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Squier Park: Soaring Home Values Amidst Declining Ownership
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Squier Park, a vibrant neighborhood in Kansas City, Missouri, has experienced significant changes in its real estate landscape over the past decade. This area has seen fluctuations in homeownership rates and substantial increases in both average home prices and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Squier Park has shown a notable decline in recent years. In 2013, 59% of residents owned their homes, but by 2022, this figure had dropped to just 29%. This dramatic shift coincides with a substantial increase in average home prices. In 2013, the average home price in Squier Park was $58,732, but by 2022, it had skyrocketed to $242,180, representing a remarkable 312% increase over nine years.
The relationship between federal interest rates and homeownership rates in Squier Park follows established trends. As interest rates remained low from 2013 to 2016, hovering around 0.1% to 0.4%, homeownership rates remained relatively stable at around 57%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates declined sharply, dropping to 29% in 2022. This inverse relationship suggests that higher interest rates may have contributed to making homeownership less affordable for many residents.
Conversely, the percentage of renters in Squier Park has increased significantly, from 41% in 2013 to 71% in 2022. This shift has been accompanied by a rise in average rent prices. In 2013, the average rent was $296, but by 2022, it had increased to $516, a 74% rise. The sharp increase in the renter population, from 498 in 2013 to 801 in 2022, likely contributed to the upward pressure on rent prices due to increased demand for rental properties.
In 2023 and 2024, the real estate market in Squier Park continued to evolve. The average home price reached $252,768 in 2023 and further increased to $259,123 in 2024, showing a continued upward trend. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homeownership affordability in the neighborhood.
Looking ahead, predictive models suggest that average home prices in Squier Park may continue to rise over the next five years, potentially reaching around $300,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $600 per month within the same timeframe. These projections are based on the historical trends observed in the neighborhood and assume relatively stable economic conditions.
In summary, Squier Park has undergone a significant transformation in its housing market. The shift from a majority homeowner to a majority renter neighborhood, coupled with substantial increases in both home prices and rents, reflects broader economic trends and changing demographics. The continued rise in property values and rents suggests that Squier Park is becoming an increasingly desirable and potentially more expensive place to live within Kansas City.
