Loading Content...
Fall River, Kansas: Rising Home Values and Ownership Rates in a Small City
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Fall River, Kansas, is a small community with a population that has fluctuated between 251 and 369 residents over the past decade. This charming city, covering just 0.22 square miles, has experienced notable shifts in homeownership rates and housing prices in recent years. The city has maintained a high rate of owner-occupied housing, with average home prices showing a steady increase since 2016.
Homeownership in Fall River has remained strong, with the percentage of owner-occupied housing ranging from 78% to 88% between 2013 and 2022. This high rate of homeownership coincides with a significant increase in average home prices. In 2016, the average home price was $54,897, which rose steadily to $80,435 by 2022, representing a 46.5% increase over six years. This upward trend in home prices may have contributed to the slight fluctuations in homeownership rates, as seen in the dip to 78% in 2016 before rebounding to 85% in 2022.
The relationship between federal interest rates and homeownership rates in Fall River shows some correlation. As interest rates remained low from 2013 to 2016 (ranging from 0.09% to 0.4%), homeownership rates were relatively stable, hovering around 85%. However, as interest rates began to rise more significantly from 2017 onwards, there was a slight decrease in homeownership, dropping to 80% in 2017 and 2018. Interestingly, despite further increases in interest rates, homeownership rebounded to 85% by 2022, suggesting other local factors may have influenced this trend.
Renter percentages in Fall River have generally remained low, ranging from 11% to 21% between 2013 and 2022. Average rent prices have shown considerable volatility during this period. In 2013, the average rent was $630, which remained relatively stable until 2016. However, there was a significant drop to $347 in 2017, followed by a sharp increase to $718 in 2018. This volatility continued with the average rent dropping to $425 in 2021 before rising again to $712 in 2022. These fluctuations in rent prices do not seem to have a clear correlation with the percentage of renters, suggesting that other factors, such as local economic conditions or housing availability, may play a more significant role in determining the rental market in Fall River.
As of 2024, the average home price in Fall River has reached $84,002, continuing the upward trend observed in previous years. This represents a 3.8% increase from the 2022 average of $80,435. The federal interest rate for 2024 stands at 5.33%, which is significantly higher than the rates seen in the early 2020s. Despite this increase in interest rates, the housing market in Fall River appears to remain robust, with home prices continuing to appreciate.
Looking ahead, based on the trends observed, it's projected that average home prices in Fall River will continue to rise over the next five years, potentially reaching around $95,000 to $100,000 by 2029. This forecast assumes a continuation of the steady appreciation seen in recent years, albeit at a potentially slower rate due to higher interest rates. Rent prices, given their historical volatility, are more challenging to predict. However, if the trend towards homeownership remains strong, rent prices may stabilize or increase moderately, potentially reaching an average of $750 to $800 per month by 2029.
In summary, Fall River has maintained a high rate of homeownership despite rising home prices, demonstrating the community's resilience and preference for owning rather than renting. The significant appreciation in home values since 2016 suggests a growing demand for housing in the area. While rent prices have shown volatility, the consistently low percentage of renters indicates a stable housing market primarily dominated by homeowners. As the city moves forward, it will be interesting to see how these trends evolve, particularly in the face of changing interest rates and economic conditions.
