The rental market in zip code 67516 has shown interesting trends as well. The percentage of renters increased from 17% in 2013 to 21% in 2022. However, average rent prices have been somewhat volatile during this period. In 2013, the average rent was $607, which decreased to $538 in 2020, before rising again to $573 in 2022. This fluctuation in rent prices could be attributed to the small population size, where minor changes can have a significant impact on averages.

Looking at the most recent data, the average home price in 2023 was $62,709, showing a slight decrease from the 2022 figure. In 2024, the average home price further declined to $62,228. Interestingly, federal interest rates have risen significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may be contributing to the slight cooling in home prices.

Applying predictive models to forecast 5-year trends, we can anticipate that average home prices in zip code 67516 may continue to experience moderate growth, albeit at a slower pace than seen in previous years. The high interest rates could potentially dampen demand, leading to a more stable price environment. Average rent prices are likely to show a gradual increase, reflecting the overall trend of rising housing costs and the slight increase in the renter population observed in recent years.

In summary, zip code 67516 has demonstrated resilience in its housing market despite its small population. The area has seen a notable increase in average home prices over the past decade, coupled with a slight decrease in homeownership rates. The rental market has expanded marginally, with fluctuating rent prices. Recent data suggests a potential stabilization in the housing market, likely influenced by rising interest rates. These trends indicate a dynamic real estate environment in this rural Kansas community.