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Ruskin Hills: Rising Home Values and Shifting Ownership in a Growing Kansas City Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Ruskin Hills, a neighborhood in Kansas City, Missouri, has experienced significant shifts in its housing market over the past decade. This area has seen notable fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics. The ownership percentage in Ruskin Hills has shown considerable volatility over the years. In 2013, homeownership stood at 53%, but by 2018, it had dropped to 38%. However, there was a notable recovery to 55% in 2021, followed by a slight decrease to 46% in 2022. These changes in homeownership rates correlate interestingly with average home prices. In 2013, when ownership was at 53%, the average home price was $34,431. As ownership declined to 38% in 2018, average home prices had risen to $72,291. This inverse relationship suggests that rising home prices may have made homeownership less accessible for some residents.
Federal interest rates have played a significant role in shaping homeownership trends in Ruskin Hills. For instance, in 2013, when interest rates were at a low 0.11%, homeownership was at 53%. As interest rates began to rise, reaching 1.83% in 2018, homeownership dropped to 38%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership by making mortgages more affordable. The recent uptick in homeownership to 55% in 2021, coinciding with interest rates at a mere 0.08%, further supports this relationship.
Renter percentages and average rent prices in Ruskin Hills have also shown interesting trends. In 2013, 47% of residents were renters, with an average rent of $1,035. By 2018, the renter percentage had increased to 62%, while average rent had slightly decreased to $990. This could indicate an influx of renters seeking more affordable housing options. The population growth from 2,694 in 2013 to 3,084 in 2018 supports this hypothesis, suggesting an increase in rental demand.
Looking at more recent data, the average home price in Ruskin Hills reached $154,600 in 2023 and further increased to $159,993 in 2024. This represents a significant jump from the $144,852 average in 2022, indicating a robust housing market. Concurrently, federal interest rates rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the neighborhood.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in average home prices in Ruskin Hills. Based on the consistent upward trajectory observed since 2013, average home prices could potentially reach around $200,000 by 2029. For rent prices, the trend has been more variable, but a general upward movement suggests average rents could approach $1,300 per month within the next five years.
In summary, Ruskin Hills has demonstrated a dynamic housing market characterized by fluctuating homeownership rates, steadily increasing average home prices, and variable rent prices. The inverse relationship between homeownership rates and average home prices, coupled with the impact of federal interest rates, highlights the complex factors influencing the local real estate landscape. As the neighborhood continues to evolve, these trends will likely shape its demographic composition and housing affordability in the coming years.
