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Zip Code 64155: Average Home Values and Ownership Trends in Kansas City, Missouri
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
Zip code 64155, located in Kansas City, Missouri, covers an area of 14.24 square miles and has experienced significant changes in homeownership rates and property values over the past decade. From 2013 to 2022, this suburban area witnessed a gradual shift in its housing market dynamics, with homeownership rates declining and average home prices steadily rising.
The homeownership rate in zip code 64155 decreased from 75% in 2013 to 69% in 2022, indicating a shift towards a more balanced mix of owners and renters. During this same period, average home prices in the area rose significantly, from $166,320 in 2013 to $315,040 in 2022, representing an impressive 89.4% increase. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less accessible for some residents.
Federal interest rates have played a role in shaping homeownership trends in zip code 64155. In 2013, when interest rates were at a low 0.11%, the area had a high homeownership rate of 75%. As interest rates gradually increased to 1.68% by 2022, homeownership rates declined to 69%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The percentage of renters in zip code 64155 increased from 22% in 2013 to 31% in 2022, corresponding with a rise in average rent prices. In 2013, the average rent was $1,080, which increased to $1,220 by 2022, representing a 13% increase. This growth in both renter percentage and rent prices occurred alongside a population increase from 23,422 in 2013 to 27,880 in 2022, suggesting increased demand for rental properties in the area.
In 2023 and 2024, the housing market in zip code 64155 continued to evolve. The average home price reached $328,049 in 2023 and further increased to $336,538 in 2024, showing continued appreciation in property values. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the area.
Looking ahead, predictive models suggest that average home prices in zip code 64155 may continue to rise over the next five years, potentially reaching around $380,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $1,400 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, zip code 64155 has experienced a gradual shift towards a more balanced housing market, with decreasing homeownership rates and increasing property values. The interplay between federal interest rates, population growth, and housing demand has contributed to these trends. As the area continues to evolve, it's likely to see further increases in both home prices and rent, potentially affecting the accessibility of homeownership for residents in the coming years.
