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Swope Park Campus: Rising Home Values and Ownership in Kansas City's Largest Urban Park 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
Swope Park Campus, a neighborhood in Kansas City, Missouri, has experienced significant changes in its real estate market over the past decade. This analysis focuses on the fluctuations in homeownership rates, average home prices, and rental market trends from 2013 to 2024, providing insights into the area's economic dynamics.
The homeownership rate in Swope Park Campus has shown notable growth, increasing from 52% in 2013 to 59% in 2022. This rise in homeownership coincided with a substantial increase in average home prices, which grew from $21,026 in 2013 to $107,778 in 2022, representing a 412% increase over this period.
An interesting relationship emerged between federal interest rates and homeownership rates in the neighborhood. While homeownership rates remained stable around 52-53% when interest rates were low (0.09% to 0.40%) from 2013 to 2016, they increased to 59% as interest rates rose more significantly from 2017 onwards, reaching 1.68% in 2022. This suggests that local factors may have had a stronger influence on homeownership than national interest rates in Swope Park Campus.
The rental market in Swope Park Campus has seen a decrease in the proportion of renters, from 48% in 2013 to 41% in 2022. Despite this decline, average rent prices have shown an overall upward trend, rising from $940 in 2013 to $1,010 in 2017, before settling at $913 in 2022. It's noteworthy that the neighborhood's population decreased from 1,486 in 2013 to 1,064 in 2022, which may have influenced rental market dynamics.
Recent data shows continued growth in the housing market, with average home prices reaching $108,299 in 2023 and further increasing to $119,047 in 2024. This upward trajectory persists despite rising federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, indicating strong local housing demand.
Predictive models forecast continued growth in Swope Park Campus's real estate market over the next five years. Average home prices are expected to reach around $150,000 by 2029, based on the consistent upward trend observed over the past decade. Average rent prices are projected to increase more moderately, potentially reaching approximately $1,100 per month by 2029, assuming relative stability in the rental market's supply and demand balance.
In conclusion, Swope Park Campus has undergone significant changes in its real estate landscape over the past decade. The neighborhood has seen substantial growth in homeownership rates and average home prices, particularly in recent years. The rental market has experienced more modest changes, with a slight decrease in the proportion of renters and generally increasing average rent prices. These trends, combined with the neighborhood's decreasing population, suggest a shifting landscape that increasingly favors homeownership and property investment in this area of Kansas City.
