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Average Home Values and Ownership in Zip Code 67074: A Decade of Growth 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 67074, located in Leon, Kansas, has experienced notable shifts in homeownership, average home prices, and average rent prices over the past decade. This area, covering 174.7 square miles, has seen fluctuations in its population and housing market dynamics.
The homeownership rate in zip code 67074 has remained relatively stable, with a slight increase from 81% in 2020 to 84% in 2022. This stability in homeownership coincides with a significant rise in average home prices. In 2013, the average home price was $109,078, which steadily increased to $212,450 by 2022, representing a 94.8% increase over nine years. This trend suggests that despite rising home prices, residents in this area have maintained a strong preference for homeownership.
Federal interest rates have played a role in homeownership trends. The period from 2013 to 2021 saw historically low interest rates, ranging from 0.08% to 1.83%. These low rates likely contributed to the sustained high levels of homeownership in the area, as they made mortgage financing more accessible. However, the sharp increase in interest rates to 1.68% in 2022 did not immediately impact the homeownership rate, which remained at 84%.
Renter percentages in zip code 67074 have shown minor fluctuations, decreasing slightly from 19% in 2020 to 16% in 2022. Average rent prices have been more volatile, rising from $648 in 2013 to a peak of $811 in 2015, before settling at $801 in 2022. This represents a 23.6% increase in average rent over the nine-year period. The population decrease from 2,555 in 2013 to 2,250 in 2022 may have influenced the rental market, potentially contributing to the moderate rent increases despite the overall rising housing costs.
In 2023 and 2024, the housing market in zip code 67074 continued its upward trajectory. The average home price reached $218,952 in 2023 and further increased to $222,055 in 2024. This represents a 3.1% increase from 2022 to 2023 and a 1.4% increase from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from the previous years.
Looking ahead, based on the historical data and recent trends, we can project the following 5-year trends for zip code 67074:
Average home prices are likely to continue rising, albeit at a slower pace. We estimate they could reach approximately $245,000 to $260,000 by 2029.
Average rent prices may see moderate increases, potentially reaching $850 to $900 per month by 2029.
The homeownership rate is expected to remain high, possibly fluctuating between 82% and 86%, given the area's historical preference for homeownership.
In summary, zip code 67074 has demonstrated resilience in homeownership rates despite significant increases in average home prices. The area has maintained a strong owner-occupied housing market, with only slight fluctuations in the renter population. The recent sharp rise in interest rates and continued increase in home prices suggest a potential shift in market dynamics, which may influence future homeownership trends and housing affordability in this Kansas community.
