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Waldo Homes: Rising Home Values and Stable Ownership in Kansas City's Resilient 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
Waldo Homes, a vibrant neighborhood in Kansas City, Missouri, has experienced significant changes in its housing market over the past decade. This analysis focuses on the trends in average home values, ownership rates, and the impact of federal interest rates on the local real estate landscape. The homeownership rate in Waldo Homes has shown considerable variability, ranging from 69% to 85% between 2013 and 2022. During this period, average home prices increased substantially from $82,574 in 2013 to $207,133 in 2022, representing a 151% growth. This price appreciation did not always correlate directly with homeownership rates, as evidenced by the highest ownership rate of 85% in 2017 coinciding with a relatively lower average home price of $130,808.
Federal interest rates have played a significant role in shaping homeownership trends in Waldo Homes. From 2013 to 2016, historically low interest rates between 0.1% and 0.4% corresponded with relatively high homeownership rates of 71% to 80%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed increased volatility, suggesting that higher borrowing costs may have influenced residents' decisions to buy or sell homes.
Renter percentages in Waldo Homes have inversely mirrored homeownership rates, fluctuating between 15% and 31% from 2013 to 2022. Average rent prices generally trended upward during this period, increasing from $1,059 in 2013 to $1,715 in 2021, a 62% rise. However, 2022 saw a significant drop to $1,012, possibly due to broader economic factors or local market conditions. The relationship between renter percentages and rent prices is not always direct, as demonstrated by the 2021 data, where the lowest renter percentage (18%) coincided with the highest average rent ($1,715).
Recent data shows that the average home price in Waldo Homes reached $214,743 in 2023 and further increased to $225,189 in 2024. This represents a 3.7% year-over-year increase from 2022 to 2023, followed by a 4.9% increase from 2023 to 2024. Concurrently, federal interest rates rose significantly 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 anticipate that average home prices in Waldo Homes will continue to rise, albeit at a potentially slower rate due to higher interest rates. Based on the historical data and current trends, we project that average home prices could reach approximately $250,000 to $275,000 by 2029. For rent prices, despite recent fluctuations, the long-term trend suggests an upward trajectory. We estimate that average rent prices could range between $1,300 to $1,500 by 2029, assuming stable economic conditions and consistent demand for rental properties in the area.
In summary, Waldo Homes has demonstrated resilience and growth in its housing market over the past decade. The neighborhood has seen substantial appreciation in average home values, with periods of high homeownership rates despite rising prices. Rent prices, while more volatile, have also shown an overall upward trend. The interplay between federal interest rates, homeownership rates, and housing prices underscores the complex dynamics shaping this Kansas City neighborhood's real estate landscape. As Waldo Homes continues to evolve, these trends suggest a neighborhood that remains attractive to both homeowners and renters, with potential for further growth in property values in the coming years.
