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Rockwood's Housing Market: Average Home Values Soar Amid Stable Ownership Rates
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Rockwood, a neighborhood in Independence, Missouri, has experienced significant fluctuations in its housing market over the past decade. This area has seen notable shifts in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics. The homeownership rate in Rockwood has remained relatively stable, fluctuating between 71% and 81% from 2013 to 2022. Meanwhile, average home prices have shown a strong upward trend, particularly in recent years. In 2010, the average home price was $68,202, which decreased to a low of $50,106 in 2012 before steadily increasing to $148,525 in 2022. This represents a significant 196% increase from the 2012 low to 2022. Examining the relationship between federal interest rates and homeownership rates reveals some interesting patterns. Despite historically low interest rates between 2010 and 2015 (ranging from 0.09% to 0.18%), homeownership rates remained relatively stable. However, as interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, homeownership rates showed a slight increase from 73% in 2016 to 72% in 2022. This suggests that other factors, such as local economic conditions and housing availability, may have played a more significant role in homeownership decisions in Rockwood than interest rates alone.
Renter percentages in Rockwood have fluctuated inversely to homeownership rates, ranging from 19% to 29% between 2013 and 2022. Average rent prices have shown a general upward trend, with some volatility. In 2013, the average rent was $701, which increased to $1,124 in 2018, before dropping to $747 in 2020. By 2022, the average rent had risen significantly to $1,308, representing an 86% increase from 2013. The population of Rockwood has also varied during this period, from a low of 1,271 in 2020 to a high of 1,854 in 2022, which may have influenced rental demand and prices.
Looking at the most recent data, average home prices in Rockwood continued to rise in 2023 and 2024, reaching $158,962 and $167,384 respectively. This represents a 7% increase from 2022 to 2023 and a further 5.3% increase from 2023 to 2024. Interestingly, federal interest rates also saw a significant jump, rising to 5.02% in 2023 and 5.33% in 2024, which are the highest rates seen since 2007.
Applying predictive models to forecast 5-year trends, we can expect average home prices in Rockwood to continue their upward trajectory, potentially reaching around $200,000 by 2029. This projection is based on the consistent growth observed in recent years and assumes relatively stable economic conditions. For average rent prices, the forecast suggests a continued increase, potentially reaching approximately $1,600 by 2029, reflecting the overall trend of rising housing costs in the area.
In summary, Rockwood has demonstrated resilience in its housing market, with steady homeownership rates despite fluctuating economic conditions. The neighborhood has experienced substantial growth in both average home prices and average rent prices, particularly in recent years. The relationship between interest rates and homeownership appears complex, with local factors potentially playing a significant role. As Rockwood continues to evolve, it's likely to see further increases in housing costs, potentially impacting affordability and demographic composition in the coming years.
