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Rising Home Values and Ownership in Frankfort, Kansas: A Decade of Housing Market Dynamics
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
Frankfort, a small city in Kansas, is characterized by its charming rural atmosphere and close-knit community. Over the past decade, the city has experienced significant changes in its housing market, particularly in homeownership rates and property values. The homeownership rate in Frankfort has shown a general upward trend, increasing from 86% in 2013 to 92% in 2022. This rise in homeownership coincides with a substantial increase in average home prices, which rose from $78,466 in 2016 to $130,346 in 2022, representing a 66% increase over six years.
Federal interest rates have played a crucial role in shaping Frankfort's homeownership landscape. From 2013 to 2021, historically low interest rates, ranging from 0.08% to 1.83%, likely contributed to the increase in homeownership by making mortgage financing more affordable. The sharp rise in homeownership from 86% in 2018 to 91% in 2021 aligns with interest rates dropping from 1.83% to 0.08% during the same period.
The renter population in Frankfort has decreased over time, from 14% in 2013 to 8% in 2022. Despite this decline, average rent prices have shown a steady increase, rising from $446 in 2013 to $625 in 2022, a 40% increase over nine years. This trend suggests that while fewer people are renting, those who do are paying higher prices, possibly due to limited rental inventory or improved quality of available rentals.
Recent data shows that the average home price in Frankfort continued to rise, reaching $138,333 in 2023 and $141,403 in 2024, representing a further 8.5% increase from 2022 to 2024. Federal interest rates also saw a significant jump, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and affordability in the city.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in Frankfort will continue to rise, potentially reaching around $165,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. Average rent prices are also expected to increase, potentially reaching approximately $750 by 2029, assuming the trend of steady increases continues.
In summary, Frankfort has experienced a significant increase in homeownership rates and average home prices over the past decade, likely influenced by historically low interest rates until recent years. While the renter population has decreased, average rent prices have continued to rise. The city's housing market appears to be robust, with steady growth in property values and a strong preference for homeownership among residents. The recent uptick in interest rates may introduce new dynamics to the market, potentially affecting affordability and homeownership rates in the coming years.
