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Westside North: Resilient Housing Market Amidst Rising Home Values
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Westside North, a neighborhood in Kansas City, Missouri, has experienced significant changes in its real estate market over the past decade. This area is characterized by a predominant rental population and rapidly increasing property values. From 2013 to 2022, the homeownership rate in Westside North remained relatively stable, fluctuating between 25% and 29%. However, average home prices saw a dramatic increase, rising from $67,956 in 2010 to $307,155 in 2022, more than quadrupling in value. This substantial appreciation indicates growing desirability of the neighborhood, potentially driven by urban development initiatives or improved amenities.
Federal interest rates have influenced homeownership trends in Westside North. When interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates slightly increased from 27% to 28%. As interest rates rose to 1.68% in 2022, homeownership rates decreased to 25%, suggesting that higher borrowing costs may have deterred some potential buyers.
The rental market in Westside North has shown distinct patterns. The percentage of renters has consistently remained high, ranging from 71% to 75% between 2013 and 2022. Average rent prices have generally trended upward, increasing from $909 in 2013 to $1,093 in 2022, a rise of about 20%. A significant spike in average rent to $1,246 occurred in 2021, possibly due to pandemic-related factors or increased demand as the population grew from 3,480 in 2020 to 3,599 in 2021.
Recent data shows that average home prices in Westside North continued to rise, reaching $319,192 in 2023 and $330,284 in 2024. This upward trajectory persists despite the sharp increase in federal interest rates to 5.02% in 2023 and 5.33% in 2024, indicating strong underlying demand for housing in the neighborhood.
Predictive models forecast that average home prices in Westside North will continue to appreciate over the next five years, albeit potentially at a slower rate due to higher interest rates. Projections suggest average home prices could reach approximately $380,000 by 2029. For average rent prices, the forecast indicates a continued upward trend, potentially reaching around $1,300 per month by 2029, assuming steady population growth and demand for rental properties in the area.
In conclusion, Westside North has demonstrated remarkable growth in property values over the past decade, with average home prices more than quadrupling. Despite fluctuations in federal interest rates, the neighborhood has maintained a relatively stable balance between homeowners and renters, with a consistent majority of residents renting. The continued rise in both home prices and rents, even in the face of higher interest rates, indicates strong demand for housing in this Kansas City neighborhood, suggesting it remains an attractive area for both residents and investors.
