Loading Content...
Average Home Values and Ownership in Zip Code 67117: North Newton's Evolving Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
North Newton, located in zip code 67117 in Kansas, is a small community that has experienced fluctuating homeownership rates and housing prices over the past decade. This analysis explores the trends in ownership percentages, average home prices, and average rent prices in this area. The homeownership rate in North Newton has shown some variability, ranging from 60% to 68% between 2013 and 2022. During this period, average home prices have generally trended upward. In 2013, the average home price was $152,720, and by 2022, it had increased to $220,397, representing a significant 44.3% growth over nine years. This upward trend in home prices coincided with periods of both increasing and decreasing homeownership rates, suggesting that other factors beyond just price were influencing ownership decisions in the area.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were historically low (ranging from 0.09% to 0.40%), homeownership rates in North Newton remained relatively stable around 62-64%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), there was some fluctuation in homeownership rates, reaching a peak of 68% in 2018 before declining to 60% in 2019. This suggests that while low interest rates generally support homeownership, local factors in North Newton also influenced these trends.
Renter percentages in North Newton have inversely mirrored homeownership rates, ranging from 31% to 40% between 2013 and 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $534, which increased to $734 by 2021, representing a 37.5% increase. However, in 2022, there was a notable decrease to $541, nearly returning to 2013 levels. This drop in average rent coincided with an increase in homeownership to 67% in 2022, suggesting a potential shift in the local housing market dynamics.
Looking at the most recent data, the average home price in North Newton reached $228,177 in 2023 and further increased to $228,839 in 2024, showing continued appreciation in the housing market. This growth occurred despite the federal interest rate rising to 5.02% in 2023 and 5.33% in 2024, which are the highest rates seen since 2007. These higher interest rates may impact future homebuying activity and affordability in the area.
Based on the historical trends and current market conditions, we can project potential scenarios for the next five years. Average home prices in North Newton may continue to appreciate, but at a more moderate pace due to higher interest rates. We might expect average home prices to reach around $250,000 to $260,000 by 2029. Average rent prices, which have shown volatility, could stabilize and potentially increase moderately, possibly reaching $600 to $650 per month by 2029, assuming no major economic disruptions.
In summary, North Newton has experienced a generally upward trend in average home prices over the past decade, with some fluctuations in homeownership rates. The recent sharp increase in interest rates may influence future housing market dynamics. The rental market has shown volatility, with recent drops in average rent coinciding with increased homeownership. These trends suggest a dynamic housing market in zip code 67117, with potential for continued growth in home values and a stabilizing rental market in the coming years.
