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Evarts, Kentucky: Rising Home Values and Fluctuating Ownership in a Small City
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
Evarts, a small city in Kentucky, has experienced notable fluctuations in homeownership rates and housing prices over the past decade. This analysis explores the interplay between ownership percentages, average home prices, and average rent prices in Evarts, revealing interesting trends in the local real estate market. The homeownership rate in Evarts has shown considerable variability from 2013 to 2022. In 2013, the city had a high homeownership rate of 74%, which declined to 60% by 2015. However, there was a recovery in subsequent years, with the rate reaching 74% again in 2019 before settling at 64% in 2022. Concurrently, average home prices in Evarts have shown a generally upward trend. From 2015 to 2022, average home prices increased from $31,220 to $45,847, representing a significant 46.9% rise over seven years.
The relationship between federal interest rates and homeownership rates in Evarts appears to follow expected patterns. For instance, the period from 2013 to 2015 saw relatively low interest rates (0.11% to 0.13%), which coincided with high homeownership rates. As interest rates began to rise more sharply from 2016 onwards, reaching 1.83% in 2018, there was some fluctuation in homeownership rates, though they remained relatively high. This suggests that while interest rates play a role, local factors may also significantly influence homeownership trends in Evarts.
Renter percentages in Evarts have mirrored the inverse of homeownership rates, ranging from a low of 26% in 2013 and 2019 to a high of 40% in 2015. Average rent prices have shown a marked increase over time. In 2013, the average rent was $380, which increased to $884 by 2019, representing a substantial 132.6% increase over six years. This sharp rise in rent prices occurred despite fluctuations in the renter population, suggesting other factors such as housing supply and local economic conditions may be influencing rental costs.
In 2023 and 2024, Evarts has seen a continuation of the upward trend in average home prices. The average home price reached $52,582 in 2023 and further increased to $56,086 in 2024. This represents a 14.6% increase from 2022 to 2023 and a 6.7% increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends.
Looking ahead, predictive models suggest that average home prices in Evarts may continue to rise over the next five years, potentially reaching around $70,000 by 2029 if current trends persist. Average rent prices are also projected to increase, potentially surpassing $1,000 per month within the same timeframe. However, these projections assume a continuation of current economic conditions and do not account for potential market disruptions.
In summary, Evarts has experienced significant fluctuations in homeownership rates, coupled with a general upward trend in both average home prices and rent prices. The relationship between these factors and federal interest rates aligns with broader economic patterns, though local conditions appear to play a substantial role in shaping Evarts' housing market dynamics. The recent sharp increases in both home prices and interest rates suggest that the local real estate market may be entering a new phase, with potential implications for affordability and homeownership rates in the coming years.
