Renter percentages in zip code 67422 have shown a modest increase, from 11% in 2013 to 15% in 2022. This rise in renters corresponds with an overall increase in average rent prices. In 2013, the average rent was $710, which increased to $744 by 2022, representing a 4.8% rise. It's worth noting that the rental market in this area is relatively small, given the high homeownership rates, which may contribute to the moderate rent price increases.

As of 2024, the average home price in zip code 67422 has reached $214,062, showing continued growth from the 2022 figures. This represents a 5.3% increase from 2022 to 2024. Notably, federal interest rates have also risen significantly, reaching 5.33% in 2024, which is the highest level in over a decade. This combination of rising home prices and higher interest rates could potentially impact future homeownership trends in the area.

Looking ahead, based on the historical data and current trends, we can project continued growth in both average home prices and rent prices over the next five years. Average home prices could potentially reach around $250,000 by 2029, assuming a similar growth rate to recent years. Average rent prices might increase to approximately $800-$850 per month in the same timeframe, though this could be influenced by changes in the local economy and housing supply.

In summary, zip code 67422 in Bennington, Kansas, has maintained a high homeownership rate despite a slight downward trend. Average home prices have shown significant appreciation, while rent prices have increased more modestly. The area's resilience in maintaining high homeownership rates, even in the face of rising home prices and interest rates, suggests a strong local preference for homeownership. However, the gradual increase in renters and rising housing costs may indicate a shifting dynamic in the local real estate market that bears watching in the coming years.