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Belleville, Kansas: Rising Home Values Amidst Shifting Ownership 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
Belleville, located in Kansas, is a small community with a rich history and evolving demographics. Over the past decade, the city has experienced fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in Belleville has shown a gradual decline from 2013 to 2020, followed by a slight recovery. In 2013, 72% of residents owned their homes, but this figure decreased to 65% by 2020. However, by 2022, the ownership rate had rebounded slightly to 68%. This trend correlates interestingly with average home prices in the city. From 2016 to 2022, average home prices in Belleville increased from $57,266 to $78,456, representing a substantial 37% rise. The most significant jump occurred between 2020 and 2022, with average home prices surging by nearly 27% in just two years.
The relationship between federal interest rates and homeownership rates in Belleville follows a generally expected pattern. As interest rates remained low from 2013 to 2020, ranging from 0.09% to 0.38%, homeownership rates initially remained stable but then began to decline. This unexpected trend might be attributed to other local economic factors or demographic shifts. However, as interest rates began to rise more sharply in 2022 to 1.68%, we see a slight recovery in homeownership rates, possibly due to residents rushing to purchase homes before rates increased further.
Renter percentages in Belleville have shown an inverse relationship to homeownership rates, naturally increasing as ownership rates declined. The percentage of renters rose from 28% in 2013 to 35% in 2020, before slightly decreasing to 32% in 2022. Average rent prices have followed a generally upward trend, increasing from $381 in 2013 to $577 in 2022, a 51% increase. However, this trend hasn't been consistent, with some years showing significant fluctuations. For instance, average rent dropped to $305 in 2015 before rising again.
In 2023 and 2024, Belleville's housing market continued to show strength. Average home prices reached $83,411 in 2023 and further increased to $88,703 in 2024, representing a 13% rise from 2022 levels. This growth occurred despite federal interest rates climbing to 5.02% in 2023 and 5.33% in 2024, suggesting strong local demand for housing.
Looking ahead, based on the trends observed, we can forecast that average home prices in Belleville may continue to rise over the next five years, potentially reaching around $100,000 by 2029. Average rent prices may also continue their upward trajectory, possibly approaching $700 per month in the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, Belleville has experienced a gradual shift from homeownership to renting over the past decade, with a recent reversal of this trend. Despite fluctuations in federal interest rates, average home prices have shown consistent growth, particularly in recent years. The rental market has also seen overall increases in both occupancy and prices, reflecting the dynamic nature of Belleville's housing landscape.
