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White Oak: Doubling Home Values and Stable Ownership in Kansas City Suburb
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
White Oak, a neighborhood in Kansas City, Missouri, is characterized by its stable community and consistent housing market. Over the past decade, the area has experienced fluctuations in homeownership rates and property values, reflecting broader economic trends and local market dynamics. Homeownership rates in White Oak have remained relatively stable, with minor fluctuations between 2013 and 2022. The neighborhood boasted an 87% homeownership rate in 2013, which slightly decreased to 82% by 2022. This high rate of homeownership indicates a strong community attachment and long-term resident commitment. Concurrently, average home prices in the area have shown a steady upward trend. In 2013, the average home price was $66,504, which increased significantly to $190,295 by 2022, representing a remarkable 186% growth over nine years.
The relationship between federal interest rates and homeownership rates in White Oak shows some correlation. In 2013, when interest rates were at a low 0.11%, the homeownership rate peaked at 87%. As interest rates gradually increased to 1.68% by 2022, there was a slight decrease in homeownership to 82%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in White Oak have shown slight variations, ranging from 13% in 2013 to 18% in 2022. The average rent prices have also fluctuated during this period. In 2013, the average rent was $1,026, which increased to $1,174 in 2018, before settling at $1,083 in 2022. These changes in rent prices do not show a strong correlation with the renter percentage, suggesting that other factors, such as local economic conditions or housing supply, may have a more significant influence on the rental market in this neighborhood.
As of 2024, the average home price in White Oak has reached $207,878, continuing the upward trend observed in previous years. The current federal interest rate stands at 5.33%, which is significantly higher than the rates seen in the past decade. This increase in interest rates could potentially impact future homeownership rates and property values in the neighborhood.
Looking ahead, based on the historical data and current trends, we can expect the average home prices in White Oak to continue their upward trajectory over the next five years, albeit potentially at a slower pace due to higher interest rates. Average rent prices are likely to follow a similar pattern, with moderate increases to keep pace with inflation and housing demand. However, the exact rate of increase for both home prices and rents will depend on various factors, including local economic conditions, population growth, and broader market trends in Kansas City.
In summary, White Oak has demonstrated a robust and growing housing market over the past decade, characterized by high homeownership rates and steadily increasing property values. The neighborhood has shown resilience to economic fluctuations, maintaining a stable community composition while experiencing significant appreciation in home values. As the area continues to evolve, it will be important for residents and potential investors to monitor these trends and their impact on the local real estate market.
