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Kewanna, Indiana: Rising Home Values and High Ownership Rates in a Small Town
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
Kewanna, located in Indiana, is a small community that has experienced fluctuations in its population and housing market over the past decade. The town has seen shifts in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local dynamics.
The homeownership rate in Kewanna has shown some variability but has generally remained high. In 2013, the homeownership rate was 70%, which increased to 81% by 2015. Despite some fluctuations, the rate has consistently stayed above 75% in recent years, reaching 79% in 2022. This trend of high homeownership has occurred alongside a steady increase in average home prices. In 2013, the average home price was $82,033, which rose to $158,300 by 2022, representing a significant 93% increase over this period.
The relationship between federal interest rates and homeownership rates in Kewanna shows some correlation. For instance, when interest rates were historically low between 2013 and 2016 (ranging from 0.11% to 0.4%), homeownership rates were generally high, peaking at 81% in 2015. This aligns with the well-established trend that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in Kewanna have fluctuated inversely to homeownership rates, naturally. The renter-occupied housing units decreased from 30% in 2013 to 19% in 2015, before rising slightly to 21% in 2022. Average rent prices have shown an overall upward trend, increasing from $500 in 2013 to $680 in 2022, a 36% increase. This rise in rent prices occurred despite fluctuations in the town's population, which decreased from 708 in 2013 to 654 in 2022.
Looking at the most recent data, the average home price in Kewanna reached $164,868 in 2023 and further increased to $171,545 in 2024. This represents a continued upward trend in housing prices. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing market dynamics.
Applying predictive models to forecast 5-year trends, we can expect the average home prices in Kewanna to continue their upward trajectory, potentially reaching around $200,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $800 per month within the same timeframe. However, these projections assume a continuation of current trends and do not account for potential economic shifts or local policy changes.
In summary, Kewanna has maintained a high rate of homeownership despite rising home prices. The inverse relationship between homeownership and renter percentages is clear, with both metrics influenced by factors such as interest rates and local economic conditions. The significant increase in both home prices and rent over the past decade, coupled with recent interest rate hikes, suggests a changing housing landscape that may present both opportunities and challenges for residents in the coming years.
