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Average Home Values Soar in Zip Code 66020: Easton, Kansas Sees Strong Homeownership Trends
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 66020, located in Easton, Kansas, presents an interesting case study in homeownership and housing market trends. This area has experienced notable fluctuations in both ownership rates and housing prices over the past decade, with a general trend towards increased homeownership and rising average home values.
The ownership percentage in zip code 66020 has shown a gradual increase from 2013 to 2022, rising from 89% to 92%. This trend coincides with a significant appreciation in average home prices, which grew from $164,292 in 2013 to $360,720 in 2022, representing a substantial 119.6% increase over the decade. The relationship between ownership rates and average home prices appears to be positive, with both metrics generally moving upward together.
Federal interest rates have played a crucial role in shaping homeownership trends in the area. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable around 89-90%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), there was a slight dip in homeownership to 86% in 2018. However, the subsequent drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a rebound in homeownership rates, reaching 91% in 2021 and 92% in 2022, despite the rising home prices.
Renter percentages in zip code 66020 have fluctuated inversely to homeownership rates, naturally. The proportion of renters decreased from 14% in 2017 to 8% in 2022. Interestingly, average rent prices have shown volatility during this period. They peaked at $1,029 in 2017 when the renter percentage was at its highest (14%), then declined to $859 in 2022 as the renter population decreased. This suggests a potential correlation between rental demand and pricing in the area.
Looking at more recent data, the average home price in zip code 66020 continued its upward trajectory, reaching $378,862 in 2023 and $391,940 in 2024. This represents a further 8.6% increase from 2022 to 2024. Notably, federal interest rates have also risen sharply, hitting 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 66020 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project average home prices could reach approximately $450,000 by 2029. Average rent prices are expected to stabilize and potentially increase slightly, possibly reaching around $950 per month by 2029, assuming a gradual increase in rental demand as higher home prices and interest rates may deter some potential buyers.
In summary, zip code 66020 has demonstrated a strong trend towards increased homeownership and rising property values over the past decade. The interplay between federal interest rates, homeownership rates, and housing prices has been evident, with low interest rates generally supporting higher homeownership despite rising home prices. The rental market has shown inverse trends to homeownership, with decreasing renter percentages coinciding with fluctuating rent prices. As the area moves forward, the housing market appears poised for continued growth, albeit potentially at a more moderate pace due to rising interest rates and already significant price appreciation.
