72% in 2022. Concurrently, average home prices in the neighborhood have shown a consistent upward trend. In 2013, the average home price was $81,573, which rose to $185,055 by 2022, representing a substantial increase of 126.9% over nine years.
The relationship between federal interest rates and homeownership rates in South Crysler follows a generally inverse pattern. As interest rates remained low from 2013 to 2016 (ranging from 0.11% to 0.4%), homeownership rates declined from 76% to 69%. However, as interest rates began to rise more significantly from 2017 to 2019 (1% to 2.16%), homeownership rates continued to decrease, reaching 65% in 2019. Interestingly, when interest rates dropped sharply in 2020 and 2021 (to 0.38% and 0.08% respectively), homeownership rates rebounded to 67%.
Renter percentages in South Crysler have generally mirrored the inverse of homeownership rates, increasing from 24% in 2013 to a peak of 35% in 2019, before decreasing to 28% in 2022. Average rent prices have shown some volatility but with an overall upward trend. In 2013, the average rent was $870, which increased to $1,021 by 2018, representing a 17.4% increase. However, rent prices then fluctuated, dropping to $903 in 2019 before rising again to $992 in 2021, and then decreasing to $855 in 2022.
In 2023 and 2024, the housing market in South Crysler continued to evolve. The average home price reached $196,268 in 2023 and further increased to $202,018 in 2024, showing a continued upward trajectory. Notably, federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the neighborhood.
Looking ahead, based on the historical trends and current market conditions, it's projected that average home prices in South Crysler will continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. Average rent prices may also see moderate increases, driven by demand from those priced out of homeownership. However, if interest rates stabilize or decrease, this could reinvigorate the homebuying market and potentially slow rent price growth.
In summary, South Crysler has experienced a significant increase in average home prices over the past decade, coupled with fluctuations in homeownership rates. The neighborhood has shown resilience in its housing market, with recent trends indicating a potential stabilization in homeownership rates and continued growth in property values. The interplay between interest rates, home prices, and rent prices will likely continue to shape the housing landscape in this Independence neighborhood in the coming years.
