The relationship between federal interest rates and homeownership rates in zip code 64014 appears to be somewhat complex. Despite historically low interest rates from 2013 to 2016 (ranging from 0.09% to 0.4%), the homeownership rate remained relatively stable. However, as interest rates began to rise from 2017 to 2019 (1% to 2.16%), the homeownership rate actually increased slightly from 70% to 72%. This suggests that other local factors may have a more significant influence on homeownership in this area than national interest rates.

Regarding rental trends, the percentage of renters in zip code 64014 has remained relatively stable, with minor fluctuations. In 2013, the renter percentage was 31%, which decreased slightly to 28% by 2017 and remained at that level until 2019. By 2022, it had returned to 31%. Average rent prices have shown a gradual increase over time. In 2013, the average rent was $1,174, which rose to $1,233 by 2019, representing a 5% increase. However, there was a slight decrease to $1,156 in 2022, possibly influenced by broader economic factors or local market conditions.

In 2023 and 2024, the housing market in zip code 64014 continued to evolve. The average home price in 2023 was $280,475, showing a further increase from 2022. In 2024, the average home price reached $287,313, indicating continued appreciation in property values. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homebuying decisions in the area.

Looking ahead, based on historical trends and current market conditions, we can anticipate continued growth in average home prices in zip code 64014 over the next five years. Projecting the current trajectory, average home prices could potentially reach around $330,000 to $350,000 by 2029. Rent prices, which have shown more modest growth, may stabilize or increase slightly, potentially reaching an average of $1,250 to $1,300 per month in the same timeframe.

In summary, zip code 64014 has demonstrated a robust and growing housing market, characterized by steadily increasing average home prices and relatively stable homeownership rates. The area has shown resilience in maintaining its homeownership levels despite fluctuations in interest rates. While rent prices have increased more modestly, they have generally kept pace with overall market trends. These patterns suggest a balanced and potentially attractive real estate market for both homeowners and investors in the coming years.