Renter percentages in zip code 64060 have shown a corresponding decline as homeownership increased. The percentage of renters decreased from 21% in 2016 to 17% in 2022. Despite this decline, average rent prices have experienced fluctuations. In 2016, the average rent was $1,057, which increased to $1,261 in 2019 before settling at $1,160 in 2022. These fluctuations in rent prices, coupled with the declining renter population, suggest a complex rental market influenced by factors such as housing supply, local economic conditions, and changing demographics.

In 2023 and 2024, the housing market in zip code 64060 continued to evolve. The average home price reached $376,940 in 2023 and further increased to $385,395 in 2024, showing a continued upward trend. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from previous years. Despite these higher interest rates, the housing market in this zip code has maintained its upward trajectory in terms of home values.

Looking ahead, predictive models suggest that the average home prices in zip code 64060 are likely to continue their upward trend over the next five years, albeit at a potentially slower rate due to the higher interest rate environment. Average rent prices are expected to stabilize or show modest increases, reflecting the area's strong homeownership preference and potentially limited rental inventory.

In summary, zip code 64060 has demonstrated a robust housing market characterized by increasing homeownership rates and rising home values. The area has shown resilience in the face of fluctuating interest rates, with homeownership continuing to grow even as rates have increased. The rental market, while smaller, has shown variability in pricing, reflecting the dynamic nature of the local housing ecosystem. These trends paint a picture of a desirable suburban area with a strong preference for homeownership and sustained property value appreciation.