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Average Home Values and Ownership in Zip Code 67543: Yoder's Resilient Real Estate Market
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 67543, located in Yoder, Kansas, presents an intriguing case study of homeownership and housing market dynamics in a rural setting. This area has experienced notable fluctuations in ownership percentages and housing prices over the past decade, with a general trend towards increased homeownership and rising property values.
The ownership percentage in zip code 67543 has shown a significant increase from 75% in 2019 to 88% in 2022, indicating a strong shift towards homeownership. This trend coincides with a substantial rise in average home prices, which grew from $119,585 in 2019 to $159,702 in 2022, representing a 33.5% increase over three years. The correlation between rising homeownership rates and increasing home prices suggests a growing demand for property in this area, possibly driven by favorable economic conditions or local development initiatives.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 67543. The period from 2019 to 2021 saw historically low interest rates, dropping from 2.16% to 0.08%. This environment of cheap financing likely contributed to the surge in homeownership, as mortgages became more affordable for a larger segment of the population. The sharp increase in ownership from 75% in 2019 to 86% in 2021 aligns with this period of low interest rates, demonstrating the impact of monetary policy on local housing markets.
Conversely, the renter percentage in zip code 67543 has decreased from 25% in 2019 to 12% in 2022, reflecting the shift towards homeownership. Despite this decline in the renter population, average rent prices have shown a modest increase from $785 in 2019 to $772 in 2022. This slight decrease in average rent despite reduced demand could indicate a stabilization of the rental market or a potential shortage of rental properties in the area. The population growth from 2,365 in 2019 to 2,578 in 2022 may have helped sustain rental prices despite the shrinking renter pool.
Looking at the most recent data, average home prices in zip code 67543 continued to rise, reaching $164,630 in 2023 and $169,631 in 2024. This represents a 6.2% increase from 2022 to 2024, indicating sustained growth in the local housing market. However, it's important to note that federal interest rates have also increased significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and price growth in the area.
Applying predictive models to forecast 5-year trends, we anticipate continued growth in average home prices, albeit at a potentially slower rate due to higher interest rates. Average home prices could reach approximately $190,000 to $200,000 by 2029. Rent prices are expected to remain relatively stable with modest increases, potentially reaching around $800 to $825 per month by 2029.
In summary, zip code 67543 has experienced a significant shift towards homeownership, accompanied by substantial increases in average home prices. The interplay between federal interest rates, local population growth, and housing demand has shaped these trends. While the area has seen strong growth in property values, the recent rise in interest rates may moderate future increases. The rental market, though smaller, has remained relatively stable despite the shift towards homeownership.
