Renter percentages in zip code 64062 have shown slight variations, ranging from 14% to 17% between 2013 and 2022. Interestingly, average rent prices have not followed a consistent upward trend like home prices. In 2013, the average rent was $848, which fluctuated over the years, reaching a peak of $890 in 2018 before decreasing to $786 in 2022. This represents a 7.3% decrease in average rent from 2013 to 2022, contrasting sharply with the rising home prices. The population has also fluctuated during this period, from 5,408 in 2013 to 5,994 in 2022, which may have influenced the rental market dynamics.

In 2023 and 2024, the housing market in zip code 64062 continued its upward trajectory. The average home price rose to $278,993 in 2023 and further increased to $288,261 in 2024, representing a 2.8% and 3.3% year-over-year increase respectively. This growth occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for new homebuyers.

Looking ahead, based on the historical data and current trends, we can project continued growth in average home prices for zip code 64062 over the next five years. Assuming a conservative annual growth rate of 3%, we might expect average home prices to reach approximately $334,000 by 2029. Rent prices, which have shown more volatility, are harder to predict. However, if we assume a modest 1% annual increase from the 2022 level, average rent could potentially reach around $826 by 2029.

In summary, zip code 64062 has demonstrated a strong and growing housing market over the past decade, with significant appreciation in home values despite stable homeownership rates. The rental market has shown more variability, with rent prices actually decreasing over time despite the area's population growth. The coming years are likely to see continued growth in home values, while rent prices may see modest increases, reflecting the area's evolving housing dynamics.