State: Missouri
Kansas City is the largest city in Missouri, extending into Kansas state. Known for its world-famous Kansas City-style barbeque, jazz music, and fountains, the Kansas City area is also home to world-class museums, including the only US museum dedicated exclusively to World War 1. In addition, its vibrant culture has made this area appealing to visitors and its residents.
Jackson County is the second most populated county in Missouri. With its steady rise in population, home values for a single-family home are still averaging $135/sqft. Population growth has created limited inventory in the housing market. This could provide lucrative real estate investment opportunities in the greater Kansas City area.
Latest trends show that Kansas City residents tend to be renters over homeowners because of the housing shortage. Nearly half the population resides in multi-family homes and other rental properties. In addition, the cost of living in Kansas City is more than 90% lower than in New York or San Francisco, making it an attractive location for real estate investors looking to get into the rental market.
Here are some popular neighborhoods in the Kansas City area to consider:
Other areas around Kansas City to consider:
Zillow forecasts that home prices will continue to rise, leaving the Kansas City real estate market with an inventory shortage.
The median rent for a Kansas City home was nearing $1,500 per month at the end of 2021, with projected increases of more than 15% annually.
Kansas City has many attractions that draw in visitors, including the impressive KC Fountain Tour, four professional sports teams, and jazz venues.
With the employment rate under four percent, reports have shown that the production and government sectors are predicted to increase their workforce numbers significantly.
With Meta making Kansas City their new technology hub soon, the construction of its one million sqft facility is bringing $800 million to the local economy and creating over 1000 new jobs.
While the percentage of homeowners and renters is reasonably even, recent economic growth has created a realty shortage that property investors can help alleviate.
Join the Arrived list to stay informed on the latest Kansas City investment properties.