Renter percentages and average rent prices in Western 49-63 have shown their own distinct patterns. In 2013, the renter-occupied rate was 17%, with an average rent of $1,436. The renter percentage peaked at 30% in 2018, coinciding with an average rent of $1,503. Interestingly, as the population grew from 4,388 in 2013 to 4,736 in 2022, the renter percentage decreased to 19% by 2022, with average rent at $1,324. This suggests that despite population growth, more residents were transitioning to homeownership in recent years.

Looking at the most recent data, average home prices in Western 49-63 continued to rise, reaching $315,348 in 2023 and $328,120 in 2024. This upward trend persisted despite the significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These figures indicate a robust housing market in the neighborhood, maintaining growth even in the face of higher borrowing costs.

Applying predictive models to forecast 5-year trends, we anticipate continued growth in average home prices for Western 49-63. Based on the historical data and current market conditions, average home prices could potentially reach around $380,000 to $400,000 by 2029. Average rent prices may also see a moderate increase, potentially rising to the $1,700 to $1,800 range over the next five years, assuming the neighborhood's economic fundamentals remain strong.

In summary, Western 49-63 has demonstrated resilience in its housing market, with a trend towards increased homeownership despite rising home prices. The neighborhood has maintained a strong ownership rate even in the face of fluctuating interest rates. The recent data showing continued home price appreciation, coupled with high interest rates, suggests a robust demand for housing in the area. As the neighborhood continues to evolve, it appears poised for further growth in both home values and rental prices, reflecting its attractiveness as a residential area in Kansas City.