Renter percentages in zip code 64145 have generally declined as homeownership increased. The proportion of renters decreased from 20% in 2013 to 17% in 2022. Interestingly, average rent prices have shown considerable volatility. In 2013, the average rent was $1,596, which increased to $1,705 in 2018. However, there was a significant drop to $971 in 2019, followed by a rebound to $1,366 in 2022. This fluctuation in rent prices doesn't seem to directly correlate with the declining renter percentage, suggesting other factors such as local market conditions or housing supply may be influencing rent prices.

In 2023 and 2024, the housing market in zip code 64145 continued its upward trajectory. The average home price reached $385,739 in 2023 and further increased to $398,009 in 2024, representing a 3.7% year-over-year growth. This growth occurred despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.

Looking ahead, based on the historical data and current trends, we can project continued growth in average home prices for zip code 64145 over the next five years. If the current rate of appreciation continues, average home prices could potentially reach around $475,000 by 2029. Rent prices, given their historical volatility, are more challenging to predict. However, if the recent upward trend persists, average rents could potentially increase to around $1,600 by 2029.

In summary, zip code 64145 has experienced a significant increase in homeownership rates and average home prices over the past decade, with a corresponding decrease in the percentage of renters. The area has shown resilience in its housing market, with home prices continuing to rise even in the face of increasing interest rates. These trends suggest a strong and desirable housing market in this Kansas City zip code, with potential for further growth in the coming years.