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West Blue Township: Rising Home Values Amidst Stable Ownership in a Unique Kansas City Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
West Blue Township, 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 rent prices from 2013 to 2024, as well as projections for future trends. Homeownership rates in West Blue Township have shown variability, with a general trend towards increased owner-occupancy. The rate rose from 61% in 2013 to 67% in 2020, before returning to 61% in 2022. Concurrently, average home prices in the neighborhood have seen remarkable growth, increasing from $26,984 in 2013 to $125,568 in 2022, representing a 365% increase over this period.
The relationship between federal interest rates and homeownership rates in the neighborhood shows some correlation. As interest rates remained low between 2013 and 2016 (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable, fluctuating between 59% and 62%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed more volatility, ranging from 57% to 67%.
Renter percentages in West Blue Township have inversely mirrored homeownership trends, decreasing from 39% in 2013 to 33% in 2020, before rising again to 39% in 2022. Average rent prices have shown considerable fluctuation, starting at $587 in 2013, peaking at $878 in 2018, then dropping significantly to $399 in 2019, before recovering to $584 in 2022. These fluctuations may be influenced by changes in population, which varied from a low of 871 in 2015 to a high of 1,089 in 2020.
Recent data shows that the average home price in West Blue Township reached $132,562 in 2023 and further increased to $141,628 in 2024, representing a 12.8% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the neighborhood.
Applying predictive models to forecast 5-year trends, we anticipate continued growth in average home prices, albeit at a potentially slower rate due to higher interest rates. Average home prices could reach approximately $170,000 to $180,000 by 2029. For rent prices, considering the historical volatility, we predict a more moderate increase, potentially reaching an average of $900 to $1,000 per month by 2029.
In conclusion, West Blue Township has experienced substantial growth in average home prices over the past decade, with homeownership rates showing resilience despite fluctuations. The recent sharp increase in interest rates may influence future homeownership trends and potentially moderate the rapid growth in home prices. Rent prices and renter percentages have shown volatility, likely influenced by population changes and broader economic factors. The neighborhood's real estate market demonstrates dynamic characteristics, reflecting both local conditions and wider economic trends.
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