Loading Content...
Abilene, Kansas: Home Values and Ownership Trends in Eisenhower's Boyhood City
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Abilene, Kansas, a city with a rich history as a frontier town and former cattle shipping point, has experienced notable fluctuations in its housing market over the past decade. Located in Dickinson County with a zip code of 67410, Abilene has seen shifts in homeownership rates, average home prices, and average rent prices that reflect both local and national economic trends.
The homeownership rate in Abilene has shown resilience, with some fluctuations over the years. In 2013, the city had a homeownership rate of 72%, which remained stable through 2014. There was a slight dip to 67% in 2016, but the rate rebounded and reached 74% by 2022. This overall trend of high homeownership aligns with the city's character as a smaller, more established community. Average home prices in Abilene have generally followed an upward trajectory, albeit with some variability. From 2012 to 2022, average home prices increased from $137,400 to $163,245, representing an 18.8% increase over this period. However, this growth was not linear, with prices experiencing a decline from 2012 to 2017, reaching a low of $114,636 before beginning a steady climb.
Federal interest rates have played a significant role in shaping homeownership trends in Abilene. The period from 2010 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. This coincided with relatively stable homeownership rates in Abilene, generally above 70%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.83% in 2018, we observed some fluctuation in homeownership rates, though they remained resilient overall. The low interest rate environment likely contributed to maintaining high homeownership levels in Abilene by making mortgages more affordable for residents.
Renter percentages in Abilene have generally been the inverse of homeownership rates, ranging from 26% to 33% between 2013 and 2022. The average rent prices have shown considerable volatility. In 2013, the average rent was $674, which decreased to $649 by 2015. However, there was a significant spike to $1,003 in 2018, followed by a sharp decline to $696 in 2019. By 2022, the average rent had stabilized somewhat at $669. These fluctuations in rent prices don't show a clear correlation with the percentage of renters, suggesting that other factors, such as local economic conditions or housing supply, may have had a more significant impact on rental prices.
In 2023 and 2024, Abilene's housing market continued its upward trajectory. The average home price in 2023 was $166,226, further increasing to $170,555 in 2024. This represents a 4.5% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, which typically make borrowing more expensive, Abilene's housing market has shown resilience with continued price appreciation.
Looking ahead, based on the trends observed, we can project that average home prices in Abilene may continue to rise moderately over the next five years, potentially reaching around $190,000 by 2029. This projection assumes a continuation of the steady growth seen in recent years, factoring in the city's stable population and economic conditions. For rent prices, given their historical volatility, a precise prediction is challenging. However, if recent stabilization continues, we might expect average rents to hover around $700-$750 per month over the next five years, with potential for moderate increases in line with inflation and housing demand.
In summary, Abilene's housing market is characterized by high homeownership rates, gradually increasing average home prices, and fluctuating rent prices. The city has demonstrated resilience in its housing market, maintaining strong homeownership levels even in the face of rising interest rates. The recent stability in both home prices and rent suggests a balanced market, though ongoing monitoring will be crucial to understand how these trends evolve in response to broader economic factors and local developments.
