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Rising Home Values and Ownership in Zip Code 66066: Oskaloosa's Evolving Housing Market
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
Oskaloosa, located in zip code 66066 in Kansas, has experienced notable shifts in homeownership rates and housing prices over the past decade. This small city has shown resilience in maintaining a strong homeownership base while adapting to changing economic conditions. The trend of homeownership in Oskaloosa has been generally upward, with some fluctuations. In 2013, the homeownership rate was 85%, which decreased to 76% by 2016. However, there has been a steady increase since then, reaching 88% in 2022. This upward trend in homeownership coincides with a significant rise in average home prices. The average home price in 2013 was $118,868, which more than doubled to $275,654 by 2022, representing a 132% increase over this period.
Federal interest rates have played a role in shaping homeownership trends in Oskaloosa. The period from 2013 to 2016, when homeownership rates decreased, coincided with slightly higher interest rates compared to the preceding years. As interest rates remained relatively low from 2017 onwards, ranging from 1% to 2.16%, homeownership rates began to climb. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
The rental market in Oskaloosa has shown an inverse relationship to homeownership trends. The percentage of renters increased from 15% in 2013 to a peak of 24% in 2016, before declining to 12% in 2022. Interestingly, average rent prices have not followed a consistent pattern with renter percentages. The average rent peaked at $922 in 2013 and has generally declined since then, reaching $734 in 2022, despite fluctuations in the renter population. This suggests that other factors, such as local economic conditions or housing supply, may be influencing rent prices more than demand from renters.
In 2023 and 2024, Oskaloosa continued to see growth in average home prices, reaching $285,123 in 2023 and $295,065 in 2024. This represents a 7% increase from 2022 to 2024. Notably, federal interest rates rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing market dynamics.
Looking ahead, predictive models suggest that average home prices in Oskaloosa may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average home prices could reach around $325,000 to $350,000 by 2029 if current trends persist. Rent prices, which have been more volatile, may stabilize or see modest increases, potentially reaching $800 to $850 per month on average by 2029.
In summary, Oskaloosa has demonstrated a strong trend towards homeownership, with rates increasing to 88% by 2022. This has been accompanied by substantial growth in average home prices, more than doubling from 2013 to 2022. The rental market has contracted in recent years, with both the percentage of renters and average rent prices decreasing. The interplay between federal interest rates, homeownership rates, and housing prices highlights the complex dynamics shaping Oskaloosa's housing market. As the city moves forward, it will be crucial to monitor how these trends evolve, particularly in light of recent interest rate increases and continued growth in home values.
