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West Waldo: Rising Home Values and Shifting Ownership in a Resilient Kansas City 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
West Waldo, a vibrant neighborhood in Kansas City, Missouri, has experienced significant changes in its real estate market over the past decade. The area has seen notable fluctuations in homeownership rates and consistent growth in property values, reflecting both broader economic trends and local market conditions.
Homeownership rates in West Waldo have shown considerable variation since 2013. Starting at 74% in 2013, the rate decreased to 46% by 2018, before recovering to 67% in 2022. This trend has an interesting correlation with average home prices, which have demonstrated steady growth. The average home price in 2013 was $111,793, increasing consistently to reach $235,700 by 2022, marking a substantial 110.8% increase over a nine-year period.
The relationship between federal interest rates and homeownership rates in West Waldo presents an intriguing pattern. From 2013 to 2018, despite historically low interest rates ranging from 0.11% to 1.83%, homeownership paradoxically declined. However, this trend reversed from 2019 to 2022, with homeownership increasing from 51% to 67%, even as interest rates rose from 2.16% to 1.68%. This suggests that local market factors may have had a more significant influence on homeownership decisions in West Waldo than national interest rates.
Renter percentages in West Waldo have mirrored the inverse of homeownership trends, reaching a peak of 54% in 2018 before declining to 33% in 2022. Average rent prices have shown a general upward trend, rising from $1,199 in 2013 to $1,355 in 2022, a 13% increase. Notably, the highest average rent of $1,447 was recorded in 2021, coinciding with a population peak of 1,417 in 2020, suggesting a potential correlation between population growth and rental demand.
In 2023 and 2024, West Waldo's real estate market continued its upward trajectory. The average home price reached $247,713 in 2023 and further increased to $260,636 in 2024, representing a 10.6% growth over two years. This price appreciation occurred despite significantly higher federal interest rates of 5.02% in 2023 and 5.33% in 2024, indicating strong local market fundamentals and demand.
Looking ahead, predictive models suggest a continued upward trend in both home prices and rent in West Waldo over the next five years. Average home prices are projected to potentially reach around $300,000 by 2029, assuming a similar growth rate to recent years. Average rent prices could surpass $1,500 per month within the same timeframe, reflecting ongoing demand and economic factors.
In summary, West Waldo has demonstrated resilience and growth in its real estate market. The neighborhood has seen a significant rebound in homeownership rates since 2018, coupled with consistently rising property values. Despite fluctuations in federal interest rates, local market dynamics appear to be the primary driver of housing trends in the area. The recent surge in home prices, even in the face of higher interest rates, underscores the neighborhood's attractiveness and potential for continued growth in the coming years.
