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Average Home Values and Ownership in Zip Code 67016: A Decade of Change in Rural 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 67016, located in Bentley, Kansas, is a small rural area with a population of just 60 residents as of 2022. This zip code has experienced interesting shifts in homeownership rates and housing prices over the past decade. The area has seen a general trend of decreasing homeownership rates alongside rising average home prices and average rent costs.
The homeownership rate in zip code 67016 has shown a gradual decline from 2013 to 2022. In 2013, the homeownership rate stood at 86%, remaining stable until 2016 when it increased slightly to 89%. However, from 2020 onwards, there has been a noticeable downward trend. The rate dropped to 88% in 2020, further decreasing to 83% in 2021, and reaching 79% by 2022. This decline in homeownership coincides with a significant increase in average home prices. In 2013, the average home price was $83,471, which remained relatively stable until 2017. From 2018 onwards, there was a sharp upward trajectory, with prices reaching $158,459 by 2022, representing a 90% increase over this period.
Federal interest rates have played a role in shaping homeownership trends in zip code 67016. The period from 2013 to 2015 saw historically low interest rates, hovering around 0.1%, which coincided with stable homeownership rates. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, we observed the beginning of the decline in homeownership rates. This aligns with the general trend that higher interest rates can make home financing less affordable, potentially discouraging homeownership.
The renter percentage in zip code 67016 has shown an inverse relationship to homeownership rates, increasing from 14% in 2013 to 21% in 2022. This rise in renters corresponds with an overall increase in average rent prices. In 2013, the average rent was $866, which rose steadily to reach $1,118 by 2022, representing a 29% increase. It's worth noting that despite the small population, the demand for rentals has grown, possibly due to the rising home prices making homeownership less attainable for some residents.
As of 2024, the average home price in zip code 67016 has reached $173,417, showing continued growth from the 2022 figures. This represents a 9.4% increase from 2022 to 2024. The federal interest rate in 2024 stands at 5.33%, which is significantly higher than the rates observed in the previous decade. This high interest rate environment may continue to influence homeownership trends in the area.
Looking ahead, based on the trends observed, we can predict that average home prices in zip code 67016 will continue to rise over the next five years, potentially reaching around $200,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $1,300 per month within the same timeframe. These projections assume a continuation of current economic conditions and local market factors.
In summary, zip code 67016 has experienced a shift towards more renters and fewer homeowners over the past decade, coinciding with substantial increases in both average home prices and average rent costs. The interplay between rising property values, increasing interest rates, and changing demographics has reshaped the housing landscape in this small Kansas community. As we move forward, it appears that both homeowners and renters in this area may face higher costs, potentially influencing future population dynamics and housing preferences.
