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Clifton, Kansas: Resilient Housing Market Maintains High Homeownership Amid Rising Prices
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Clifton, Kansas, a small city in Washington County, has experienced significant changes in homeownership rates and housing prices over the past decade. This tight-knit community has maintained a high rate of owner-occupied housing, with average home prices showing a steady upward trend, particularly in recent years.
The homeownership rate in Clifton has fluctuated but remained relatively high, ranging from 77% to 88% between 2013 and 2022. This trend coincides with the evolution of average home prices in the area. In 2016, the average home price in Clifton was $66,288, which steadily increased to $96,717 by 2022, representing a substantial 45.9% increase over six years. The peak of homeownership during this period was in 2015 at 88%, aligning with relatively lower average home prices, which likely made purchasing more accessible to residents.
Federal interest rates have played a significant role in homeownership trends in Clifton. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. This corresponds with the high homeownership rates observed during that time, reaching 88% in 2015. As interest rates began to rise more substantially from 2017 onwards, there was a slight decline in homeownership, dropping to 81% by 2020, though it rebounded to 85% in 2021 despite rising home prices.
Renter percentages in Clifton have inversely mirrored homeownership rates, ranging from 12% to 23% between 2013 and 2022. Average rent prices have shown volatility, with notable fluctuations. In 2013, the average rent was $312, which increased significantly to $535 in 2014. However, it then decreased to $399 in 2015 before rising again to $505 in 2021. The highest percentage of renters was recorded in 2019 at 23%, coinciding with a relatively lower average rent of $417, suggesting increased rental affordability may have attracted more renters that year.
In 2023, the average home price in Clifton reached $98,089, with federal interest rates at 5.02%. Moving into 2024, the average home price further increased to $101,604, while interest rates slightly rose to 5.33%. This continued upward trend in both home prices and interest rates may impact affordability and future homeownership rates in the city.
Looking ahead, predictive models suggest that average home prices in Clifton are likely to continue their upward trajectory over the next five years, potentially reaching around $115,000 by 2029. Rent prices may also see a moderate increase, potentially averaging around $550 per month by 2029. However, these projections are subject to various economic factors and local market conditions.
In summary, Clifton has maintained a strong homeownership base despite rising home prices. The interplay between federal interest rates, home prices, and rental markets has shaped the housing landscape in this small Kansas city. The community has shown resilience in maintaining high homeownership rates, even as average home prices have increased significantly. The coming years may present new challenges and opportunities for both homeowners and renters in Clifton as the housing market continues to evolve.
