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Average Home Values and Ownership in Zip Code 66052: A Decade of Transition in Linwood, Kansas
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 66052, located in Linwood, Kansas, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has seen a shift in its residential landscape, with notable trends in both ownership percentages and property values. The ownership percentage in zip code 66052 has shown a steady decline from 2013 to 2022. In 2013, the area boasted a high homeownership rate of 92%. However, by 2022, this figure had decreased to 76%, marking a 16 percentage point drop over nine years. Conversely, the average home prices in the area have demonstrated a strong upward trend. In 2013, the average home price was $171,671, which steadily increased to reach $407,905 by 2022, representing a substantial 137% increase over the same period.
The relationship between federal interest rates and homeownership rates in zip code 66052 presents an interesting dynamic. Despite historically low interest rates from 2013 to 2021, ranging from 0.08% to 2.16%, the area experienced a consistent decline in homeownership. This trend suggests that factors beyond interest rates, such as local economic conditions or demographic shifts, may have played a more significant role in influencing homeownership in this particular zip code.
As homeownership declined, the percentage of renters in zip code 66052 naturally increased. The renter population grew from 8% in 2013 to 24% in 2022, tripling over nine years. Interestingly, average rent prices in the area have shown fluctuations rather than a steady increase. In 2013, the average rent was $1,075, which peaked at $1,402 in 2017 before decreasing to $1,114 in 2022. This variance in rent prices, coupled with the increasing renter population, suggests a complex rental market influenced by factors such as housing supply, local economic conditions, and possibly the influx of new residents.
Looking at the most recent data, the average home price in zip code 66052 continued its upward trajectory, reaching $421,448 in 2023 and further increasing to $433,862 in 2024. This represents a 6.4% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 66052 will continue to rise, potentially reaching around $500,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For rent prices, the forecast suggests a more moderate increase, potentially reaching an average of $1,300 to $1,400 per month by 2029, considering the historical fluctuations and overall upward trend.
In summary, zip code 66052 has witnessed a significant shift from homeownership to renting, with a 16 percentage point decrease in homeownership from 2013 to 2022. Despite this trend, average home prices have more than doubled during the same period, indicating strong property value appreciation. The rental market has expanded, with rent prices showing some volatility. The area's housing market appears to be evolving, with continued growth in property values expected in the coming years, potentially influenced by broader economic factors and local market dynamics.
