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South India Mound: Rising Home Values and Steady Ownership in a Growing Kansas City Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
South India Mound, located in Kansas City, Missouri, is a neighborhood that has experienced significant changes in population and housing dynamics over the past decade. The area has seen a notable shift in homeownership rates and fluctuations in average home and rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in South India Mound has shown a general upward trend, increasing from 57% in 2013 to 61% in 2022. This rise in homeownership coincides with a substantial increase in average home prices. In 2013, the average home price was $22,917, but by 2022, it had skyrocketed to $105,486, representing a remarkable 360% increase over nine years. This trend suggests a growing demand for homeownership in the area, despite rising prices.
The relationship between federal interest rates and homeownership rates in South India Mound follows a somewhat expected pattern. As interest rates remained low between 2013 and 2021, ranging from 0.08% to 1.83%, homeownership rates generally increased. For instance, when interest rates were at 0.08% in 2021, the homeownership rate stood at 58%. The slight dip in homeownership to 58% in 2020 and 2021 from 60% in 2019 could be attributed to other economic factors or local market conditions.
Renter percentages in South India Mound have fluctuated inversely to homeownership rates, decreasing from 43% in 2013 to 39% in 2022. Average rent prices, however, have not shown a consistent trend. In 2013, the average rent was $887, which decreased to $749 in 2015 before rising again to $961 in 2022. This represents an overall increase of about 8.3% from 2013 to 2022, much less dramatic than the rise in home prices. The fluctuations in rent prices may be influenced by changes in population, which varied from a low of 3,701 in 2017 to a high of 6,534 in 2022.
In 2023, the average home price in South India Mound reached $109,169, and in 2024, it further increased to $116,190. This continued upward trend in home prices occurs despite relatively high federal interest rates of 5.02% in 2023 and 5.33% in 2024. These figures indicate a robust housing market in the neighborhood, with demand seemingly outpacing the potential dampening effect of higher interest rates.
Looking ahead, based on the historical data and current trends, we can project that average home prices in South India Mound may continue to rise over the next five years, potentially reaching around $140,000 by 2029. This projection assumes a continuation of the strong growth trend observed in recent years, albeit at a potentially slower pace due to higher interest rates. Average rent prices may also continue to increase, possibly reaching around $1,100 by 2029, reflecting ongoing demand for rental properties in the area.
In summary, South India Mound has experienced a significant increase in homeownership rates and average home prices over the past decade. The neighborhood has shown resilience in its housing market, with home values appreciating substantially even in the face of rising interest rates. While rent prices have increased more modestly, the area appears to be transitioning towards a higher proportion of owner-occupied housing. These trends suggest a growing desirability of the neighborhood and potential for continued appreciation in property values in the coming years.
