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Marysville, Kansas: Rising Home Values and Ownership Rates in a Small-Town Setting
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
Marysville, Kansas, a small city in Marshall County, has experienced significant changes in its housing market over the past decade. Known for its rich history and agricultural heritage, Marysville has seen a notable increase in homeownership rates and average home prices, alongside fluctuating rental costs. From 2013 to 2022, Marysville's homeownership rate rose substantially from 64% to 75%. This increase coincided with a significant rise in average home prices, which grew from $84,626 in 2016 to $129,757 in 2022, representing a 53.3% increase over six years. Despite rising home prices, more residents were able to transition into homeownership during this period.
The relationship between federal interest rates and homeownership rates in Marysville followed the general economic principle that lower interest rates encourage homeownership. Between 2013 and 2020, when interest rates were historically low (0.08% to 0.4%), Marysville's homeownership rate increased from 64% to 70%. This trend continued even as interest rates began to rise in 2022, with homeownership reaching 75% that year.
The percentage of renters in Marysville decreased from 36% in 2013 to 25% in 2022. Despite this decline, average rent prices showed considerable volatility. In 2013, the average rent was $620, which dropped to $547 in 2014 before rising again. By 2021, average rent had increased dramatically to $1,459, only to fall sharply to $596 in 2022. This fluctuation in rent prices, particularly the sharp decrease in 2022, may have contributed to the continued increase in homeownership rates.
In 2023 and 2024, Marysville's housing market continued to evolve. The average home price in 2023 was $133,731, showing a further increase from 2022. In 2024, the average home price reached $136,032, indicating a continued upward trend. Notably, federal interest rates also increased significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, home prices in Marysville continued to rise, suggesting strong demand in the local housing market.
Based on observed trends, it is projected that average home prices in Marysville are likely to continue their upward trajectory over the next five years, albeit potentially at a slower rate due to higher interest rates. Average rent prices may stabilize or show moderate increases as the rental market adjusts to the smaller renter population. However, if homeownership rates continue to climb, this could put downward pressure on rent prices due to decreased demand for rental properties.
In summary, Marysville has experienced a notable increase in homeownership rates and average home prices over the past decade. The city's housing market has shown resilience, with home prices continuing to rise even in the face of increasing interest rates. The rental market has seen more volatility, with significant fluctuations in average rent prices. These trends suggest a strong preference for homeownership in Marysville, which is likely to continue shaping the city's housing landscape in the coming years.
