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Zip Code 64157: Stable Homeownership and Rising Home Values 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 64157, located in Kansas City, Missouri, has experienced significant growth and development over the past decade. This area has maintained a consistently high rate of homeownership, with average home prices steadily increasing and average rent prices fluctuating over time.
The homeownership rate in zip code 64157 has remained remarkably stable, hovering around 90-93% from 2013 to 2022. Despite this stability, average home prices have shown a strong upward trend. In 2010, the average home price was $230,926, which increased to $400,998 by 2022, representing a 73.6% increase over 12 years. This trend suggests a growing demand for housing in the area, potentially driven by factors such as population growth and improved local amenities.
Federal interest rates have played a role in homeownership trends. From 2010 to 2021, interest rates remained historically low, ranging from 0.08% to 2.16%. This period of low interest rates coincided with the high homeownership rates observed in zip code 64157. For instance, in 2015, when the interest rate was 0.13%, the homeownership rate was 93%. The accessibility of affordable financing likely contributed to maintaining high homeownership levels in the area.
Renter percentages in zip code 64157 have been relatively low but have shown a slight increase in recent years. In 2013, the renter-occupied rate was 2%, which gradually rose to 10% by 2022. This shift coincides with changes in average rent prices. In 2013, the average rent was $1,406, which fluctuated over the years, reaching $1,416 in 2022. The population of the zip code also grew significantly during this period, from 10,687 in 2010 to 16,896 in 2022, potentially contributing to the increased demand for rental properties.
Looking at the most recent data, the average home price in zip code 64157 reached $412,365 in 2023 and further increased to $421,807 in 2024. This continued upward trend in home prices 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 rates and housing demand in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 64157 will continue to rise, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach around $480,000 to $500,000. Average rent prices are also expected to increase, potentially reaching $1,600 to $1,700 per month by 2029, driven by population growth and increased housing demand.
In summary, zip code 64157 has demonstrated strong homeownership rates and consistent growth in average home prices over the past decade. The area has experienced significant population growth, which has influenced both the housing and rental markets. While homeownership rates have remained high, there has been a slight increase in renter-occupied properties. The recent rise in interest rates may impact future housing market dynamics, potentially moderating the rapid growth in home prices and affecting affordability for new homebuyers in the coming years.
