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Rising Home Values and Declining Ownership in Republic, Kansas
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
Republic, Kansas, is a small community with a population that has fluctuated between 190 and 258 residents over the past decade. This rural town has experienced notable shifts in homeownership rates and housing prices, reflecting broader economic trends and local dynamics. The homeownership rate in Republic has shown a gradual decline over recent years. In 2013, the city boasted a high 86% homeownership rate. However, by 2022, this figure had decreased to 72%. Conversely, the average home prices have seen a significant upward trend. In 2016, the average home price was $82,237, which steadily increased to $130,717 by 2022, representing a substantial 59% growth over six years.
The relationship between federal interest rates and homeownership rates in Republic aligns with well-established trends. As interest rates remained low from 2013 to 2021, ranging from 0.08% to 1.83%, homeownership rates generally remained above 80%. However, as interest rates began to rise in 2022 to 1.68%, the homeownership rate dropped to 72%, suggesting that higher borrowing costs may have impacted affordability for potential buyers.
Renter percentages in Republic have increased as homeownership rates declined. In 2013, only 13% of residents were renters, but by 2022, this figure had more than doubled to 28%. Average rent prices have shown volatility over the years. In 2013, the average rent was $492, which increased to $599 in 2015 before dropping to $466 in 2017. By 2022, the average rent had risen to $628, representing a 27% increase from 2013 despite fluctuations in between.
In 2023, the average home price in Republic reached $132,510, with federal interest rates at 5.02%. Moving into 2024, the average home price further increased to $139,134, while interest rates slightly rose to 5.33%. These figures indicate a continuing upward trend in home values despite higher borrowing costs.
Looking ahead, predictive models suggest that average home prices in Republic may continue to rise over the next five years, potentially reaching around $160,000 by 2029 if current trends persist. Average rent prices are also expected to increase, possibly surpassing $700 per month within the same timeframe.
In summary, Republic has experienced a shift towards more renters and fewer homeowners over the past decade, coinciding with significant increases in both average home prices and rent. The interplay between interest rates, housing affordability, and local economic factors will likely continue to shape the city's housing market dynamics in the coming years.
