Loading Content...
Rising Home Values and Stable Ownership in Zip Code 67502: Hutchinson's Resilient Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 67502, located in Hutchinson, Kansas, showcases an intriguing housing market with notable trends in homeownership and property values. This area has experienced fluctuations in its population and housing dynamics over the past decade, with a general trend towards increased homeownership and rising property values.
The ownership percentage in zip code 67502 has shown a gradual increase from 72% in 2015 to 75% in 2022, indicating a growing preference for homeownership among residents. Concurrently, average home prices have demonstrated a steady upward trajectory, rising from $134,548 in 2015 to $185,594 in 2022, representing a significant 38% increase over this period. This correlation suggests that despite rising home prices, the area has maintained its attractiveness for potential homeowners.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 67502. The period from 2015 to 2020 saw relatively low interest rates, ranging from 0.13% to 0.38%, which likely contributed to the increase in homeownership from 72% to 75% during this time. The accessibility of affordable financing options during this period may have encouraged more residents to transition from renting to owning.
Renter percentages in zip code 67502 have inversely mirrored the homeownership trends, decreasing from 28% in 2015 to 25% in 2022. Interestingly, average rent prices have shown moderate fluctuations, increasing from $841 in 2015 to $899 in 2021, before slightly decreasing to $844 in 2022. This trend suggests that while the rental market has remained relatively stable, the area has become increasingly favorable for homeownership.
In 2023, average home prices in zip code 67502 continued their upward trajectory, reaching $192,094. This trend persisted into 2024, with average home prices further increasing to $195,898. Notably, federal interest rates saw a significant rise, jumping from 1.68% in 2022 to 5.02% in 2023, and further increasing to 5.33% in 2024. These higher interest rates may impact future homeownership trends and property values in the area.
Looking ahead, predictive models suggest that average home prices in zip code 67502 are likely to continue their upward trend over the next five years, potentially reaching around $220,000 by 2029. Average rent prices are also expected to increase moderately, possibly reaching approximately $950 per month in the same timeframe. These projections are based on historical trends and current market conditions.
In summary, zip code 67502 has demonstrated a robust housing market characterized by increasing homeownership rates and steadily rising property values. The area has maintained its appeal to homebuyers despite price increases, while the rental market has remained relatively stable. The recent surge in interest rates presents a new dynamic that may influence future housing trends in this Hutchinson zip code.
