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Santa Fe Hills: Rising Home Values Amid Shifting Ownership in Kansas City
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Santa Fe Hills, a neighborhood in Kansas City, Missouri, has experienced significant changes in homeownership rates and housing prices over the past decade. These changes reflect broader economic trends and local market dynamics. From 2013 to 2022, homeownership rates in Santa Fe Hills fluctuated, starting at 45% in 2013, rising to 50% in 2020, and slightly decreasing to 48% in 2022. During this same period, average home prices in the neighborhood showed a consistent upward trend, more than doubling from $94,908 in 2013 to $219,173 in 2022, representing a substantial 131% increase.
The relationship between federal interest rates and homeownership rates in Santa Fe Hills reveals interesting patterns. When interest rates were at historic lows between 2013 and 2016 (ranging from 0.09% to 0.40%), homeownership rates remained relatively stable around 45%. However, as interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership rates paradoxically increased, reaching 50% in 2020 despite the economic uncertainties of that year.
Renter percentages and average rent prices in Santa Fe Hills have also shown notable trends. The percentage of renters increased from 55% in 2013 to 63% in 2019, before decreasing to 51% in 2022. Average rent prices have generally increased over this period, rising from $966 in 2013 to $1,023 in 2022, an increase of about 5.9%. Interestingly, the most significant jump in average rent occurred between 2020 and 2021, increasing from $1,017 to $1,043, despite a slight decrease in the renter population.
In 2023, the average home price in Santa Fe Hills reached $230,820, with federal interest rates at 5.02%. Moving into 2024, the average home price has further increased to $244,185, while federal interest rates have slightly risen to 5.33%. This continued price appreciation, despite higher interest rates, suggests strong demand in the local housing market.
Looking ahead, predictive models suggest that average home prices in Santa Fe Hills may continue to rise over the next five years, potentially reaching around $300,000 by 2029 if current trends persist. Average rent prices are also expected to increase, possibly surpassing $1,200 per month within the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, Santa Fe Hills has experienced significant growth in average home prices over the past decade, with homeownership rates fluctuating but generally remaining stable. The neighborhood has seen a gradual increase in average rent prices, accompanied by shifts in the renter population. The continued rise in both home prices and rents, even in the face of increasing interest rates, indicates a robust and competitive housing market in this Kansas City neighborhood.
