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Rising Home Values and Ownership Trends in Zip Code 67025: Cheney, 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
Zip code 67025, located in Cheney, Kansas, has shown interesting demographic and housing trends over the past decade. This area has experienced fluctuations in homeownership rates, with a general trend towards stability in recent years. Average home prices have seen consistent growth, while average rent prices have also increased, albeit at a more moderate pace.
The homeownership rate in zip code 67025 has remained relatively stable, with slight fluctuations over the years. In 2013, the homeownership rate was 85%, and it maintained this level through 2016. There was a slight decrease to 82% from 2017 to 2019, before rising again to 84% in 2022. Interestingly, this period of relative stability in homeownership coincided with a steady increase in average home prices. The average home price in 2013 was $126,802, and it rose consistently each year, reaching $232,998 by 2022, representing an impressive 83.8% increase over this period.
Federal interest rates have played a role in homeownership trends in zip code 67025. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), homeownership rates remained stable at 85%. As interest rates began to rise more significantly from 2017 onwards, there was a slight dip in homeownership to 82%. However, despite the continued increase in interest rates, homeownership rebounded to 84% by 2022, suggesting other factors may have influenced this trend.
Renter percentages in zip code 67025 have shown an inverse relationship to homeownership rates, as expected. The percentage of renters increased from 15% in 2013 to 18% in 2018 and 2019, before decreasing slightly to 16% in 2022. Average rent prices have generally increased over this period, rising from $793 in 2013 to $1,048 in 2022, a 32.2% increase. This trend in rent prices appears to be influenced by the growing population, which increased from 3,773 in 2013 to 4,066 in 2022, potentially increasing demand for rental properties.
In 2023 and 2024, the housing market in zip code 67025 continued to show growth. The average home price reached $242,865 in 2023 and further increased to $251,193 in 2024, representing a 7.8% increase over two years. This growth occurred despite relatively high federal interest rates of 5.02% in 2023 and 5.33% in 2024, suggesting strong underlying demand in the local housing market.
Looking ahead, based on historical trends and current market conditions, we can forecast continued growth in both average home prices and rent prices for zip code 67025 over the next five years. Average home prices are projected to increase by approximately 4-5% annually, potentially reaching around $305,000 by 2029. Average rent prices are expected to rise at a more moderate rate of 2-3% per year, potentially reaching approximately $1,200 by 2029.
In summary, zip code 67025 has demonstrated resilience in its housing market, with stable homeownership rates and consistent growth in average home prices. The area has seen moderate increases in rent prices and a slightly fluctuating renter population. Despite rising interest rates, the housing market has continued to appreciate, indicating strong local demand. These trends suggest a robust and growing housing market in this Kansas zip code for the foreseeable future.
