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Rising Home Values and Ownership: The Transformation of Zip Code 67448 in Roxbury, 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
Roxbury, located in zip code 67448 in Kansas, has experienced significant changes in homeownership and housing market dynamics over the past decade. This analysis explores the trends in ownership rates, average home prices, and average rent prices in this area. The homeownership rate in Roxbury has shown a significant upward trend, increasing from 80% in 2016 to 91% in 2022. This rise in homeownership coincides with a substantial increase in average home prices. In 2013, the average home price was $132,851, and by 2022, it had risen to $208,032, representing a 56.6% increase over nine years. This positive correlation between homeownership rates and average home prices suggests a growing demand for property ownership in the area.
The relationship between federal interest rates and homeownership rates in Roxbury appears to follow the general trend of lower interest rates encouraging homeownership. For instance, as interest rates remained low from 2013 to 2016 (ranging from 0.11% to 0.40%), homeownership rates were stable at around 80-83%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates surprisingly continued to increase, reaching 91% by 2022. This suggests that other local factors may have been influencing homeownership decisions in addition to interest rates.
Renter percentages in Roxbury have shown a corresponding decline as homeownership rates increased. The percentage of renters decreased from 20% in 2016 to 9% in 2022. Interestingly, average rent prices have fluctuated during this period. In 2013, the average rent was $835, rising to $977 in 2016, then experiencing a significant spike to $1,414 in 2019 before declining to $859 in 2022. These fluctuations in rent prices, particularly the sharp increase in 2019, may have contributed to the shift towards homeownership as renting became less affordable relative to buying.
Looking at the most recent data, the average home price in Roxbury continued to rise, reaching $210,883 in 2023 and $215,460 in 2024. This represents a steady increase of 1.4% from 2022 to 2023 and 2.2% from 2023 to 2024. Concurrently, federal interest rates have increased significantly, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the housing market in Roxbury appears to remain robust, with continued price appreciation.
Applying predictive models to forecast 5-year trends, we can expect the average home prices in Roxbury to continue their upward trajectory, albeit at a potentially slower rate due to higher interest rates. Based on the historical data and current trends, average home prices could reach approximately $240,000 to $250,000 by 2029. Rent prices, which have shown more volatility, are harder to predict but may stabilize or increase moderately, potentially reaching an average of $1,000 to $1,200 per month by 2029.
In summary, Roxbury has experienced a significant increase in homeownership rates, rising from 80% to 91% between 2016 and 2022. This trend has been accompanied by steady growth in average home prices, which have increased by over 56% since 2013. Despite rising interest rates, the housing market in this zip code remains strong, with continued price appreciation observed in 2023 and 2024. The rental market has shown more volatility, with declining renter percentages and fluctuating rent prices. These trends suggest a growing preference for homeownership in Roxbury, possibly driven by a combination of factors including housing affordability, local economic conditions, and demographic shifts.
